asked the Minister for Industry and Commerce the names and addresses of the directors of the Equitable Insurance Company Limited.
Ceisteanna—Questions. Oral Answers. - Equitable Insurance Company Limited.
37.
The information may be obtained in the Companies Registration Office.
Can the Minister say how it is that despite the fact that a certain person whose name appears on the list in the Companies Office was in Stubbs for a very high amount over 12 months ago, the firm was allowed to continue with this man at the helm until it went broke?
The answer to the question is that the information may be obtained in the Companies Registration Office.
38.
asked the Minister for Industry and Commerce whether he has made, or intends to make, any representations to the Motor Insurers' Bureau with regard to the meeting of claims arising from persons who hold policies from the Equitable Insurance Company Limited; and, if so, if he will make a statement on the present position in the matter.
I am assured that the Motor Insurers' Bureau will meet claims arising on policies from the Equitable Insurance Company Limited in so far as these claims are covered by the terms of agreement of 30th November, 1955, between the Minister for Local Government and the bureau.
The agreement to which I have referred is published as Stationery Office publication No. PR3296 and it may be obtained from the Government Publications Sale Office.
Can the Minister say whether or not the bureau are entitled to recover from the people for whom they pay claims?
Yes. The agreement is to protect a person who might suffer because the person involved is unable to pay. It is to cover the person injured rather than the person insured.
Insured persons who consider that they are covered by this arrangement are, in fact, being codded, because they will eventually have to make the payment themselves.
The agreement is to protect the injured person and not the insured person.
39.
asked the Minister for Industry and Commerce if he can give any indication as to the position of persons who have claims insured or guaranteed by the Equitable Insurance Company Limited which are not covered by the Motor Insurers' Bureau agreement, such as persons who sustained loss by damage to vehicles and persons who need not be compulsorily insured.
I would refer the Deputy to the notice issued by the Official Liquidator on 1st June, pursuant to an Order of the High Court, stating that it was anticipated that the company will not be in a position to meet its liabilities.
40.
andMr. McQuillan asked the Minister for Industry and Commerce the Act and the section of that Act which empowered him to permit the Equitable Insurance Company Limited to defer the submission of their audited accounts for the year 1962 for the periods stated by him.
The relative provisions are contained in Section 7 of the Assurance Companies Act, 1909.
When a request is made for a deferment of the submission of the accounts, is it a simple request or has it to be backed up?
I understand that usually it is a simple request, with which the reasons may be given. It is quite common.
May I ask the Minister at what stage did the Department of Industry and Commerce know this company was in difficulties? At what stage was it first indicated?
When the accounts were finally available to the Minister.
When the Minister was asked for deferment of the publication, was any indication given at that time?
That is a separate question.
The reason for the deferment was quite normal.
Was there any indication at that time that the firm was in difficulties?
Not so far as I know.