andMr. McQuillan asked the Minister for Industry and Commerce the reasons given to him by the Equitable Insurance Company Limited under Section 7 of the Assurance Companies Act, 1909, which were sufficient to satisfy him that circumstances were such that a longer period than six months should be allowed to the company, and further extended to the maximum period permitted under the Act.
Ceisteanna—Questions. Oral Answers. - Equitable Insurance Company Limited.
29.
The company stated that there was a delay in the completing of their annual accounts, but that they were doing everything possible to expedite completion.
On how many occasions did they give this particular reason for the continued extension?
On a number of occasions, they gave that reason.
Could the Minister say how many occasions?
Four or five.
Did the Minister at any time communicate with them and ask for any further information, other than that simple statement?
I was informed by the company, or rather by their officials, that a certain sad occasion occurred during the accounting year that created certain difficulties for them. That was the sudden death of the managing director who himself was responsible in the main for handling the accounts and I thought that was good reason for the delay in question.
Are we to take it that the Minister accepted that this regrettable death of the managing director was sufficient reason to allow the company to have that extended time? Is that the reason, that he was satisfied that was a good reason?
Would the Minister say why it is, since the time he knew everything was not right with this company, he did not make an announcement straight away rather than allow people for weeks afterwards to take out insurance policies with this company which had no standing or right to issue such policies? Why did the Minister not take steps to warn the public?
I was asked if I got a reason for the delay and I think I have answered the question very fully.
The Minister is adopting the Simple Simon attitude. Either he knows what is going on or he does not and if he does not, he should not be there. If he does know what is going on, he should not be there either.
(Interruptions.)