asked the Minister for Industry and Commerce whether, having regard to the exorbitant profits made by certain insurance companies on industrial life assurance, he will hold a public inquiry into such business or regulate profits in the interest of policyholders.
Ceisteanna—Questions. Oral Answers. - Industrial Life Assurance Profits.
35.
Mr. Ryan
I have no evidence that exorbitant profits are being made by industrial life assurance companies and I do not propose to take action on the lines suggested.
The force of competition between the five companies and societies carrying on this class of assurance should have the effect of ensuring that premiums are maintained at a reasonable level and that a fair share of the profits earned is distributed among policyholders.
Mr. Ryan
May we assume the Minister's Department receives, in proportion, as many complaints as do ordinary members of this House and, having regard to this, would the Minister now hold an inquiry to see if there is any justification for the several complaints that are made that exorbitant profits are being made by life assurance companies?
I have not received complaints of the magnitude the Deputy suggests. The Deputy knows that the insurance companies are obliged to carry out every five years an assessment of their liabilities and of the funds accruing through premiums and to make a share-out of the surplus as between policyholders and shareholders. That is done regularly and to the considerable advantage of the policyholders.
Mr. Ryan
If they would spend the money to benefit their policyholders instead of on superfluous offices, it might be better.