asked the Minister for Finance if he will state what steps, if any, have been taken to protect the interests of Saorstát policy holders in the Colonial Mutual Life Assurance Co. whose offices in Dublin and Cork are now closed; and whether he will state if it is the intention of his Department to hold as security for the Saorstát policy holders in the Colonial Mutual Life Assurance Co. the £20,000 said to be lodged for this purpose.
Ceisteanna—Questions. Oral Answers. - Protecting Saorstát Policy Holders.
The company named in the question has made the deposit of £20,000 required by the Assurance Companies Act, 1909. The rules in relation to the matter require that notice of an application for the release of this deposit should be served on my Department. No such notice has yet been served. In the event of an application being made, I shall have an opportunity of considering what course is best calculated to serve the interests of the policy-holders of the company in the Saorstát.
Am I to understand from the reply that the interests of policy-holders in this company are in no way endangered by the removal of the offices elsewhere?
No, they are not.