asked the Minister for Industry and Commerce whether he is aware (a) that insurance officials of certain societies are encouraging persons to insure their lives by making verbal statements which are not afterwards recognised or accepted by the societies when claims for benefit or redemption are asked for; (b) that certain societies are inducing insured members to surrender their policies for sums far below their original value; whether he has any power to check the activities of such societies; and, if so, will he take steps to check or prevent such abuse.
Ceisteanna—Questions. Oral Answers. - Insurance Societies and Policy-holders.
I have no direct information as to the prevalence of these alleged practices, but have no reason to think that they are common. The practicability of measures designed to check abuses of the kind is a matter that would arise in connection with amendments of existing law relating to insurance which have for some time been under consideration.
Would the Minister say when the Bill to which he referred will be introduced?
No. I cannot.