asked the Minister for Industry and Commerce if he will state (a) the number of part-time directors of the four insurance companies parties to the agreement scheduled to the Insurance (Amendment) Bill, 1938, and the total sum by way of compensation for loss of office to which they will become entitled under the agreement on the assumption that none of them take office in the terminating company or the new permanent company, and (b) the number of permanent directors of these four companies and the total sum by way of compensation for loss of office to which they will become entitled in similar circumstances.
Ceisteanna—Questions. Oral Answers. - Compensation to Insurance Company Directors.
I am informed that the four assurance companies in question have 20 part-time directors and seven whole-time directors. Compensation payable to directors in the circumstances mentioned in the Deputy's question would, in accordance with the terms of Article 27 of the agreement scheduled to the Insurance (Amendment) Bill, 1938, depend, inter alia, on the amount of each director's remuneration and the length of his service. It will be the duty of the terminating company to ascertain these factors before any compensation is paid, and until this has been done the amount of compensation involved cannot be stated.
Does the Minister hope to be in a position to indicate the information at a later date?
Not until the terminating company has been constituted.
May I take it that when the terminating company has been constituted we can get this information, so that we will be able to see where the policy-holders stand in relation to the compensation?
The policy-holders are not affected by the amount of the compensation.
They are the most marvellous policy-holders in the world if they can pay out this scale of compensation, and still remain normal policy-holders under insurance law.
The purpose of the Bill is to ensure that the policy-holders will be protected.
By the taxpayer.
By whom? By the policy-holders themselves footing the bill for compensation.
At any rate they are not affected by the amount of the compensation.
It is a case of feeding the dog with his own tail.
asked the Minister for Industry and Commerce whether he will state the names of (a) the part-time directors; and (b) the other directors of each of the four insurance companies which are parties to the agreement scheduled to the Insurance (Amendment) Bill, 1938; and the sum by way of compensation payable to each such director in the event of him (or her) not becoming a director of either the terminating company or the permanent company, the establishment of which is provided for in the Insurance (Amendment) Bill, 1938.
As the reply contains a number of names I am circulating with the Official Report the information asked for by the Deputy.
Following is the information:—
City of Dublin Assurance Company, Limited.
Part-time Directors.
Patrick Thomas Montford (Chairman), Bernard John Maguire, Michael Joseph Kennedy, Henry Montford Hughes, Percy Morrow, Charles Stewart Barry.
Whole-time Director.
Charles Walter Guest (Managing Director).
Irish Life and General Assurance Company, Limited.
Part-time Directors.
John Dillon Nugent (Chairman), Henry John Moloney, James Mathew Dillon, Peter Nugent.
Whole-time Directors.
James Anthony Nugent (Managing Director), James Joseph Bergin.
Irish National Assurance Company, Limited.
Part-time Directors.
Padraic O Maille (Chairman), James Aloysius Burke, Patrick O'Dwyer, James Charles O'Carroll, Dominick Bridgman, Mrs. Sheila Ryan.
Comhlucht Urrudhais Mumhan agus Laigheann, Teoranta (Munster and Leinster Assurance Company, Limited).
Part-time Directors.
Laurence O'Neill (Chairman), Doctor Vincent Joseph White, Joseph Branagan, Joseph Francis Kenny.
Whole-time Directors.
Tomás MacGearailt (Managing Director), James Fitzgerald, Frank Flynn, Patrick Fitzgerald.
Compensation payable to directors in the circumstances mentioned in the Deputy's question would, in accordance with the terms of Article 27 of the agreement scheduled to the Insurance (Amendment) Bill, 1938, depend, inter alia, on the amount of each director's remuneration and the length of his service. It will be the duty of the terminating company to ascertain these factors before any compensation is paid and until this has been done, the amount of compensation involved cannot be stated.