Clause 3 — (Rights of owners of certain endowment policies).

Part of Orders of the Day — Industrial Assurance and Friendly Societies Bill. – in the House of Commons on 15th March 1929.

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Photo of Mr Thomas Inskip Mr Thomas Inskip , Bristol Central

I beg to move, in page 3, line 20, at the end, to insert the words: (3) Every collecting society and industrial assurance company shad cause every collector of the society or company to deliver, at least once within three months after the commencement of this Act, at every house or other place at which he makes a visit for the purpose of receiving a premium payable on a policy of insurance on human life, a notice, in a form approved by the Commissioner, setting forth the effect of the provisions of this section and of the Schedule to this Act, and if any collector fails to deliver any notice in accordance with the requirements of this sub-section he and the society or company of which he is a collector shall he guilty of an offence under the Industrial Assurance Act, 1923. I suggest to the Committee that this effects the purpose desired by my hon. Friend the Member for Barnstaple (Sir B. Peto) and the hon. Member for East Middlesbrough (Miss Wilkinson), who have put other Amendments on the Paper. The object is to bring in the most effective way to the notice of persons concerned their rights under this Bill. The Amendment proposes that once at least within the first three months after the commencement of this Act, at every house at which a call is made for the purpose of collecting a premium, a notice shall be left in a form approved by the Commissioner. The form, I think, will be found to be perfectly satisfactory. It will be clearly drawn, and the society or agent will incur a penalty on failure to comply with this provision. This Amendment is to supplement the provisions of Sub-section (3) of this Clause, which provides that every policy which is issued in future and every premium receipt-book shall set out the provisions of the Section and of the Schedule, printed in distinctive type. The Amendment will ensure that people shall be informed at the earliest moment of the new rights conferred on them by the Bill in respect of lapsed and existing policies.