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

The hon. Member will see, if he looks at Subsection (3) of the Clause, that it deals with policies issued after the commencement of this Act. Those policies are to bear a statement, on the back, of the provisions of this Act. The Amendment deals with all the policies to which the Clause applies. The hon. Member will also see that Sub-section (2) applies to any policy issued, or deemed to have been issued in accordance with the provisions of Sub-section (1) of this Act and to any other endowment policy issued on the life of a child under 10 years of age, in force at some time after 31st December, 1923. So that it does not apply only to policies issued under this Act, but to those before this Act in respect of which the Act creates new benefits. We have therefore gone further even than the hon. Member supposed.