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 Sir Basil Peto Sir Basil Peto , Barnstaple

Surely it is the duty of the company, if they have profited by these lapsed policies of poor people, to have some record of the transaction? There is such a thing as the 1½d. post, or a cheaper post might be sufficient. I suggest that it is the duty of the insurance companies to go through their records and to see what money they owe to the poor people of this country. The Attorney-General understands that the insurance companies do not always keep a record of the lapsed policies which are their great source of revenue from the pockets of the working classes. That is no reason at all. The Amendment could certainly be strengthened, and poor people should have a right to get back something from the insurance companies.