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

I beg to move, in page 3, line 30, at the end, to add the words: (5) Every society or industrial assurance company which has issued policies of the kind referred to in this Act shall, within one month of the passing of this Act, advise all the policy holders of their rights under the provisions of this Act. This Amendment covers the point to which I have just referred. It would impose the obligation on the companies to advise every policy holder who has taken out a policy covered by this Bill, of his rights under the Bill. It would impose upon the insurance companies a small clerical expense in looking up the actual cases, and an additional small expense in postage, in order to send notices to the holders of policies, or to people who originally took out policies. I think the Bill will be quite incomplete without such an Amendment as this. I was anxious to raise this matter on Friday last and what has come to my knowledge since I spoke then convinces me of the necessity that we should take effective means to see that all people who are intended to benefit by the provisions of this Bill, receive due notice of their rights. The words of the Amendment are simple. They do not include abstruse terms such as "wedlock" or "insanity" and I think the Attorney-General might meet me by imposing this small obligation upon corporations which have made countless millions of money out of the working classes by lapsed policies.