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.

Alert me about debates like this

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 persons who have taken out policies of their rights under the provisions of this Act. I quite accept what the Attorney-General has said to the effect that the term "policy holders" technically means the holders of policies which are alive. I desire to cover those people who took out policies which may have lapsed, owing to the payment of the premiums not having been kept up, and I think the Amendment in its present form will achieve that purpose.