Oral Answers to Questions — Trade and Commerce. – in the House of Commons on 24th October 1935.
asked the President of the Board of Trade whether his attention has been drawn to the fact that, according to the returns filed with the Board of Trade by the Sun Life Assurance Company of Canada, this company's assets are not based on current market values and are largely hypothecated for the benefit of foreign and Colonial policy-holders, so that the security afforded British policy-holders and annuitants is negligible; and whether, in view of the number of insurance companies that have gone into liquidation recently, the Board of Trade are taking any steps to secure reasonable security in this country for British policy-holders and annuitants?
asked the President of the Board of Trade whether, under powers recently vested in the Board of Trade by the Assurance Companies (Winding-Up) Acts, information is being obtained as to the market values of the securities held by the Sun Life Assurance Company of Canada, and the amount of free assets available for policy-holders and annuitants in this country?
The returns filed by all insurance companies with the Board of Trade are carefully examined by reference to the statutory powers and duties vested in the Board, including those created by the Assurance Companies (Winding-Up) Acts, but it would not be in the public interest to state, in the case of any particular company, whether any or what special inquiries have been deemed necessary in the course of this examination.