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Wednesday, 27 June 1906


Mr HUGHES (WEST SYDNEY, NEW SOUTH WALES) - I wish to know from the Prime Minister if his attention has been called to a report appearing in this morning's Age, as . to the position of Australian, and New Zealand policy-holders in American insurance companies. The matter isof sufficient importance to claim the immediate attention of the Government. The article points out that in Australia and New Zealand there are some 29,967 policyholders in foreign companies, paying annual premiums amounting to , £460,000,. and insured for the sum of nearly £11,500,000. The recent scandals in America have demonstrated that the security of these policy-holders has been grievously impaired', and that, a'lthough there may besufficient assets here to cover the local liabilities, there is nothing to prevent the realization of those assets, and the transference of the proceeds to America.' I am informed that the attention of the PrimeMinister was called to this matter last session, and I ask whether, in view of all thecircumstances, and the expressed intentionof the Government to introduce legislationin reference to this matter, the Prime Minister will see the advisability of doing, so immediately.







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