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Thursday, 9 December 1971
Page: 4637

Mr Whitlam asked the Treasurer, upon notice:

When legislation on general insurance is introduced, as Prime Minister Gorton promised to do as a matter of urgency and with ull possible speed on 8lh September 1970, will steps be taken to ensure thai returns furnished to the Insurance Commissioner include information on development and decentralisation measures taken by insurance companies, such ' as what proportion of . (a) their properties, (b) their mortgage loans and (c) their local government 'investments are in (i) the capital city, (ii) the coastal cities and (iii) the inland cities of each State (Hansard, 2nd and 3rd December 1971, pages 4111 and 4112).

Mr Snedden - The answer to the honourable member's question is as follows:

The provisions which the Government has under consideration for inclusion in the proposed legislation on general insurance are concerned primarily with the establishment of a system of supervising the' financial soundness of general insurance companies. The scheme of legislation accordingly does not envisage requiring .insurers to furnish information on matters such as those referred to in this question which arc not directly relevant to a company's financial soundness.

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