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Thursday, 4 June 1970

Mr CREAN (MELBOURNE PORTS, VICTORIA) - In addressing a question to the Treasurer I refer to 2 matters arising from the Twenty-fourth Annual Report of the Insurance Commissioner recently tabled in this House. The first is an unsatisfactory aspect of superannuation business, namely the high rate of surrender of sums insured which amounted to S338m last year and to SI, 000m over the last 4 recorded years. The second aspect is the development of what is called investment linked life insurance. Does not the high surrender rate of superannuation policies point to the need to do something about portability on a national basis? Further, what are the supposed virtues of investment linked life insurance? Are these policies being written by local or overseas companies?

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