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Wednesday, 23 May 1973
Page: 2534

Mr JACOBI (Hawker) - I rise to support the 3 Bills. Two of the Bills, the Insurance (Deposits) Bill and the Life Insurance Bill, are consequential measures. I want to direct my remarks to the Insurance Bill itself. I view these Bills with a sense of achievement. In March 1970, 3 years ago, I drew the attention of the House to the crucial need for a Federal Act to establish a comprehensive system of supervision of general insurance. Throughout the last 3 years I persistently attacked the preceding Liberal Government for its failure to enact such legislation. It clearly failed to face up to its constitutional responsibilities. The implementation of this legislation has fallen to the Australian Labor Party Government, and the current Bill which was introduced last Thursday week indicates that the Government has acted responsibly and quickly to plug part of the legislative gap. Over the preceding 23 years all tory governments have failed to enact appropriate legislation to regulate the insurance industry. The failure to act has had disastrous consequences. We have witnessed over the last 3 years the collapse of no fewer than 16 companies, involving millions of dollars. I seek leave to have incorporated in Hansard a schedule which sets out the insurance companies which have gone into liquidation since July 1970 and the money involved.

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