§ 52. Mr. Stainton
asked the President of the Board of Trade what information he has on the recent growth of new insurance companies; whether he is satisfied that existing controls are adequate; and whether he will make a statement.
§ Mr. Darling
During the five years 1960–64, 57 companies registered in Great Britain commenced insurance business of classes covered by the Insurance Companies Act, 1958. A further 13 did so in 1965. The aggregate premium income of the 57 companies in 1964 was £13 million in respect of life assurance and £11 million in respect of other classes, as compared with £948 million and £1,095 million respectively for all British companies.
There have been few insurance company failures in recent years, but I am well aware of the need for constant vigilance. The Insurance Companies legislation needs modernisation and I intend in due course to put forward proposals for its amendment.