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INSURANCE LEAGISLATION. Memorandum by the President of the Board Of Trade.

1 Mar 1945

-2- (c) to provide that an insurance company shall be deemed to be insolvent for the purposes of the Companies' Act, unless it has, over and above the amount necessary to meet its liabilities, a sum of either €50,000 or one-tenth of the premium income for the preceding year, whichever is the greater. In practice the Board of Trade would not take steps to wind up a company immediately its assets had fallen below that limit. This provision would, however, give sufficient time for remedial measures to be put in hand, before the stage of actual insolvency and collapse had been reached.
Civil Defence Region
Nationwide
Collection ID
CAB71
Document Reference
CAB 71/20/55
Document Types
Memorandum
File Reference
CAB 71/20
Former Department Reference
LP(45) 53
Identifier
10.1080/wtss.cab71.000020.055
Keywords
Business Insurance Law Welfare
Language
English
Organizations Discussed
Board of Trade Lord President's Committee
Pages
2
Published in
United Kingdom
Series
Papers 1(45) - 107(45)
Themes
Preparations for War Peace Post-war Planning