LIFE ASSURANCE COMPANIES (AMENDMENT) BILL

Order for Second Reading read.

11.52 a.m.

The Minister for Commerce and Industry (Mr J. M. Jumabhoy): Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time."

Sir, the Bill is designed to make provision for co-operative societies registered under the Co-operative Societies Ordinance to carry on life assurance business.

Clause 2 provides for the supervision of such societies by the Registrar of Co-operative Societies instead of by the Registrar of Companies.

Clause 3 seeks to exempt co-operative insurance societies from complying with sections 12 and 19 to 22 of the Life Assurance Companies Ordinance. Having regard to the fact that the Co-operative Societies Ordinance already provides for stringent measures relating to audit and the dissolution of all co-operative societies, it is considered unnecessary to apply the provisions of section 12 and sections 19 to 22 of the Life Assurance Companies Ordinance to co-operative societies carrying on life assurance business.

Sir, I beg to move.

Question put, and agreed to.

Bill accordingly read a Second time and committed to a Committee of the whole Assembly.

Assembly immediately resolved itself into a Committee on the Bill. [Mr J. M. Jumabhoy].

Bill considered in Committee; reported without amendment; read the Third time and passed.