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Approved Societies (Reserve Funds)

Volume 236: debated on Thursday 6 March 1930

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62.

asked the Minister of Health whether he can state the total amount of reserve funds possessed by approved societies under the National Health Insurance Acts as at 31st December, 1929?

As the answer involves a number of figures, I will, with permission, circulate it in the OFFICIAL REPORT.

Following is the answer:

The total amount of funds of approved societies under the National Health Insurance Acts in Great Britain at the latest date for which particulars are available, namely, 31st December, 1928, was in round figures as follows:

£
(i) Sums standing to the credit of approved societies in the National Health Insurance Funds, including amounts in the Investment Account59,000,000
(ii) Sums invested by or on behalf of approved societies55,000,000
(iii) Cash in hands of approved societies1,500,000
Total£115,500,000

Apart from the foregoing, there are also certain book credits called reserve values, created under those provisions of the original National Insurance Act, and subsequent enactments, which are now embodied in Section 66 of the National Health Insurance Act, 1924. These book credits will in due course be converted into cash by the operation of the sinking fund set up for the purpose. (See Section 67 of the National Health Insurance Act, 1924.) The amount of reserve values credited to approved societies in Great Britain and outstanding at 31st December, 1928, was in round figures £47,500,000.