asked the Secretary of State for Trade and Industry (1) what checks he makes of public companies in general to determine whether they are complying with Section 147(2) of the Companies Act, 1948;(2) what steps he takes to protect policy holders in motor insurance companies against contraventions by such companies of Section 147(2) of the Companies Act, 1948.
I rely on the auditors of a company under Section 14(4) to qualify the accounts if Section 147(2) is not satisfied by a company. A closer control is exercised over insurance companies.
asked the Secretary of State for Trade and Industry (1) why he has not satisfied himself that all motor insurance companies keep such books as are necessary to show a true and fair view of the state of their affairs and to explain their transactions;(2) whether he will exercise his powers under Section 109 of the Companies Act, 1967, to make preliminary inquiry into all motor insurance companies in relation to which he is not satisfied that proper books are being kept pursuant to Section 147(2) of the Companies Act, 1948.
In the first instance, it is for the auditors of a company to satisfy themselves about the books of a company, and to report if they are not so satisfied. I also use where appropriate the powers conferred by the Insurance Companies Acts.