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Nation Life Policyholders

Volume 885: debated on Monday 3 February 1975

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53.

asked the Secretary of State for Trade what steps he is now taking to try to ensure that policyholders in Nation Life can obtain as soon as possible some settlement for policies that they have taken out.

The affairs of Nation Life Insurance Co. Ltd. are under the control of the court, and my Department is giving the liquidator all the assistance it properly can. The liquidator announced on 20th January that a group of insurance companies may be able to offer modified continuation rights to holders of ordinary life assurance and annuity contracts. It is his intention to make an interim payment against the claims of all policy holders in the liquidation as soon as he is legally in a position to do so.