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Life Assurance Policyholders (Uganda)

Volume 893: debated on Monday 16 June 1975

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asked the Secretary of State for Trade what representations he has received regarding life assurance policyholders from Uganda now living in the United Kingdom; and what discussions he has had with the Life Offices Association regarding possible ex gratia payments being made in cases of hardship.

These policies are expressed in Ugandan currency, and premiums and benefits are payable there. The policies are backed by the insurers' assets which had to be held in Uganda and are now frozen there. The policyholders in the United Kingdom wish to pay premiums and receive benefits here. The insurers are unable to do this but have offered to convert the Ugandan policies into fully paid up policies payable in Uganda and to issue new policies in the United Kingdom on favourable conditions related to the original premium rate. I understand that most of the policyholders who have approached their insurers have accepted this.