March 15, 1909 (11th Parliament, 1st Session)

CON

Thomas Simpson Sproule

Conservative (1867-1942)

Mr. SPROULE.

This Bill is a little more definite in regard to what is meant by pro-

fits than another Bill which is before the House. They are here stated to be net profits. I think that in all Bills of this kind, it should be made clear that the policyholder shall be entitled to share in all the profits of the company instead of a portion of the profits; because the insurance companies resort to so many devices to put away their money, which is really earned from the policy-holders, that the participating policy-holder does not share in the profits in the proportion that he should. That is clearly the case in the Canada Life Bill, and I take it that it will be the same in this case. If this company, like the Canada Life, were to set apart a certain portion of the earnings every year as a reserve to strengthen the company, that money would really come from the policy-holders, and would be a portion of the profits in which they would have no share at all. It seems to me that there should be a clear and definite statement of what is meant by the distribution of profits as between the policy-holders and the stock holders.

Topic:   PRIVATE BILLS.
Subtopic:   WESTERN CANADIAN LIFE ASSURANCE COMPANY.
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