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Insurance cash guarantees scheme to back insurers
State Cabinet endorses a plan to compel insurers to lodge cash guarantees with the Treasury. Expected receipts total 4 to 5 million pounds with interest at bank rates. Deposits set at 75 000 pounds for interstate firms and 50 000 pounds for New South Wales firms, variable by premium income. Directors fear asset freezing and reduced future bonuses. Public telephone call offices in London total 6500 with thousands more yearly. Daylight burglaries rise as nights grow shorter.
MENTIONED IN THIS ARTICLE
Labour Party
New South Wales
Treasury