British Benefit Society

EDM number 507 in 1994-95, proposed by Gerry Steinberg on 30/01/1995.

That this House is deeply concerned with the legislation applying to friendly societies, including the British Benefit Society, who have been operating the 'Holloway Scheme' since 1902, the primary intention of which is to help people who would suffer financially if they were unable to work as a result of illness; notes that to achieve this aim, members contribute to a common fund from which sickness/accident benefit is paid and each year, after all benefits have been paid, any money left is distributed to individual members according to the level of cover they subscribe for; and calls attention to the fact that because they have been grouped together with large commercial insurance companies to comply with the Financial Services Act 1986, their costs have been dramatically increased and that this has put severe constraints upon them and is damaging the very purpose they were formed to achieve.

This motion has been signed by a total of 60 MPs, 1 of these signatures have been withdrawn.