History of Life Assurance in the United Kingdom (Continued)

Extract

Globe Insurance Company.—Early in the year 1799 a plan was laid before Mr. Pitt for forming a Chartered Insurance Office, for granting Insurance against Fire, and for Insurance of Lives; for buying and selling Annuities, and for receiving deposits from Friendly Societies, and the Industrial Classes: to be called the Globe or General Insurance Office. It was understood that the plan received that Minister's approval, and a Bill was introduced to Parliament embodying these objects. The measure encountered some opposition. In the first place, the Bank of England objected to the Deposit branch, and the clauses relating thereto were accordingly struck out. Then it was opposed by several of the Insurance Offices; but the Bill finally passed through both Houses, and received the Royal Assent.