7. A promise made with no intention of executing it is to “make or contract new marine, life, fire or insurance or insurance policies with or for the good of an enemy; not to accept or have insurance, a risk arising from an insurance policy (including reinsurance) that was contracted or benefited with an enemy before the outbreak of war. The two issues to which the member referred are important and I will try to address them clearly. Let me begin by quoting the second point, because I recognize that this is an important and immediate issue in the minds of many insurance companies in this country. I consider an insurance contract to be an agreement that can be concluded between an English company and a German company, which allows premiums, risks and losses to be distributed on the terms agreed during 1001 of the contract. In any event, the peculiarity of such a contract lies, in most cases, in the fact that one of the contracting parties can introduce a new risk into the joint venture without consulting the other. Understanding a reinsurance contract in this sense is the intent of the new proclamation, and I think it is the effect of the new proclamation that, although the reinsurance contract was concluded before the war began, no post-war bonus can still be shared during the war, and no loss that occurs after the outbreak of war during the war can be shared under this reinsurance contract. , if one of the parties is related to the proclamation, and the other is an enemy. I think that is a clear and accurate statement. If it is a fact that the new proclamation does not make this arrangement too clear, it will be possible to take steps to make it clearer in the context of a new proclamation. I am now making the statement so that interested parties can verify that the principle I have set out is not clear, clear and reasonable and, if not, we will do our best to report it immediately. 1002 The other is a very difficult and important issue, that of Hon.