LIFE insurance group Norwich Union, which has 100,000 life policyholders in Ireland, has announced it wants to bar so called "carpetbaggers" from cashing in on its planned £2 billion stock market flotation. The society is to seek permission from members at its annual general meeting next month to allow it to close its membership in the run up to a decision on whether to press ahead with plans to become a public limited company.

The move is designed to deter speculators in search of the free shares or cash which would be distributed if the company floated. Norwich Union announced last October it was considering a flotation but a decision on how to proceed is not expected until later this year. About two million members would be entitled to a payout, including many of the Irish policyholders.