Insurance Act , 1936

(4) Subject to the provisions of this section, it shall not be lawful for an industrial assurance company to pay (otherwise than in respect of repayment of premiums paid on foot of and under an endowment or endowment assurance policy) any sum which becomes payable by such industrial assurance company on the death of a child dying under the age of ten years unless—

(a) such sum is paid under a policy which was effected on the life of such child and for which such company is liable, and

(b) such sum is paid either to the person who effected such policy or the personal representative of such person, or where there is no such personal representative, to one of the next-of-kin of such person who satisfies such industrial assurance company that he has defrayed or will defray the funeral expenses of such child, and

(c) except in the case of a free paid-up policy the person to whom such sum is paid produces to such industrial assurance company, before receiving such payment, a certificate of the death of such child issued by a registrar of deaths and complying with the provisions of the next following sub-section of this section.

(5) The following provisions shall have effect in relation to every certificate of death issued by a registrar of deaths where such certificate is applied for for the purpose of obtaining payment from an industrial assurance company of a sum of money payable by such company in pursuance of the next preceding sub-section of this section, that is to say:—

(a) the name of such industrial assurance company and the amount of the said sum of money shall be stated to such registrar of deaths by the applicant for such certificate;

(b) such registrar of deaths shall number consecutively every such certificate issued by him in respect of the death of the same child;

(c) such registrar of deaths shall write on every such certificate the words “To be produced to _ said to be liable for payment of the sum of _, exclusive of bonus or free paid-up policies,” the name of such industrial assurance company and the amount of the said sum of money respectively being inserted in the blank spaces in the foregoing form of words;

(d) the amount stated in any such certificate or certificates in pursuance of the next preceding paragraph of this sub-section shall not exceed in the whole the maximum sum, fixed by the first sub-section of this section, which is applicable to such child;

(e) such registrar of deaths shall not issue any such certificate unless there has been produced to such registrar on the registration of the death of the child to whom such certificate relates either the certificate of a coroner or of the registered medical practitioner who attended such child during his last illness stating the cause of the death of such child, or the certificate of a registered medical practitioner stating the probable cause of such death, or some other evidence, satisfactory to such registrar, of the cause of such death;

(f) if such certificate does not purport to be the first such certificate issued in respect of the child named therein, such industrial assurance company shall, before paying any money in respect of the death of such child, ascertain, as nearly as may be and by such inquiries as it thinks proper, the sums paid or payable by other industrial assurance companies in respect of such death and shall, in complying with the restrictions imposed by this section on the amount payable by an industrial assurance company, have regard to the sums so paid or payable, but shall disregard sums paid or payable on foot of bonus or free paid-up policies or in respect of the repayment of premiums paid on foot of endowment and endowment assurance policies.

(6) This section shall apply to payments under any policy (save as hereinafter mentioned) of assurance issued by an industrial assurance company whether the premiums on such policy are payable at intervals greater than, equal to, or less than two months, but shall not apply to payments under a policy effected by a person who had, when such policy was effected, an insurable interest in the life of the child to which such policy relates.

(7) For the purposes of this section a certificate of the death of a child dying under the age of ten years shall on application being made to a registrar of deaths in such form and manner as may be approved by the Registrar-General of Births, Deaths and Marriages, be issued by such registrar on payment of a sum not exceeding one shilling and such sum shall be in lieu of all other fees otherwise payable to or chargeable by such registrar in respect of such certificate.

(8) Whenever any application in the form and manner mentioned in the next preceding sub-section of this section is made for the purposes of this section to a registrar of deaths for more than one certified copy of the entry of the death of a child dying under the age of ten years every such certified copy (other than the first such copy) issued by such registrar in pursuance of such application shall be issued by such registrar on payment of a sum not exceeding six pence and such sum shall be in lieu of all other fees otherwise payable to or chargeable by such registrar in respect of every such copy other than the first such copy.

(9) Whenever a registrar of deaths is required by any person who applies to him for the purposes of this section for a certificate or certificates of the death of a child dying under the age of ten years to fill up the application mentioned in the two next preceding sub-sections of this section, such registrar may demand and take from such person a sum not exceeding threepence for so filling up such application.

(10) In this section, the expression “registrar of deaths” includes an assistant-registrar of deaths and any other person having custody of a register of deaths, and the expression “certificate of the death” means a certified copy of the entry of a death entered or registered in any register of deaths in the custody of a registrar of deaths.

52 Validation of certain policies.

52.—Every policy of industrial assurance which—

(a) is in force at the commencement of this Part of this Act, and

(b) would, at the date of the issue of such policy, have been valid if the provisions of this Part of this Act had been in operation at such date,

shall, for the purposes of this Part of this Act, be and be deemed always to have been valid and of full force and effect.

53 Prohibition of issue of illegal policies.

53.—(1) Every industrial assurance company which issues a policy of industrial assurance which is illegal or is ultra vires such company shall be deemed to have made default in complying with the provisions of this Act.

(2) Where an industrial assurance company issues or has issued a policy of industrial assurance which is illegal or is ultra vires such company, such company shall, without prejudice to any other penalty or liability thereby incurred, be liable, if such policy was effected before the commencement of this Part of this Act, to pay to the person entitled thereto a sum equal to the cash surrender value (to be ascertained in accordance with the provisions of this Part of this Act applicable thereto) of such policy, and, if such policy was effected after the commencement of this Part of this Act, to pay to the person entitled thereto a sum equal to the amount of the premiums paid on foot of such policy, unless, in either case, such company proves that owing to a false representation on the part of the person who effected or the person who made the proposal for such policy, such company did not know that such policy was illegal or ultra vires such company.

(3) Every collector of, and every person employed by, an industrial assurance company who assists in effecting a policy of industrial assurance which is illegal or ultra vires such company shall, unless he proves that he did not know and could not reasonably have known that such policy was illegal or ultra vires such company, be guilty of an offence under this sub-section and shall be liable on summary conviction thereof to a fine not exceeding five pounds.

54 Application of Act of 1909 to industrial assurance.

54.—Industrial assurance business shall, for the purposes of the Act of 1909, be deemed to be a separate class of assurance business and accordingly the said Act shall apply to such business and have effect subject to the following modifications, that is to say:—

(a) the provisions relating to life assurance business of the said Act shall apply to industrial assurance business but with the modification that, for the purposes of such application, references in the said Act to “industrial assurance business” and “the industrial assurance fund” shall be substituted for references to “life assurance business” and “the life assurance fund” respectively, and

(b) where any expenses of management, or any interest or dividend from investments, or any sums on account of depreciation of securities are apportioned between the industrial assurance business and the life assurance business (if any) carried on by an industrial assurance company, the auditor of such company shall, when auditing the accounts thereof, include in his report on such accounts a special report as to the propriety or otherwise of such apportionment, and

(c) a copy of every report of the auditor of an industrial assurance company shall be furnished to the Minister.

55 Industrial assurance valuations.

55.—The following provisions shall have effect in relation to every valuation (in this Part of this Act referred to as an industrial assurance valuation) made by an industrial assurance company of its industrial assurance business at any time after the expiration of twelve months after the commencement of this Part of this Act, that is to say:—

(a) such valuation shall be made by an actuary;

(b) the basis of such valuation shall be such as to place a proper value upon the liabilities of such company, regard being had to the mortality experienced among the persons whose lives have been assured in such company, to the average rate of interest from investments, and to the expenses of management (including moneys paid by way of commission), and shall be such as to secure that no policy effected by such company shall be treated as an asset;

(c) subject to the provisions of the next following paragraph of this section, where the balance sheet of an industrial assurance company includes in the assets thereof any sums representing expenses of organisation, or of extension of the business of such company, or the purchase of the business or goodwill of any other such company, and the amount of such assets exclusive of such sums (after deducting debts due by such first mentioned company other than debentures and loans), is less than the amount (as the case may be) of the industrial assurance fund or of both the life assurance fund and the industrial assurance fund as shown in such balance sheet, the amount of the industrial assurance fund shown in the valuation balance sheet shall be reduced by whichever of the following amounts or sums is applicable in any particular case, that is to say, by the amount of the deficiency, or by a sum bearing such proportion to that deficiency as the amount of the industrial assurance fund shown in such first mentioned balance sheet bears to the aggregate amount of both the life assurance fund and the industrial assurance fund;

(d) the provisions of the next preceding paragraph of this section shall, in the cases and during the periods mentioned in this paragraph, apply to industrial assurance companies with such relaxations thereof as the Minister thinks fit to allow, that is to say:—

(i) in the case of an industrial assurance company in the balance sheet of which last issued before the commencement of this Part of this Act any of the sums mentioned in the said next preceding paragraph were included, during a period of seven years next after such commencement, and

(ii) in the case of an industrial assurance company which, after the date as at which the balance sheet of such company last issued before the commencement of this Part of this Act was made up, has, by reason of amalgamation with or transfer of business from any other industrial assurance company, become liable for the contracts and obligations or any of the contracts and obligations of such other company and has, in consideration of such liability, either accepted assets which include any of the sums mentioned in the said next preceding paragraph, or incurred expenditure by way of the purchase of the business or goodwill so mentioned, during a period of seven years after the 31st day of December next following the date of such amalgamation or transfer (as the case may be);

(e) where debentures have been issued or loans have been raised and such debentures or loans (as the case may be) are charged on any of the assets of an industrial assurance company in which the industrial assurance fund is invested, there shall be inserted in the valuation balance sheet a note giving the particulars of such charge and stating that the result shown by the valuation is subject to the liability under such charge.

56 Rejection of valuation by Minister.

56.—(1) Whenever the Minister is satisfied that the provisions of this Part of this Act in relation to any industrial assurance valuation have not been complied with, or that the industrial assurance fund of any industrial assurance company as stated in a valuation balance sheet of such company is greater than the value of the assets available for the liabilities of such fund, due regard being had to the other liabilities of such company and to the said provisions of this Part of this Act, the Minister may, subject to the provisions of the next following sub-section of this section, reject such valuation and may, subject as aforesaid, direct such company to make such alterations therein as may be necessary to secure compliance with the said provisions.

(2) Whenever the Minister rejects an industrial assurance valuation and gives a direction to an industrial assurance company under the foregoing sub-section of this section, the following provisions shall have effect, that is to say:—

(a) such company may, within one month after such rejection and direction, apply to the High Court for a declaration that such valuation complies with the provisions of this Part of this Act;

(b) the High Court, if it is satisfied that such valuation complies with the provisions of this Act (including this section) relating to such valuations, may make a declaration that such valuation so complies with the said provisions;

(c) whenever the High Court makes a declaration under this sub-section that an industrial assurance valuation complies with the provisions of this Act (including this section) relating to such valuations, such valuation shall, notwithstanding such rejection and the said direction by the Minister, be deemed to comply with the said provisions (including this section).

57 Requisition of additional particulars by the Minister.

57.—The Minister may require an industrial assurance company to furnish to him, in addition to the information which every such company is required to furnish under the Act of 1909, all or any of the particulars mentioned in the Second Schedule to this Act, together with such explanations as he considers necessary to satisfy himself whether an industrial assurance valuation complies with the provisions of this Part of this Act relating to such valuations.

58 Time for making first industrial assurance valuation.

58.—Notwithstanding anything contained in section 5 of the Act of 1909, the first industrial assurance valuation of an industrial assurance company shall be made within two years after the commencement of this Part of this Act or within such longer period after such commencement as the Minister shall in any particular case appoint.

59 Time for deposit of valuation by certain companies.

59.—Whenever the Minister is satisfied that an industrial assurance company which is a society, association, or other body incorporated or otherwise constituted under the law of a country other than Saorstát Eireann is unable to deposit with him an industrial assurance valuation or any valuation relating to life assurance business carried on by such company within the time when such valuation should be so deposited by such company the Minister may extend that time to any period not exceeding twelve months after the close of the period to which such valuation relates.

60 General meetings of industrial assurance companies.

60.—Every industrial assurance company shall hold at least one general meeting of such company every year.

61 Contents of proposals for industrial assurance policies.

61.—(1) Every proposal for an industrial assurance policy shall, unless—

(a) such policy is proposed to be effected on the life and on behalf of a child under the age of sixteen years, or

(b) the person whose life is proposed to be assured under such policy is a person in whom the proposer has an insurable interest,

contain a declaration by the person whose life is proposed to be assured under such policy that such policy is proposed to be taken out by him and that the premiums thereon will be paid by him.

(2) Where the person whose life is proposed to be assured under an industrial assurance policy is a person in whom the proposer has an insurable interest, the proposal for such policy shall contain a statement of the nature of such interest.

(3) Every industrial assurance company which fails to comply with or to observe the foregoing provisions of this section shall be deemed to have failed to comply with the provisions of this Act and every collector or agent of such company who takes part or is concerned in such failure shall be guilty of an offence under this sub-section and shall be liable on summary conviction thereof to a fine not exceeding five pounds.

(4) Whenever a proposal for an industrial assurance policy contains a statement, which is not true in fact, that the person in respect of whose life such proposal has been made is not at the time of making such proposal a person on whose life any other policy has been issued by the industrial assurance company to which such proposal is made, and a policy of assurance on the life of such person is issued by such company in pursuance of such proposal, such company shall, notwithstanding that such statement is not true and that the truth of such statement is made a condition of such policy, not be relieved because such statement is not true from liability on foot of such policy.

(5) Whenever a proposal for an industrial assurance policy consists of a form of proposal filled in, wholly or partly, by a person employed by the industrial assurance company to which such proposal is made and a misstatement which is not fraudulent has been made in some material particular by the proposer and embodied in such proposal, the following provisions shall have effect, that is to say:—

(a) where such proposal has been filled in wholly by any person so employed, such company shall not be entitled to question the validity of the policy founded on such proposal on the ground of such misstatement so made by the proposer and embodied in such proposal, and

(b) where such proposal has been filled in partly by any person so employed, such company shall not be entitled to question the validity of the policy founded on such proposal on the ground of such misstatement so made by the proposer and embodied in such proposal unless such statement occurs in some part of such proposal which has not been filled in by any person so employed.

(6) Where, but for the provisions of the next preceding sub-section of this section, the validity of a policy issued by an industrial assurance company could have been questioned on the grounds of a misstatement in the proposal for such policy relating to the state of health at the date of such proposal of the person upon whose life such policy is proposed to be taken out, nothing in the said next preceding sub-section shall prevent such question being raised by such company within two years from the date of issue of such policy.

(7) Notwithstanding the provisions of this section, whenever a proposal for a policy of industrial assurance which was effected before the commencement of this Part of this Act contains an incorrect statement of the age of the person whose life is assured under such policy, the industrial assurance company which issued such policy may so adjust the terms of the policy, or of any policy which may be issued in lieu thereof, that such terms shall conform to the terms which would have been applicable if the true age of such person had been inserted in such proposal, and accordingly no industrial assurance policy issued before the commencement of this Part of this Act shall be invalidated on the ground that the age of the person in respect of whose life such policy was issued was incorrectly stated in such policy or in the proposal for such policy.

62 Contents of industrial assurance policies.

62.—(1) Every policy of industrial assurance issued after the commencement of this Part of this Act shall, subject to the provisions of this section, contain a copy of such of the provisions of this Act as shall from time to time be prescribed by orders made by the Minister under this sub-section.

(2) The Minister may, if he thinks fit, grant permission to an industrial assurance company to insert and every such company shall thereupon insert in every policy of industrial assurance effected by such company after the commencement of this Part of this Act a statement setting forth the effect of the provisions of this Act for the time being prescribed by order made under the next preceding sub-section of this section, and such insertion shall be in lieu of and be deemed to be a compliance with the obligation imposed on every such company by the said next preceding sub-section.

(3) Every industrial assurance company which, after the commencement of this Part of this Act, issues a policy of industrial assurance which does not comply with whichever of the foregoing sub-sections of this section is applicable to such company shall be deemed to have failed to comply with the provisions of this Act, and shall, without prejudice to the liability incurred in respect of such failure, either (at the election of the person who has paid the premiums due on foot of such policy) rectify such policy or pay to such person a sum equal to the amount of the premiums so paid, but such company shall not be liable further or otherwise to such person, and such premiums may be recovered by such person from such company in any court of competent jurisdiction.

63 Industrial assurance proposals and policies.

63.—(1) The Minister may, if and whenever he so thinks proper, by notice in writing left in the case of an industrial assurance company which is registered in Saorstát Eireann, at the registered office of such company in Saorstát Eireann, and in the case of an industrial assurance company which is not registered in Saorstát Eireann, at the principal office of such company in Saorstát Eireann, require such company to delete or amend any term, condition, question, or provision contained in any form of proposal for a policy of industrial assurance issued by such company on or after the date specified in that behalf in such notice.

(2) The Minister may, if and whenever he so thinks proper, by notice in writing left in the case of an industrial assurance company which is registered in Saorstát Eireann, at the registered office of such company in Saorstát Eireann, and in the case of an industrial assurance company which is not registered in Saorstát Eireann, at the principal office of such company in Saorstát Eireann, require such company to delete or amend any term, condition, or provision contained in any form of policy of industrial assurance proposed to be issued by such company on or after the date specified in that behalf in such notice.

(3) Every industrial assurance company to which a notice is given by the Minister under this section shall forthwith comply with such notice and, for that purpose, do all such things as such company is required by such notice to do.

(4) Nothing in this section shall authorise or empower the Minister to require an industrial assurance company to alter either the premium payable under or the sum assured by or the date of maturity of a policy of industrial assurance.

64 Admission of age of life assured.

64.—(1) Every policy of industrial assurance issued after the commencement of this Part of this Act shall be deemed to be made on the terms that the age, at the date of the issue of such policy, of the person in respect of whose life such policy is issued is admitted by the company issuing such policy to be the age stated in that behalf in such policy or, where such age is not stated in such policy, to be the age stated in that behalf in the proposal for such policy, and accordingly no industrial assurance policy shall be invalidated or questioned on the ground that the age of the person in respect of whose life such policy is issued is incorrectly stated in such policy or in the proposal for such policy.

(2) Whenever an industrial assurance company receives a proposal for a policy of industrial assurance and such proposal contains an incorrect statement of the age of the person whose life is thereby proposed to be assured, such company may, within twelve months after the date on which it receives such proposal, so adjust the terms of the policy issued or about to be issued in pursuance of such proposal as to make such terms conform to the terms applicable to the true age of such person.

(3) Where an industrial assurance company requires, as a condition precedent to the issue of an industrial assurance policy, that the age of the person in respect of whose life such policy is to be issued shall be verified by production of a certified copy of the entry of the birth of such person or other evidence, and such company defrays the cost of obtaining such certified copy or other evidence, such company may adjust the amount of the money payable by such company under such policy by deducting from such money the amount of the said cost so defrayed by such company, if, but only if, the proposal form contained a notice to the effect that the production of such certified copy or other evidence would be required as aforesaid and that the cost thereof, if defrayed by such company, would be deducted from the money payable by such company under such policy.

(4) Every registrar of births, every assistant registrar of births and every other person having the custody of a register of births shall, on an application being made to him by an industrial assurance company in such form and manner as may be approved by the Registrar-General of Births, Deaths and Marriages and on being paid by such company a fee not exceeding six pence for each certified copy, furnish to such company a certified copy of the entry of the birth of any person whose birth is registered in such register of births and in respect of whom a proposal for a policy of industrial assurance has been received or a policy of industrial assurance has been issued by such company.

(5) Every registrar of marriages, every deputy registrar of marriages and every other person having the custody of a register of marriages shall, on an application being made to him by an industrial assurance company in such form and manner as may be approved by the Registrar-General of Births, Deaths and Marriages and on being paid by such company a fee not exceeding one shilling for each certified copy, furnish to such company a certified copy of the entry of the marriage of any married woman or widow whose marriage is entered in such register and in respect of whom a proposal for a policy of industrial assurance has been received or a policy of industrial assurance has been issued by such company.

65 Return of policies, etc., after inspection.

65.—(1) Subject to the provisions of this section, whenever an industrial assurance company or any person employed by any such company takes possession of a policy of industrial assurance or of a premium receipt book or of any other document issued by such company in connection with such policy, a receipt for such policy, premium receipt book or other document (as the case may be) shall be given by such company or person (as the case may be), and such policy, premium receipt book, or other document shall, unless such policy has been handed over or given up to such company by reason of payment of the sum assured, or of the cash surrender value of such policy, or of the issue of another policy in lieu thereof, be returned by such company or person (as the case may be) to the person from whom such policy, book or other document (as the case may be) was received within thirty days after such taking possession and may be so returned by delivery or by leaving for him at his last-known place of abode.

(2) Where possession is taken by an industrial assurance company of a policy of industrial assurance, or of a premium receipt book or of any other document issued by such company in connection with such policy for the purpose of legal proceedings by such company against a collector employed by such company, such company may retain such policy, premium receipt book or other document for such period, longer than the said thirty days, as may be necessary for the purposes of such proceedings but, where such retention is for a period longer than the said thirty days, such company shall give to the person from whom such policy, book or other document (as the case may be) was received a copy thereof certified by such company to be a true copy.

66 Forfeiture for non-payment of premium.

66.—(1) No person who has effected a policy of industrial assurance with an industrial assurance company (whether before or after the commencement of this Part of this Act) shall incur any forfeiture of such policy by reason of a default in paying a premium in respect of such policy unless a premium payable in respect of such policy is unpaid for not less than ten weeks after it became due.

(2) Where a policy of industrial assurance has become forfeited by reason of the non-payment of a premium payable in respect thereof, and it is shown that the collector was negligent or failed to exercise due diligence in the collection of such premiums during the period between the last payment of any such premium and the forfeiture of such policy, and within one year after such forfeiture all unpaid premiums in respect of such policy (including premiums which would have become payable if such policy had not been forfeited) are paid to the industrial assurance company by which such policy was issued, the said forfeiture shall be cancelled and the rights under such policy of the person who effected such policy shall become and be revived.

67 Rights of holder of policy forfeited for non-payment of premium.

67.—(1) Whenever a policy of industrial assurance becomes forfeited after the 31st day of December, 1937, by reason of the non-payment of a premium payable thereunder, the person entitled to such policy shall on such forfeiture become entitled to the free paid-up policy hereinafter mentioned and the industrial assurance company which issued such forfeited policy shall, subject to the provisions of this section, issue as soon as may be after such forfeiture to the person entitled to such policy a notice that such policy has been converted into a free paid-up policy assuring the payment, in accordance with the terms (other than payment of premiums) contained in such forfeited policy, of a sum calculated in accordance with the rules contained in the Third Schedule to this Act.

(2) The next preceding sub-section of this section shall not apply to a policy which is not an endowment or endowment assurance policy issued on the life of a child aged less than ten years unless, before such forfeiture occurs, premiums have been paid on such policy—

(a) for not less than three years where such policy is issued after the commencement of this Part of this Act and assures the payment of money in connection with the death and funeral of a person other than the person effecting such policy and is either an endowment or endowment assurance policy for an original term of not less than sixteen years or is a policy for the whole term of life, or

(b) for not less than two years where such policy is issued after the commencement of this Part of this Act and assures the payment of money in connection with the death and funeral of a person other than the person effecting such policy and is an endowment or endowment assurance policy for an original term of less than sixteen years, or

(c) in any other case (but subject to the overriding limitation mentioned in this paragraph) for not less than the number of years stated in the second column of the Part of the Fourth Schedule to this Act applicable to such policy opposite the mention in the first column of the said Part of the said Schedule of the year in which such forfeiture occurs, subject to the overriding limitation that, where the minimum period of payment of premiums stated in the second column of Part II or of Part III of the said Schedule is greater than one-half of the original term of the policy, there shall be substituted for the number of years stated in the said column 2 in the said Part II or Part III (as the case may be) the number of years which represent and are one-half of the original term of the policy.

(3) Whenever a policy of industrial assurance, which is an endowment or endowment assurance policy issued on the life of a child aged less than ten years, becomes forfeited after the 31st day of December, 1937, by reason of the non-payment of a premium payable thereunder, there may, at the option of the person entitled to such policy, be paid to such person, in lieu of the free paid-up policy provided by this section, the cash surrender value of such policy calculated in accordance with the rules contained in the Third Schedule to this Act.

(4) Where the conditions of a policy of industrial assurance which becomes forfeited after the 31st day of December, 1937, by reason of the non-payment of a premium payable thereunder, confer on the person entitled to such policy rights in case of forfeiture thereof more favourable to such person than those conferred by this section, nothing in this section shall prevent or be construed as preventing any claim under those conditions instead of under this section.

(5) Where any benefits which are granted by an industrial assurance company under policies of industrial assurance are revised in favour of or to confer further benefits on assured persons with retrospective effect in whole or in part in relation to any such policies which are in force at the date of such revision, the rights of the persons entitled to such policies shall not, in case of forfeiture thereof, be more favourable to such persons than such rights would have been if such benefits had been attached to such policies at the date of the issue of such policies.

(6) Every premium receipt book issued after the commencement of this Part of this Act by an industrial assurance company shall have printed therein a notice setting forth the circumstances in which a policy of industrial assurance will become forfeited under this Part of this Act by reason of the non-payment of a premium payable thereunder and the rights under this Part of this Act in respect of such policy to a free paid-up policy or cash surrender value (as the case may require) in lieu of such forfeited policy.

(7) Whenever a policy of industrial assurance becomes forfeited after the 31st day of December, 1937, by reason of the non-payment of a premium payable thereunder, it shall be the duty of the industrial assurance company which issued such policy to supply, on application being made to such assurance company by the person entitled to such policy, information concerning the amount of the free paid-up policy or cash surrender value (as the case may be) to which such person became entitled on such forfeiture.

68 Assured persons transferring from one company to another company.

68.—(1) Whenever an industrial assurance company (in this section called the first-mentioned company) receives from any person a proposal for a policy of industrial assurance which to the knowledge of such company is, and the premiums which will be payable under a policy of industrial assurance issued in pursuance of such proposal are, intended to replace and be in lieu of a policy of industrial assurance and the premiums payable thereunder issued by another industrial assurance company (in this section called the second-mentioned company) and in force at the date of the receipt by the first-mentioned company of such proposal, the first-mentioned company shall (unless it refuses to entertain such proposal) within seven days after the receipt of such proposal send to the second-mentioned company a notice in the prescribed form and containing the following particulars, that is to say:—

(a) the terms of and the rights under the policy with the second-mentioned company, and

(b) the terms of such proposal, and

(c) the terms of and the rights under the intended policy with such first-mentioned company.

(2) Whenever any such first-mentioned company receives from any person any such proposal as is mentioned in the first sub-section of this section, such first-mentioned company shall not issue a policy of industrial assurance in pursuance of such proposal until the expiration of fourteen days after the receipt by such first-mentioned company of such proposal.

(3) Whenever any such first-mentioned company knowingly fails to comply with the provisions of this section, such first-mentioned company shall be deemed to have failed to comply with the provisions of this Act, and every collector or other officer of such first-mentioned company who takes part or is concerned in such failure shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding five pounds.

69 Payment of claims.

69.—Whenever an industrial assurance company pays a claim arising under a policy of industrial assurance, such company shall send by prepaid ordinary post from its registered or principal office (as the case may be) in Saorstát Eireann to the person to whom such claim is paid a statement setting forth the gross amount payable in respect of such claim, the amounts of all deductions made from such gross amount, and such particulars of every such deduction as may be necessary to explain clearly the grounds on which such deduction was made and the manner in which the amount thereof was calculated.

70 Value of industrial assurance policies.

70.—Whenever the provisions of this Part of this Act require the value or the cash surrender value of a policy of industrial assurance (including an illegal policy and a policy which is ultra vires an industrial assurance company) to be ascertained, such value or cash surrender value (as the case may be) shall be calculated in accordance with the rules set out in the Third Schedule to this Act.

71 Saving for certain policies issued before 3rd December, 1909.

71.—(1) Where a policy of industrial assurance was effected before the 3rd day of December, 1909, and the person by whom such policy was so effected had, at the time such policy was effected, a bona fide expectation that he would incur expenses in connection with the death or funeral of the person whose life was assured by such policy, such policy shall not be deemed to be void merely on any or all of the following grounds, that is to say:—

(a) that the person who effected such policy had not, at the time such policy was effected, an insurable interest in the life of the person whose life was assured by such policy, or

(b) that the name of the person interested in such policy, or for whose benefit or on whose account such policy was effected, was not stated therein, or

(c) that the assurance was not one authorised by the Acts relating to friendly societies.

(2) Every policy of industrial assurance to which the foregoing sub-section of this section applies shall enure for the benefit of the person or of the assigns of the person for whose benefit such policy was effected.

72 Decision of disputes between industrial assurance companies and others.

72.—(1) Whenever any dispute arises between an industrial assurance company and any of the following persons (in this section referred to as the applicant), that is to say:—

(a) any person who has effected a policy of industrial assurance with such company or any person claiming through such person, or

(b) any other person claiming under or in respect of a policy of industrial assurance effected with such company, or

(c) any person claiming under or by virtue of any provision of this Part of this Act,

either such industrial assurance company or the applicant may, save as otherwise provided by this section and notwithstanding any provision to the contrary in the relevant policy of industrial assurance or in the articles or memorandum of association of such company, apply in a summary manner to the Circuit Court for the determination of such dispute, and thereupon the Circuit Court may hear and determine such dispute and may make such order as to costs as it thinks fit.

(2). Any such dispute as is mentioned in the next preceding sub-section of this section may, before any application has been made to the Circuit Court in regard thereto, be referred by the industrial assurance company and the applicant jointly to the Minister for determination or, where the legality of a policy of industrial assurance is not in dispute and neither fraud nor misrepresentation is alleged, be so referred by either the industrial assurance company or the applicant.

(3). When a dispute has been referred under this section to the Minister for determination, it shall not be lawful for any person to apply under this section to the Circuit Court for the determination of such dispute.

(4). When a dispute has been referred under this section to the Minister for determination, the Minister may determine such dispute and for that purpose may cause an inspector appointed by him to hold an inquiry in regard to such dispute and to report to him thereon.

(5). The following provisions shall have effect in relation to every inquiry which the Minister shall cause to be held under the next preceding sub-section of this section, that is to say:—

(a) such inquiry shall be held by the inspector appointed to hold the same at such time and place as such inspector shall appoint;

(b) such inspector shall cause notice of the holding of such inquiry to be given at least fourteen days before the holding of such inquiry to such persons concerned (including the industrial assurance company) as he thinks proper;

(c) such inspector shall have power to take evidence on oath and for that purpose to administer oaths and to require the attendance of witnesses and the production of documents.

(6) Whenever the Minister determines a dispute referred to him under this section, such determination shall be final and conclusive and no appeal to any court shall lie therefrom, but the Minister shall, at the request of any party to such dispute, refer any question of law arising in such dispute to the High Court for decision.

(7) Where an appeal from a decision of the High Court under the next preceding sub-section of this section is taken to the Supreme Court by an industrial assurance company, such company shall, whatever may be the result of such appeal or the determination of the Supreme Court thereon, be liable for and pay the costs of all parties to such appeal.

(8) Whenever the Minister determines a dispute referred to him under this section, the Minister may, if he thinks proper so to do, order the costs and expenses incurred by any person (including an industrial assurance company) of appearing or being represented or adducing evidence at any inquiry held under this section to be paid by any other person who appeared or was represented at such inquiry.

(9) Whenever the Minister orders under this section any costs and expenses incurred by one person to be paid by another person, such costs and expenses shall be taxed and ascertained by a taxing-master of the High Court on the requisition of either the person to whom or the person by whom such costs and expenses were so ordered to be paid, and the amount of such costs and expenses, when so taxed and ascertained, shall be recoverable as a simple contract debt in any court of competent jurisdiction by the person to whom such costs and expenses were so ordered to be paid.

(10) Whenever a dispute is referred to the Minister for determination under this section, there shall be paid to the Minister such fee as shall be prescribed by regulations made by the Minister under this section with the consent of the Minister for Finance, and such fee shall be paid by (as the case may require) the industrial assurance company which or the applicant who refers such dispute to the Minister or, where such dispute is referred by the industrial assurance company and the applicant jointly to the Minister by both such company and the applicant in equal parts, and the due payment of such fee shall be a condition precedent to the determination of such dispute by the Minister.

(11) All fees payable under the next preceding sub-section of this section shall be collected and taken in such manner as the Minister for Finance shall, from time to time, direct, and shall be paid into or disposed of for the benefit of the Exchequer in such manner as that Minister may direct, and the Public Offices Fees Act, 1879, shall not apply in respect of any such fees.

73 Disputes as to continuance of assured life.

73.—Whenever any dispute or doubt arises whether a person on whose life a policy of industrial assurance was effected is alive the Minister may, if he thinks proper so to do, on the application of the person who is entitled to such policy or of the industrial assurance company which issued such policy, order that such company shall pay to the person who is entitled to such policy the cash surrender value, ascertained in accordance with the provisions of this Part of this Act, of such policy and, on payment of such cash surrender value by such company to such person, such order shall be a discharge in respect of all claims by or against such company in connection with such policy.

74 Certain restrictions in relation to collectors.

74.—(1) A collector employed by an industrial assurance company shall not be a member of the board of directors of such company and shall not hold any other office (except the office of superintending other collectors of such company within a specified area) in such company.

(2) A collector (including a person holding the office of superintending other collectors) employed by an industrial assurance company shall not attend or be present at any meeting of such company.

75 Restriction on employment of persons to procure new business.

75.—(1) Neither an industrial assurance company nor any person employed by any such company shall employ any person who is not in the regular employment of such company to procure or endeavour to procure any person to enter into a contract of industrial assurance with that or any other industrial assurance company.

(2) Every person (other than an industrial assurance company) who employs another person to procure or endeavour to procure any person to enter into a contract of industrial assurance with an industrial assurance company shall be guilty of an offence under this sub-section and shall be liable on summary conviction thereof to a fine not exceeding ten pounds.

(3) Every person not in the regular employment of an industrial assurance company who procures or endeavours to procure any person to enter into a contract of industrial assurance with such company shall be guilty of an offence under this sub-section and shall be liable on summary conviction thereof to a fine not exceeding ten pounds.

(4) References in this section to regular employment shall include regular part-time employment as well as regular whole-time employment.

76 Service or notices.

76.—Where any notice is required by this Part of this Act to be served by an industrial assurance company on any person who has effected a policy of industrial assurance with such company, such notice shall (save as is otherwise provided by this Act) be in writing and may be served by being delivered to such person or left for such person at his last known place of abode or sent by prepaid ordinary post addressed to such person at his last known place of abode.

PART VI. The Re-Insurance Company of Ireland, Limited.

77 Formation and registration of Re-Insurance Company of Ireland, Limited.

77.—Immediately after the commencement of this Part of this Act the Minister for Finance shall, after consultation with the Minister, take all such steps as appear to him to be necessary or desirable to procure that a limited company (in this Part of this Act and in the Fifth Schedule to this Act referred to as the Company) conforming to the conditions laid down in the Fifth Schedule to this Act shall be formed and registered in Saorstát Eireann under the Companies Acts, 1908 to 1924.

78 Loan to the Company to pay expenses of formation.

78.—(1) The Minister for Finance may out of moneys provided by the Oireachtas lend to the Company upon such terms and conditions as to time and manner of repayment, rate of interest, security and other matters whatsoever as he shall think proper, a sum not exceeding seven thousand pounds.

(2) Any moneys lent to the Company under this section shall be applied by the Company in or towards paying the expenses of the promotion, formation and registration of the Company and the other preliminary expenses of the Company, and for no other purposes.

(3) All sums paid to the Minister for Finance by the Company in or towards repayment of any moneys lent to the Company under this section or in payment of the interest on such moneys shall be paid into the Exchequer.

79 Issue of share capital of the Company.

79.—No issue of the share capital of the Company shall be made at any time, unless the Minister for Finance, after consultation with the Minister, has authorised such issue.

80 Underwriting by the Minister for Finance of issue of shares.

80.—The Minister for Finance may, subject to such conditions as he may think fit, agree with the Company that, if any shares in the Company about to be offered at any time for subscription are not taken up within a specified time by the public, he will take up and pay for such shares or some specified proportion thereof.

81 Charge of moneys on the Central Fund.

81.—(1) All moneys from time to time required to meet payments required to be made by the Minister for Finance to the Company in respect of shares in the Company taken up by him under this Act shall be advanced out of the Central Fund or the growing produce thereof.

(2) For the purpose of providing money for the sums advanced out of the Central Fund under this section, the Minister for Finance may borrow from any person any sum or sums, and for the purpose of such borrowing the said Minister may create and issue securities bearing such rate of interest, and subject to such conditions as to repayment, redemption or otherwise as he shall think fit.

(3) The principal and interest of any securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on the Central Fund or the growing produce thereof.

(4) Any money raised by securities issued under this section shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which such Fund is available.

82 Payment of dividends, etc., into the Exchequer.

82.—All dividends, bonus and other moneys received by the Minister for Finance in respect of shares of the Company held by him shall be paid into or disposed of for the benefit of the Exchequer as the said Minister may direct.

83 Powers of the Minister for Finance as shareholder.

83.—The Minister for Finance may, so long as he holds any of the shares of the Company, exercise all or any of the rights and powers from time to time exercisable by the holder of such shares, and where such rights or powers are exercisable by attorney the said Minister may, if he so thinks proper, exercise such rights or powers by his attorney.

84 Powers of Minister for Finance in respect of shares held by him.

84.—(1) The Minister for Finance may hold for so long as he thinks fit the shares of the Company subscribed for by him under this Act and may as and when he thinks fit sell all or any of such shares.

(2) The net proceeds of every sale by the Minister for Finance of shares of the Company held by him shall be paid into or disposed of for the benefit of the Exchequer in such manner as the said Minister may direct.

85 Alteration of memorandum and articles of association of the Company.

85.—Notwithstanding anything contained in the Companies Acts, 1908 to 1924, no alteration in the memorandum of association or articles of association of the Company which is made while any share capital of the Company is held by the Minister for Finance or while any guarantee by the Government of Saorstát Eireann of any contract of re-insurance entered into by the Company is subsisting shall be valid or effectual unless made with the previous approval of the Minister for Finance given after consultation with the Minister.

86 Obligation of the Company to furnish balance sheets, etc.

86.—(1) The Company shall within six months after the end of every accounting year furnish to the Minister and to the Minister for Finance in respect of such accounting year the following documents, audited by the auditor of such company and drawn up in such manner as shall be approved by the Minister for Finance after consultation with the Minister, that is to say, a balance sheet and a profit and loss account, and also a separate revenue account in respect of each class of reinsurance business carried on by the Company.

(2) The Company shall on demand by the Minister or by the Minister for Finance furnish to the Minister making such demand such explanations as such Minister shall think proper to require in respect of any balance sheet, profit and loss account or revenue account furnished to him pursuant to this section.

(3) A copy of every balance sheet, profit and loss account and revenue account furnished to the Minister for Finance pursuant to this section shall be laid by the said Minister before each House of the Oireachtas within one month after such balance sheet, profit and loss account or revenue account (as the case may be) are so furnished to him.

(4) If the Company makes default in complying with any of the provisions of this section, the Company and every director, manager, and other officer of the Company, who knowingly and wilfully authorised or permitted such default, shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding five pounds for every day during which the default continues.

(5) The balance sheet, profit and loss account and revenue account which the Company is required by this section to furnish shall be in addition to and not in substitution for any other balance sheet, profit and loss account or revenue account which the Company may for the time being be required by law to prepare and furnish.

87 Inspection by Minister of books, etc., of the Company.

87.—(1) The Minister and every officer of the Minister authorised in writing by the Minister for the purpose may at all reasonable times enter any office of the Company and may there inspect all books, accounts, and documents kept by the Company at such office, and it shall be the duty of the Company to produce for the inspection of such officer on demand all such books, accounts, and documents together with all correspondence (including copies thereof where the originals are not available) reasonably demanded by such officer for the purpose of verifying any entry in any such book, account, or document or in any balance sheet or account furnished by the Company to the Minister under this Part of this Act.

(2) For the purposes of this section—

(a) inspection shall include taking copies of or making extracts from books, accounts and documents, and

(b) a demand for inspection shall be deemed to have been duly made by an officer of the Minister if such demand is made verbally at an office of the Company to any bookkeeper or other member of the clerical staff of the Company at such office.

88 Statistics and returns to be made by the Company.

88.—The company shall furnish to the Minister, at such times and in such form and manner as the Minister shall direct, such statistics and returns as the Minister may require.

89 Obligation to re-insure with the Company.

89.—(1) Every assurance company or syndicate which effects assurance business (excluding life assurance business and industrial assurance business, but including the renewal of any other assurance business, the original contract for which was entered into before the commencement of this Part of this Act) in Saorstát Eireann shall enter into an agreement with the Company whereby such assurance company or syndicate (as the case may be) agrees that, if and so far as it reinsures its assurance business (excluding and including as aforesaid), it will reinsure with the Company but subject to the qualification that the Company may, in the case of any particular risk, refuse to accept the reinsurance thereof unless such assurance company or syndicate (as the case may be) retains such portion of such risk as shall be satisfactory to the Company.

(2) Every agreement entered into by an assurance company or a syndicate with the Company in pursuance of the foregoing sub-section of this section shall provide that—

(a) whenever the amount of any risk undertaken by such assurance company or syndicate exceeds the amount which such assurance company or syndicate is required by such agreement to retain, the Company shall thereupon and without more become and be liable for so much (whether the whole or a portion) of the balance of such risk as the Company is bound by such agreement to accept, and

(b) the Company may, within three days after receiving from an assurance company or a syndicate advice of the amount of any particular risk reinsured (in whole or in part) by such assurance company or syndicate with the Company, give notice in writing to such assurance company or syndicate that the Company desires to be relieved of the whole or of a part (as the case may be) of the re-insurance of such risk, and whenever any such notice is so given, the Company shall, at the expiration of ten days from the receipt of such notice by such assurance company or syndicate, be relieved from liability for (as shall be specified in such notice) the whole or the said part of the re-insurance of such risk.

(3) When an assurance company or a syndicate which is required by this section to enter into an agreement with the Company has duly entered into such agreement, nothing in this section shall operate to restrict or control the re-insurance by such assurance company or syndicate of its assurance business save in so far and in such respects as such re-insurance is restricted or controlled by such agreement.

(4) Nothing in this section shall operate to restrict or control the re-insurance by an assurance company or a syndicate of any part of its assurance business in respect of which such assurance company or syndicate is not required by this section to enter into an agreement with the Company.

90 State guarantee of re-insurance contracts.

90.—(1) Every contract of re-insurance of assurance business entered into by the Company within a period of ten years after the date on which the Company commences business shall be guaranteed by the government of Saorstát Eireann, but no right of action shall lie, at the suit of the Company or of any assurance company, syndicate or other person, against the government of Saorstát Eireann under such guarantee or otherwise in respect of any liability on foot of such contract.

(2) Whenever the Company certifies to the Minister for Finance that any sum of money is required by the Company to meet any liability of the Company under any such contract of re-insurance as is mentioned in the next preceding sub-section of this section and that the Company is, by reason of the insufficiency of its funds or of any of its funds which are or is applicable to discharge such liability, unable to provide in whole or in part such sum, the said Minister shall advance to the Company out of the Central Fund or the growing produce thereof such sum as will, with the amount (if any) of the funds of the Company which are so applicable, discharge such liability.

(3) Such sums advanced to the Company by the Minister for Finance out of the Central Fund or the growing produce thereof under the next preceding sub-section of this section shall be advanced on such terms and conditions as the said Minister may determine at or subsequent to the date of such advance and shall be repaid to the Central Fund (with interest thereon at such rates as the said Minister shall appoint) by the Company in such amounts and at such times as the said Minister shall appoint.

(4) If and so far as any sums advanced to the Company by the Minister for Finance out of the Central Fund or the growing produce thereof are not repaid by the Company to the Central Fund, such sums shall be repaid out of moneys provided by the Oireachtas.

PART VII Miscellaneous.

91 Extension of bond investment business.

91.—(1) Whenever any person or body of persons, whether corporate or unincorporate (not being registered or certified under any Act relating to friendly societies, building societies, or trade unions), carries on the business of accepting subscriptions payable at periodical intervals of less than six months and, in return, undertakes by prospectus or otherwise to pay, at a future date, to the subscribers the amount of such subscriptions with interest thereon (whether with or without a right on the part of the subscriber to the return of his subscriptions in the meantime) such business shall be deemed to be bond investment business.

(2) The following provisions shall have effect in relation to every business which is deemed under the foregoing sub-section of this section to be bond investment business, that is to say:—

(a) the card, book, or other document in which receipts of subscriptions are entered shall be deemed to be the instrument evidencing the contract, and

(b) the subscriber shall be the owner of the policy, and

(c) the Minister may by order prescribe such modifications of the Fourth, Fifth and Sixth Schedules of the Act of 1909 as may be necessary to adapt to the business which is deemed by the foregoing sub-section to be bond investment business the provisions of the said Schedules relating to bond investment business.

92 Prohibition of borrowing on security of assurance fund.

92.—An assurance company which is required by the Act of 1909 or this Act to maintain an assurance fund may borrow money on the security (whether solely or together with other assets) of such fund or any investment or money forming part of or representing such fund and may issue or give any debenture, debenture stock, mortgage, or other security charged (whether solely or together with other assets) on such fund or on any such investment or money if, but only if, moneys so borrowed and secured are applied by the assurance company solely towards and for the purposes of the class of assurance business in respect of which such fund is required to be maintained.

93 Place of payment of sum assured.

93.—Every policy issued in Saorstát Eireann after the commencement of this Part of this Act by an assurance company or a syndicate to a person who is ordinarily resident in Saorstát Eireann shall, if such policy is issued by such company or syndicate in the course and as part of the carrying on in Saorstát Eireann of assurance business, provide that all moneys which become or may become due and payable by such company or syndicate (as the case may be) under such policy shall be payable and paid in Saorstát Eireann.

94 Issue of policies, etc., in Saorstát Eireann.

94.—Every policy, bond, certificate, or other instrument of insurance issued after the commencement of this Part of this Act to a person ordinarily resident in Saorstát Eireann shall, if such policy, bond, certificate, or other instrument of insurance is issued in the course and as part of the carrying on in Saorstát Eireann of assurance business, be issued in Saorstát Eireann.

95 Amendment of Fifth Schedule to Act of 1909.

95.—“Form (A)—Form applicable to Life Assurance Business of the Fifth Schedule” to the Act of 1909 is hereby amended in the following respects, that is to say:—

(a) by the insertion after paragraph 4 thereof of a new paragraph as follows:—

“4A. The total amount assured under endowments, specifying sums assured and office premiums separately in respect of each year in which such assurances will mature for payment. The reversionary bonuses must also be separately specified, and the sums assured with immediate profits, with deferred profits, and without profits, separately returned,” and

(b) by the deletion of paragraph 7 thereof,

and the said Fifth Schedule and also section 6 of the Act of 1909 shall be construed and have effect accordingly.

96 Alteration of Schedules to Act of 1909 and this Act.

96.—(1) The Minister may, after consultation with such assurance companies as he thinks fit or with any association representing assurance companies, by order alter (by addition, omission, or variation)—

(a) all or any of the Schedules (other than the Eighth and Ninth Schedules) to the Act of 1909, or

(b) all or any of the Schedules to this Act.

(2) The Minister may, after consultation with the Committee of Lloyd's, by order alter (by addition, omission, or variation) the Eighth Schedule to the Act of 1909.

(3) Whenever the Minister makes an order under this section altering any of the Schedules to the Act of 1909, that Act and the Schedule or Schedules thereto affected by such alteration shall, while such order remains in force, have effect subject to and with such alteration.

(4) Whenever the Minister makes an order under this section altering any of the Schedules to this Act, this Act and the Schedule or Schedules hereto affected by such alteration shall while such order remains in force, have effect subject to and with such alteration.

(5) The Minister may at any time by order revoke or amend any order previously made by him under this section, including an order made under this sub-section.

97 Returns, etc., by foreign companies.

97.—Where a foreign company carries on in Saorstát Eireann any class of assurance business, the Minister may, if he so thinks fit, accept (in lieu of the accounts, balance sheets, abstracts and statements which such company is required by the Act of 1909 or this Act to make or deposit) copies of the accounts, balance sheets, abstracts and statements which such company is by the law of the country in which such company is incorporated or otherwise constituted required to make or deposit with the government or a department or officer of the government of such country.

98 Returns by assurance companies of re-insurance business.

98.—(1) Every assurance company shall within six months after the end of every accounting year of such company furnish to the Minister in the prescribed form and manner a return showing in respect of each class of assurance business other than life assurance business or industrial assurance business—

(a) the amounts of the premiums and claims (in respect of liability, loss, or damage to arise (if at all) in Saorstát Eireann) of that part of such assurance company's assurance business which has been reinsured by such assurance company during such accounting year, and

(b) the amounts of the premiums and claims (in respect of liability, loss, or damage to arise (if at all) in Saorstát Eireann) of all assurance business which is reinsured with and is accepted by way of reinsurance by such assurance company in such accounting year.

(2) Every assurance company which carries on life assurance business or industrial assurance business or both such businesses shall within six months after the end of every accounting year of such company furnish to the Minister in the prescribed form and manner a return showing in respect of each of the said classes of assurance business carried on by such company the amount of the sums debited and credited during such accounting year for reinsurance in respect of assurance business in Saorstát Eireann and such amount shall be set out in such return to show the following items, that is to say:—

(a) premiums, and

(b) sums assured, and

(c) claims arising by death or maturity, and by surrender of policies.

99 Accounts, etc., to be furnished by syndicate.

99.—(1) In lieu of any account or statement which a syndicate or a member of a syndicate is required to furnish by the Act of 1909, every syndicate shall furnish to the Minister in such form and manner and at such times as the Minister shall direct accounts and statements in respect of each class of assurance business carried on in Saorstát Eireann by such syndicate during the year preceding the year in which such accounts and statements are furnished.

(2) A copy of every account and statement furnished to the Minister in pursuance of a direction under this section shall be laid by him before Dáil Eireann.

100 Additional contents of revenue account.

100.—This revenue account which every assurance company is required by section 7 (which relates to deposit of accounts with the Board of Trade) of the Act of 1909 to deposit shall, in addition to the matters required to be contained therein, contain and set forth the following particulars in respect of every class of assurance business carried on by such assurance company in Saorstát Eireann, during the period to which such revenue account relates, that is to say:—

(a) the amounts (under separate headings relating to assurance business in Saorstát Eireann and assurance business outside Saorstát Eireann) of the following items, that is to say:—

(i) premiums credited, and

(ii) the amount by which the sums credited by way of commission exceed the sums debited by way of commission or by which the sums so debited exceed the sums so credited, as the case may be, and

(iii) claims which have been paid and claims which are outstanding, and

(iv) expenses of management, and

(v) other income and expenditure in Saorstát Eireann, and

(b) the amount (apportioned as nearly as may be) of the expenses (if any) of such company outside Saorstát Eireann attributable to such business carried on by such company in Saorstát Eireann, and

(c) the amount (including any unpaid instalments of the full annual amount of a premium) of the premiums (ascertained as nearly as may be) which are due and unpaid in respect of employers' liability insurance business and mechanically propelled vehicle insurance business in Saorstát Eireann at the date at which such account is made up and for which credit is taken in such account.

101 Additional contents of balance sheet.

101.—The balance sheet which every assurance company is required by section 7 (which relates to deposit of accounts with the Board of Trade) of the Act of 1909 to deposit shall, in addition to the certificates mentioned in Note 3 and Note 4 to the Third Schedule to the Act of 1909, be accompanied by the following certificates, that is to say:—

(a) a certificate, signed by the same persons as are required by the Act of 1909 to sign such balance sheet, in which such persons shall—

(i) certify that the values of all the assets set forth in such balance sheet have been ascertained and reviewed as at the date of such balance sheet and are shown therein at amounts which, in the belief of such persons do not exceed in the aggregate the realisable or market value of such assets after taking into account any investment reserve fund, and

(ii) certify that the mortgages and loans included in such balance sheet are in the belief of such persons in the aggregate adequately secured, and

(iii) wherever the values in the aggregate of any stock exchange securities shown in such balance sheet after taking into account any investment reserve fund, are in excess of the values of such securities as ascertainable from published stock exchange quotations as at the date of such balance sheet, explain how the said values so shown have been arrived at, and

(iv) state the amount of every increase of freehold and leasehold property which is not solely due to the cost of subsequent additions since the last previous balance sheet, and explain the reason for such increase, and

(b) a certificate, signed both by the same persons as are required by the Act of 1909 to sign each balance sheet and by an actuary, in which such persons and such actuary shall certify that the values of reversions and life interests have been ascertained and reviewed as at the date of such balance sheet and, in the belief of such persons and such actuary, the aggregate value thereof as shown in such balance sheet is not in excess of the actuary's valuation.

102 Additional statement to be furnished by certain foreign companies.

102.—(1) Every foreign company which carries on in Saorstát Éireann life assurance business or industrial assurance business or both such businesses shall, in addition to the statements required to be prepared by such company under section 6 of the Act of 1909, prepare separately under paragraphs 2 to 9 of Form A of the Fifth Schedule (as amended by this Act) to the Act of 1909 particulars relating to the assurance business of such company in Saorstát Éireann.

(2) Section 7 of the Act of 1909 shall apply to every statement which a foreign company is required by the next preceding sub-section of this section to prepare as if such statement were a statement required to be made by a provision of that Act prior to the said section 7.

103 Additional statement in respect of mechanically-propelled vehicle insurance business.

103.—(1) Every assurance company which carries on mechanically propelled vehicle insurance business shall, in addition to the statement which such company is required annually to prepare in pursuance of paragraph (d) of sub-section (2) of section 76 of the Road Traffic Act, 1933 (No. 11 of 1933), annually prepare a statement of the estimated liability of such assurance company in respect of outstanding and unsettled claims relating to such business in Saorstát Eireann.

(2) Every statement which an assurance company is required by the next preceding sub-section of this section to prepare shall be in the form set forth in the Sixth Schedule to this Act and sub-section (1) of section 7 of the Act of 1909 shall apply thereto as if such statement were a statement required to be made by a provision of that Act prior to the said section 7.

104 Application of Act of 1909 to certain classes of assurance business.

104.—Where an assurance company carries on one or more of the following classes of assurance business, that is to say, public liability insurance business, engineering insurance business, glass insurance business, guarantee insurance business, or burglary insurance business, the Act of 1909 shall apply to such company and to such one or more of the said classes of assurance business as is or are carried on by such company but with and subject to the following modifications, that is to say:—

(a) sections 5 and 6 of the Act of 1909 shall not apply to such company, and

(b) such company shall annually prepare one statement of its assurance business in such form as the Minister shall from time to time direct, and sub-section (1) of section 7 of the Act of 1909 shall apply thereto as if such statement were a statement required to be made by a provision of that Act prior to the said section 7, and

(c) section 32 (except paragraphs (a), (b) and (c) thereof) shall apply to such company with the substitution in the said section of the words ‘public liability insurance business, engineering insurance business, glass insurance business, guarantee insurance business, or burglary insurance business’ for the words ‘accident insurance business' wherever those words occur in the said section as applied by this paragraph.

105 Application of moneys received by assurance companies.

105.—(1) Where an assurance company maintains, pursuant to section 3 (which relates to separation of funds) of the Act of 1909, a separate assurance fund in respect of any class of assurance business carried on by it, all moneys received by such assurance company in respect of such class of assurance business shall be carried by such assurance company to the separate assurance fund so maintained in respect of that class of assurance business and to no other fund.

(2) Where an assurance company carries on life assurance business or industrial assurance business or both such businesses in Saorstát Eireann and also carries on any other class of business, except sinking fund or capital redemption business, such assurance company shall, subject to the provisions of the next following sub-section of this section, keep the assets of its life assurance fund and its industrial assurance fund separate from the assets of such other class of business.

(3) Where an assurance company carried on life assurance business or industrial assurance business or both such businesses in Saorstát Éireann on the 31st day of October, 1935, and lawfully carries on either or both of such businesses in Saorstát Éireann after the commencement of Part II of this Act, the Minister may, on the application of any such company, exempt such company from compliance with the provisions of the next preceding sub-section of this section for a period not exceeding twelve months after the commencement of this Part of this Act.

(4) Where an assurance company carries on both life assurance business and industrial assurance business, such assurance company shall be under no obligation to keep the assets of its life assurance funds separate from the assets of its industrial assurance funds.

(5) Where an assurance company carries on more than one class of assurance business other than life assurance business and industrial assurance business, such assurance company shall be under no obligation to keep the assets of any assurance fund maintained by such assurance company in respect of any one class of assurance business separate from the assets of any other assurance fund maintained by such assurance company in respect of any other class of assurance business.

106 Re-insurance (prohibition) order.

106.—(1) The Minister, if and whenever he thinks proper so to do, may by order (in this section referred to as a re-insurance (prohibition) order) prohibit the re-insurance of any class of assurance business effected in Saorstát Eireann (other than life assurance business and industrial assurance business) with any assurance company or person other than an assurance company or syndicate which carries on in Saorstát Eireann assurance business of that class.

(2) Every re-insurance (prohibition) order shall come into operation on such day (not earlier than six months after the making of such order) as the Minister shall by such order appoint.

(3) Whenever a re-insurance (prohibition) order is in operation in respect of any class of assurance business, an assurance company or syndicate shall not, subject to the provisions of this section, re-insure any of such class of assurance business which has been effected in Saorstát Eireann with any assurance company or person other than an assurance company or syndicate which carries on in Saorstát Eireann assurance business of that class.

(4) Every assurance company or syndicate which re-insures any class of assurance business which has been effected by such company or syndicate in Saorstát Eireann in contravention of the next preceding sub-section of this section shall, subject to the provisions of the next following sub-section of this section, be deemed to have failed to comply with the provisions of this Act.

(5) Whenever, during the operation in respect of any class of assurance business of a re-insurance (prohibition) order, the Minister is satisfied that an assurance company or syndicate which carries on in Saorstát Eireann assurance business of that class, has entered into arrangements with one or more Saorstát Eireann companies which carry on in Saorstát Eireann assurance business of such class in relation to re-insurance business of such class, the Minister may grant to such assurance company or syndicate an exemption in writing exempting such assurance company or syndicate from the provisions of this section in relation to the re-insurance of its assurance business which has been effected in Saorstát Eireann.

(6) The Minister may, whenever he so thinks proper, by order, amend or revoke a re-insurance (prohibition) order.

107 Rates of premiums order.

107.—(1) The Minister, if and whenever he thinks proper so to do, after consultation with such assurance companies as he thinks fit or with any association representing assurance companies, and with the Committee of Lloyd's, may by order (in this section referred to as a rates of premiums order) fix the rates which may be charged by assurance companies or syndicates by way of premiums in respect of all or any classes of contract of employers' liability insurance business and of mechanically propelled vehicle insurance business.

(2) Every rates of premiums order shall come into operation on such day (not being earlier than the date of such order) as the Minister shall by such order appoint.

(3) Without prejudice to any general power of revocation or amendment conferred by this section,’ the Minister shall, within three years after making a rates of premiums order and thereafter at intervals of not more than three years, consider the rates of premiums fixed by such order or the latest amendment thereof (as the case may be) and, if he so thinks fit, revise the said rates of premiums and for that purpose either amend such order or revoke such order and make a new order in lieu thereof.

(4) Whenever and so long as a rates of premiums order is in force in respect of any class of assurance business, no assurance company or syndicate shall charge for any assurance within such class of assurance business a premium which is greater than the appropriate premium fixed by such order.

(5) The Minister may at any time by order amend or revoke an order made by him under this section, including an order made under this sub-section.

108 Issue of policies in the Irish language.

108.—Whenever a form of proposal for a policy of assurance is filled in wholly in the Irish language every policy of assurance issued in pursuance or as a consequence of such proposal and any other document issued in connection with such policy by the assurance company or syndicate to which such proposal was made shall, if the proposer so requires, be issued by such assurance company or syndicate (as the case may be) in the Irish language.

109 Contravention, etc., of Act by assurance company or syndicate.

109.—(1) Every assurance company which contravenes or fails to comply with any of the provisions of this Act, or with any direction lawfully given by the Minister thereunder shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding one hundred pounds together with, in the case of a continuing offence, a further fine not exceeding fifty pounds for every day during which such offence is continued.

(2) Where an assurance company has committed an offence under this section, every director, manager, secretary, officer, or employee of such company who is knowingly a party to the commission of such offence by such company shall himself be guilty of an offence under this section and shall on summary conviction thereof be liable to such fine or fines as are mentioned in the first sub-section of this section.

(3) Whenever an assurance company is convicted of a continuing offence under this section, the commission of such offence shall be a ground for winding-up such company compulsorily under the Act of 1908 if, but only if, it is shown to the satisfaction of the Court hearing the petition for such winding-up that such offence had been continued for three months or more.

(4) Whenever a syndicate contravenes or fails to comply with the provisions of this Act, or with any direction lawfully given by the Minister thereunder, every member of such syndicate who is knowingly a party to such contravention or failure shall himself be guilty of an offence under this section and shall on summary conviction thereof be liable to a fine not exceeding twenty-five pounds together with, in the case of a continuing offence, a further fine not exceeding fifty pounds for every day during which such offence is continued.

110 Time limit for prosecution of offences.

110.—(1) Notwithstanding any provision in any British statute or Act of the Oireachtas limiting the period within which summary proceedings may be commenced, proceedings for an offence under the Act of 1909 or for an offence under this Act shall not be commenced more than six years after the commission of the offence but, subject to that limitation, may be commenced at any time within six months from the date on which evidence, sufficient in the opinion of the Minister to justify a prosecution for the offence, comes to his knowledge, or within one year after the commission of the offence, whichever period is the longer.

(2) For the purposes of this section, a certificate by the Minister, sealed with his seal of office, stating the date on which evidence, sufficient in the opinion of the Minister to justify a prosecution for a specified offence, came to his knowledge shall be conclusive evidence of such date.

FIRST SCHEDULE. Conditions Affecting Amalgamated Companies Under Part III of this Act.

(a) that the registered office of such company shall be situate in the county borough of Dublin;

(b) that the principal objects of such company shall include the carrying on of life assurance business or the carryon of industrial assurance business or the carrying on of both such businesses, but not the carrying on of any other class of assurance business;

(c) that the liability of the members of such company shall be limited.

(a) that, so long as the Minister for Finance holds not less than one half (in nominal value) of the issued shares of such company,—

(i) in case the number of the directors of such company is seven, four of the said directors shall be nominated by the Minister for Finance from time to time, as occasion requires,

(ii) in case the number of directors of such company is less than seven, three of the said directors shall be nominated by the Minister for Finance from time to time as occasion requires,

(iii) the chairman of the directors shall be nominated from time to time by the Minister for Finance from amongst the directors nominated by him;

(b) that there shall be a managing director of such company, and, subject to the next following paragraph, the directors of such company shall from time to time appoint one of their body to be managing director of such company;

(c) that the first managing director of such company shall be such one of the directors of such company as the Minister for Finance may appoint and shall hold the office of managing director for such period, not exceeding five years, on such terms, and subject to such conditions as the said Minister shall direct;

(d) that such company shall have power for the purposes of such company to raise money by means of debentures subject to the restrictions imposed by this Act and to the following restrictions, that is to say:—

(i) the amount so raised shall not exceed at any time the paid up share capital of such company, and

(ii) the said power shall not, without the consent of the Minister for Finance, be exercisable at any time while the said Minister holds more than one fifth (in nominal value) of the issued shares of such company;

(e) that, so long as the Minister for Finance holds any shares in such company, no person shall be capable of being appointed auditor of such company unless the said Minister has approved of the appointment of such person to such office.

SECOND SCHEDULE. Additional Particulars of Industrial Assurance Valuations.

1.—(1) An analysis as near as may be of the premium income of an industrial assurance company in respect of each of the five years preceding the date as at which such valuation was made into income arising from—

(a) policies which were not of more than one year's duration when such income arose, and

(b) policies which were of more than one year's duration when such income arose.

(2) Every such analysis shall be given separately for policies in respect of which the premiums are payable weekly and for policies in respect of which the premiums are payable at longer intervals than one week.