AN ACT TO MAKE FURTHER AND BETTER PROVISION IN RELATION TO ASSURANCE BUSINESS AND PERSONS CARRYING ON THAT BUSINESS OR ANY BRANCH THEREOF, TO MAKE PROVISION FOR THE FORMATION AND REGISTRATION OF A COMPANY HAVING FOR ITS PRINCIPAL OBJECT THE RE-INSURANCE OF INSURANCE BUSINESS, AND TO MAKE PROVISION FOR OTHER MATTERS CONNECTED WITH THE MATTERS AFORESAID.

[14th August, 1936.]

BE IT ENACTED BY THE OIREACHTAS OF SAORSTÁT EIREANN AS FOLLOWS:—

PART I PRELIMINARY AND GENERAL

Short title and citation.

1.—(1) This Act may be cited as the Insurance Act, 1936 .

(2) The Assurance Companies Act, 1909, and this Act may be cited together as the Insurance Acts, 1909 and 1936.

Commencement of this Act.

2.—This Act shall come into operation on such day or days as may be fixed therefor by any order or orders of the Minister, either generally or with reference to any particular Part, and different days may be so fixed for different Parts of this Act, but no order shall be made by the Minister under this section in relation to Part VI of this Act without the consent of the Minister for Finance.

Definitions.

3.—In this Act—

the expression "the Minister" means the Minister for Industry and Commerce;

the word "prescribed" means (save where otherwise expressly stated) prescribed by regulations made by the Minister under this Act;

the expression "assurance business" means any of the following classes of business, that is to say:—

( a ) life assurance business,

( b ) industrial assurance business,

( c ) fire insurance business,

( d ) accident insurance business,

( e ) bond investment business,

( f ) employers' liability insurance business,

( g ) mechanically propelled vehicle insurance business,

( h ) public liability insurance business.

( i ) engineering insurance business,

( j ) glass insurance business,

( k ) guarantee insurance business,

( l ) burglary insurance business;

the expression "life assurance business" does not include any business which is industrial assurance business, but subject to that over-riding limitation the said expression means the business of effecting contracts of assurance upon human life, including the payment of money on death (except on death by accident only) and including contracts of assurance the premiums in respect of which are payable for a term dependent on human life, and also including for the granting of annuities on or with reference to human life (other than superannuation allowances and annuities payable out of any funds applicable solely to the relief and maintenance of persons engaged or who have been engaged in a particular profession, trade or employment or of the dependants of such persons) and also including contracts which are attached to or dependent on contracts of assurance on human life and under which the assurer has no right of cancellation and which provide for the payment of moneys in case of fatal or other accident to or disease of the assured;

the expression "industrial assurance business" means the business of effecting assurances upon human life where the premiums in respect of such assurances are payable at intervals of less than two months and are collected by means of collectors, (including contracts which are attached to or dependent on such assurances and under which the assurer has no right of cancellation and which provide for the payment of moneys in case of fatal or other accident to or disease of the assured) but the said expression does not include the business of effecting any of the following assurances, that is to say:—

( a ) assurances effected, whether before or after the passing of this Act, by an assurance company which was carrying on assurance business before the date of the passing of this Act and which at that date had no assurances outstanding the premiums on which were payable at intervals of less than one month, so long as such company continues not to effect any such assurances, and

( b ) assurances effected before the date of the passing of this Act, the premiums in respect of which are payable at intervals of one month or upwards, and which have up to the commencement of the Part of this Act relating to industrial assurance business been treated as part of the business transacted by a branch other than the industrial assurance branch of the company which effects such assurances, and

( c ) assurances for twenty-five pounds and upwards effected after the passing of this Act, the premiums in respect of which are payable at intervals of one month or upwards, but of less than two months, and which are treated as part of the business transacted by a branch other than the industrial assurance branch of an assurance company, in cases where the Minister certifies that the terms and conditions of such assurances are on the whole not less favourable to the assured than the terms and conditions imposed by this Act;

the expression "fire insurance business" means the business of effecting contracts of insurance against loss by or incidental to fire;

the expression "accident insurance business" means the business of effecting contracts of insurance against or otherwise in relation to personal accidents, whether fatal or not, disease or sickness, or any class of personal accidents, disease or sickness, except any contracts which are attached to or dependent on contracts of life assurance business or industrial assurance business and which confer benefits on the assured in case of fatal or other accident to or disease of the assured and under which the assurer has no right of cancellation;

the expression "bond investment business" does not include life assurance business, industrial assurance business, or sinking fund or capital redemption business, but subject to that overriding limitation the said express on means the business of issuing bonds or endowment certificates by which the company carrying on such business, in return for subscriptions payable at periodical intervals of less than six months, contracts to pay the holder of such bond or certificate a sum of money at a future date;

the expression "employers' liability insurance business" means the business of effecting with employers contracts of insurance against liability to pay compensation or damages to workmen in their employment;

the expression "mechanically propelled vehicle insurance business" means the business of effecting contracts of insurance against loss of or damage to or arising out of or in connection with the use of mechanically propelled vehicles, including third party risks;

the expression "public liability insurance business" means the following and no other classes of assurance business, that is to say, the business of effecting contracts of insurance indemnifying the insured against liability to pay compensation or damages to any person in respect of personal injury, loss, or damage sustained by such person through the negligence of the insured or of his servant or agent acting within the scope of his employment or authority as such servant or agent (as the case may be) and the business of effecting contracts of insurance indemnifying the insured against liability to pay compensation or damages arising out of or in connection with the negligent use or condition of the property, whether real or personal, of the insured;

the expression "engineering insurance business" means the following and no other class of assurance business, that is to say, the business of effecting contracts of insurance against loss arising from damage or injury to any boiler or other apparatus containing gas, vapour or liquid under pressure or any mechanical apparatus or other machinery or arising in any other way from or in connection with the use of any such apparatus or machinery, including liability to pay compensation to third parties in relation to such apparatus or machinery;

the expression "glass insurance business" means the business of effecting contracts of insurance against loss by or incidental to the breakage of glass;

the expression "guarantee insurance business" means the business of effecting contracts of insurance with employers against loss by or incidental to fraud, embezzlement, misappropriation, forgery, theft, or larceny by employees and the business of issuing bonds or contracts of suretyship;

the expression "burglary insurance business" does not include guarantee insurance business, but subject to that overriding limitation the said expression means the business of effecting contracts of insurance against loss by or incidental to burglary, housebreaking, theft, or larceny;

the expression "sinking fund or capital redemption business" means the business of effecting contracts of insurance (otherwise than upon human life) whereby the insurer in consideration of the payment to him of one premium, or of two or more premiums paid at intervals of not less than two months, agrees to pay to the insured at a future date or on future dates one sum or a series of sums;

the word "policy" means any document or other writing by which any contract of assurance is made or agreed to be made or which is evidence of any such contract;

the word "premium" means any money or money's worth payable or paid to any person who carries on an assurance business and who in consideration of such money or money's worth undertakes any liability under any policy, bond or certificate;

the expression "assurance company" means a company (whether registered in Saorstát Eireann under the Companies Acts, 1908 to 1924, or incorporated under the law of some country other than Saorstát Eireann) which carries on any assurance business, and the said expression unless the context otherwise requires, includes a society, association, or other body which is incorporated or otherwise constituted under the law of a country other than Saorstát Eireann and carries on assurance business;

the expression "Saorstát Eireann company" means an assurance company registered in Saorstát Eireann under the Companies Acts, 1908 to 1924;

the expression "foreign company" means an assurance company which is incorporated under the law of a country other than Saorstát Eireann, and the said expression, unless the context otherwise requires, includes a society, association or other body which is incorporated or otherwise constituted under the law of a country other than Saorstát Eireann;

the word "syndicate" means any group of underwriters who are members of Lloyd's and who are certified by the Chairman of the Committee of Lloyd's to be a syndicate for the purposes of this Act;

the word "actuary" means an actuary who possesses the prescribed qualifications;

the expression "the Act of 1908" means the Companies (Consolidation) Act, 1908;

the expression "the Act of 1909" means the Assurance Companies Act, 1909, as adapted by or under the Adaptation of Enactments Act, 1922 (No. 2 of 1922), and as amended or extended by any other enactment.

Expenses.

4.—(1) All expenses incurred by the Minister in the execution of this Act and not otherwise provided for by this Act shall, to such extent as shall be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas.

(2) All expenses incurred by the Minister for Finance in the execution of this Act shall be paid out of moneys provided by the Oireachtas.

Regulations.

5.—The Minister may by order make regulations in relation to any matter or thing referred to in this Act as prescribed or to be prescribed and for the prescription of which no other provision is made by this Act.

Restriction on operation of this Act.

6.—Nothing in this Act shall affect—

( a ) the validity or the due continuance and fulfilment of any contract of assurance effected before the commencement of this Part of this Act; or

( b ) the liability of the life assurance fund or the industrial assurance fund of a company carrying on in Saorstát Eireann at such commencement life assurance business or industrial assurance business to the prejudice of persons who have before such commencement effected policies of life assurance or industrial assurance with any such company; or

( c ) any business lawfully carried on by societies and other bodies registered in Saorstát Eireann under the Acts relating to friendly societies or to trade unions; or

( d ) any business which is the insuring against risks arising out of or in connection with the use of aircraft; or

( e ) any business which was, on the 31st day of October, 1935, lawfully carried on by a trade union not registered in Saorstát Eireann under the Acts relating to trade unions and which is for the time being carried on by such trade union under and in accordance with a permit in that behalf granted by the Minister; or

( f ) any business which is not assurance business.

Repeals.

7.—(1) The following portions of the Act of 1909 are hereby repealed as on and from the commencement of Part II of this Act, that is to say, paragraphs (b), (c) and (d) of section 31, paragraphs (b) and (c) of section 32, paragraphs (a), (d) and (e) of sub-section (1) of section 33, and paragraphs (b) and (c) of section 34, and in section 35 the words "originally established more than twenty years before the commencement of this Act".

(2) The Collecting Societies and Industrial Assurance Companies Act, 1896, and section 36 of the Act of 1909 are hereby repealed as on and from the commencement of Part V of this Act.

(3) The following portion of the Act of 1909 is hereby repealed as on and from the commencement of Part VII of this Act, that is to say, in sub-section (1) of section 3 all words from the words "Provided that" to the end of that sub-section.

PART II ASSURANCE LICENCES

Prohibition of unlicensed assurance business.

8.—(1) It shall not be lawful for any assurance company or other person to carry on in Saorstát Eireann any assurance business save under and in accordance with a licence (in this Act referred to as an assurance licence) granted by the Minister under this Part of this Act.

(2) Every person (other than an assurance company) who carries on any assurance business in contravention of this section 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 five pounds for every day during which the offence continues.

Prohibition of insuring with unlicensed insurer.

9.—(1) It shall not be lawful for any person (otherwise than in the course of re-insurance) to effect or to endeavour to effect any contract of assurance with an assurance company or any other person which or who is not the holder of an assurance licence entitling such company or person to effect contracts of assurance of the kind so effected or endeavoured to be effected by such person.

(2) Every person who effects or endeavours to effect any contract of assurance in contravention of this section shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding fifty pounds.

Transactions deemed to be assurance business in Saorstát Eireann.

10.—(1) A Saorstát Eireann company which carries on any class of assurance business shall be deemed, for the purposes of this Act, to carry on assurance business in Saorstát Eireann notwithstanding that the whole or a part of such business is in fact carried on or transacted outside Saorstát Eireann.

(2) A foreign company which or a person (wherever resident or carrying on business) who issues (otherwise than in the course or by way of re-insurance) a policy, bond, certificate, or other instrument of insurance to a person ordinarily resident in Saorstát Eireann, or issues to any such person a policy, bond, certificate, or other instrument of insurance in respect of a liability, loss, or damage which will arise (if at all) in Saorstát Eireann, or accepts from any person ordinarily resident in Saorstát Eireann a premium in respect of a policy so issued after the commencement of this Part of this Act shall, if the issue of such instrument of insurance or the acceptance of such premium was done in the course and as part of the carrying on of a business which is assurance business within the meaning of this Act, be deemed, for the purposes of this Act, to carry on assurance business in Saorstát Eireann whether such instrument is issued from or such premium is accepted at a place in or a place outside Saorstát Eireann.

Applications for assurance licences.

11.—(1) Any assurance company or any syndicate may apply to the Minister for an assurance licence authorising it to carry on a specified assurance business.

(2) Every application under this section for an assurance licence shall be in the prescribed form and be made in the prescribed manner, and shall state the class or classes of assurance business which the assurance company or syndicate (as the case may be) making such application proposes to carry on, together with such other particulars as may be prescribed.

(3) Every assurance company or syndicate which applies under this section for an assurance licence shall, when required by the Minister so to do, furnish to the Minister all such information as the Minister may require for the consideration of such application.

(4) The Minister may require any statement of fact made in an application for an assurance licence or made to the Minister in response to a request for information under the next preceding sub-section of this section to be verified by the statutory declaration of some person having personal knowledge of the facts so stated.

(5) If any person, in an application for an assurance licence or in furnishing any information in pursuance of a requisition of the Minister under this section, makes any statement which is false or misleading in any material respect, such person shall be guilty of an offence under this section and shall be liable on summary conviction thereof, in the case of a first such offence, to a fine not exceeding one hundred pounds and, in the case of a second or any subsequent such offence, to a fine not exceeding five hundred pounds.

(6) If any assurance company or any syndicate fails to furnish any information or any verification which such company or syndicate (as the case may be) is required by the Minister under this section to furnish, the Minister may, on the ground of such failure and without prejudice to any other power of refusal conferred on him by this Act, refuse the application in relation to which such information or verification was so required.

(7) On every application under this section for an assurance licence there shall be paid such fee as the Minister, with the consent of the Minister for Finance, shall prescribe and the due payment of such fee shall be a condition precedent to the entertainment of the application by the Minister.

(8) All fees payable under this section shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance shall direct.

(9) The Public Offices Fees Act, 1879, shall not apply in respect of any fees payable under this section.

Grant of assurance licences.

12.—(1) Subject to the provisions of this Act, the Minister may, in his discretion, grant or refuse an application for an assurance licence.

(2) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company which, on the 31st day of October, 1935, carried on life assurance business or industrial assurance business or both such businesses for an assurance licence to carry on either or both of such businesses, the Minister shall, subject to the provisions of this Act, grant such application.

(3) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company which on the 31st day of October, 1935, carried on in addition to life assurance business or industrial assurance business or both such businesses any other assurance business for an assurance licence to carry on such other assurance business, the Minister may grant such application if, but only if, he is satisfied that the assets of such company are sufficient to enable such company to carry on such other assurance business.

(4) Whenever an application to which one of the two next preceding sub-sections of this section applies is made by a Saorstát Eireann company for an assurance licence to carry on assurance business or businesses of a class or classes mentioned in that sub-section in addition to assurance business or businesses of a class or classes mentioned in the other of the said two next preceding sub-sections, the Minister may grant such application if he is satisfied that such company complies with the conditions set forth in whichever of the said two next preceding sub-sections applies to such application and that such licence is required by such company only pending the completion of arrangements for the transfer of the assurance business or businesses to which the application relates to some other Saorstát Eireann company or companies licensed under this Act to carry on such business or businesses.

(5) Where the Minister grants an assurance licence under the next preceding sub-section of this section the Minister may (without prejudice to any other power of revocation conferred on him by this Act) revoke such licence on the completion of the arrangements for the transfer of the assurance business in respect of which such licence was granted and shall, in any event, revoke such licence: at the expiration of nine months after the date of the grant thereof.

(6) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company which, on the 31st day of October, 1935, carried on neither life assurance business nor industrial assurance business or which is formed after such date for an assurance licence to carry on either or both of the said businesses, the Minister shall, subject to the provisions of this Act, grant such application, if, but only if, all the following conditions are complied with, that is to say:—

( a ) the issued capital of such company is not less than two hundred thousand pounds and the paid-up capital of such company is not less than one hundred thousand pounds, and

( b ) the issued shares of such company are, to an extent not less than two-thirds (in nominal value) thereof and carrying voting rights (whether immediate or to arise in certain future circumstances), in the beneficial ownership of a person who is or of two or more persons all of whom are citizens of Saorstát Eireann, and

( c ) the majority of the directors (other than a managing director giving the whole of his time to his duties as such director) of such company are citizens of Saorstát Eireann.

(7) Whenever an application is duly made in accordance with this Act by a foreign company for an assurance licence to carry on life assurance business or industrial assurance business or both such businesses the Minister shall not (without prejudice to any other power of refusal conferred on him by this Act) grant such application unless he is satisfied that—

( a ) such company carried on life assurance business or industrial assurance business or both such businesses in Saorstát Eireann on the 31st day of October, 1935, and

( b ) such company, if it so carried on life assurance business, complies with the provisions of the Act of 1909 relating to life assurance business, and

( c ) such company, if it so carried on industrial assurance business, complies with the provisions of the Act of 1909 relating to industrial assurance business, and

( d ) such company had on the 31st day of October, 1935, and has at the date of such application a place of business in Saorstát Eireann, and

( e ) either such company (if it is incorporated under the law of a country other than Saorstát Eireann) complies with the provisions of section 274 of the Act of 1908, or such company (if it is a society, association, or other body which is incorporated or otherwise constituted under the law of a country other than Saorstát Eireann) has filed with the Registrar of Companies—

(i) a certificate (certified by the proper officer of the country in which such company is so incorporated or otherwise constituted) of the registration of such company in such country, and

(ii) a copy (similarly certified) of the rules or other instrument defining the constitution of such company, and

(iii) the names of the persons forming the committee of management or other body having the direction or control of such company, and

(iv) the names of the secretary and the trustees of such company and of the persons authorised to sue and be sued on behalf of such company, and

(v) the names and the addresses of one or more persons resident in Saorstát Eireann who are authorised to accept on behalf of such company service of any notices, documents, or legal process.

(8) Whenever an application is duly made in accordance with this Act by a foreign company for an assurance licence to carry on one or more than one class of assurance business other than life assurance business and industrial assurance business, the Minister shall not (without prejudice to any other power of refusal conferred on him by this Act) grant such application unless he is satisfied that—

( a ) such company on the 31st day of October, 1935, carried on in Saorstát Eireann one or more than one class of assurance business other than life assurance business and industrial assurance business, and

( b ) such company complies with the provisions of the Act of 1909 relating to the class or classes of assurance business carried on by it, and

( c ) such company had on the 31st, day of October, 1935, and has at the date of such application a place of business in Saorstát Eireann, and

( d ) such company complies with the provisions of section 274 of the Act of 1908.

(9) Whenever an application to which one of the two next preceding sub-sections of this section applies is made by a foreign company for an assurance licence to carry on assurance business or businesses of a class or classes mentioned in that sub-section in addition to assurance business or businesses of a class or classes mentioned in the other of the said two next preceding sub-sections, the Minister may grant such application if he is satisfied that such company complies with the conditions set forth in whichever of the said two next preceding sub-sections applies to such application and that such licence is required by such company only pending the completion of arrangements for the transfer of the assurance business or businesses to which the application relates to some other assurance company or companies licensed under this Act to carry on such business or businesses.

(10) Where the Minister grants an assurance licence under the next preceding sub-section of this section the Minister may (without prejudice to any other power of revocation conferred on him by this Act) revoke such licence on the completion of the arrangements for the transfer of the assurance business in respect of which such licence was granted and shall, in any event, revoke such licence at the expiration of nine months after the date of the grant thereof.

(11) Whenever an application is duly made in accordance with this Act—

( a ) by a Saorstát Eireann company which at the date of such application carries on neither life assurance business nor industrial assurance business but which, on the 31st day of October, 1935, carried on one or more than one class of assurance business other than life assurance business and industrial assurance business, and did not on the said, 31st day of October, 1935, carry on life assurance business or industrial assurance business, or

( b ) by a Saorstát Eireann company which is formed after the commencement of this Part of this Act which complies with the following conditions, that is to say, the issued shares of such company are, to an extent not less than two-thirds (in nominal value) thereof and carrying voting rights (whether immediate or to arise in certain future circumstances), in the beneficial ownership of a person who is or of two or more persons all of whom are citizens of Saorstát Eireann, and the majority of the directors (other than a managing director giving the whole of his time to his duties as such director) are citizens of Saorstát Eireann, and the issued capital of such company is not less than two hundred thousand pounds and the paid-up capital of such company is not less than one hundred thousand pounds, or

( c ) by a company in respect of which the Minister is satisfied that it complies with the provisions of section 2 of the Local Authorities (Mutual Assurance) Act, 1926 (No. 34 of 1926),

for an assurance licence to carry on one or more than one class of assurance business other than life assurance business or industrial assurance business, the Minister shall, subject to the provisions of this Act, grant such application.

(12) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company for an assurance licence to carry on employers' liability insurance business only, the Minister shall, subject to the provisions of this Act, grant such application if he is satisfied that such company is an association of employers and that the business which such company carries on or is about to carry on is, wholly or substantially, the mutual insurance of its members against liability to pay compensation or damages to workmen employed by such members, either alone or in conjunction with insurance against any other risk insurance against which is employers' liability business within the meaning of this Act.

(13) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company for an assurance licence to carry on fire insurance business only the Minister shall, subject to the provisions of this Act, grant such application if he is satisfied that such company is an association of owners or occupiers of buildings or other property and that the business which such company carries on or is about to carry on is, wholly or substantially, the mutual insurance of its members against damage by, or incidental to, fire caused to the buildings or other property owned or occupied by them.

(14) Whenever an application is duly made in accordance with this Act by a syndicate for an assurance licence to carry on one or more than one class of assurance business other than life assurance business, industrial assurance business, or bond investment business, the Minister shall not (without prejudice to any other power of refusal conferred on him by this Act) grant such application unless he is satisfied that—

( a ) such syndicate on the 31st day of October, 1935, carried on in Saorstát Eireann such one or more than one class of assurance business other than life assurance business, industrial assurance business or bond investment business, and

( b ) the members comprising such syndicate on the said date complied with the provisions of the Eighth Schedule to the Act of 1909, and

( c ) such syndicate has filed with the Registrar of Companies—

(i) a list (certified by the Chairman of Lloyd's) of the names and the addresses of the members who form such syndicate, and

(ii) the names and the addresses of one or more persons resident in Saorstát Eireann who are authorised to accept on behalf of such syndicate service of any notices, documents, or legal process.

Special provisions in relation to certain foreign companies.

13.—Whenever an application has been duly made in accordance with this Act by a foreign company which is a society, association, or other body incorporated or otherwise constituted under the law of a country other than Saorstát Eireann for an assurance licence to carry on life assurance business or industrial assurance business, or whenever an assurance licence has been granted to any such company to carry on either or both of such businesses, the following provisions shall have effect, that is to say:—

( a ) any alteration in the rules or other instrument defining the constitution of such company and filed with the Registrar of Companies shall be notified to such Registrar within the prescribed time, and

( b ) any notice, document or legal process may (save as may be otherwise required by or under any rules of court or an order of a court or judge) be served by being left with or sent by prepaid ordinary post to the persons resident in Saorstát Eireann at the addresses of such persons as specified by such company under this Part of this Act, and

( c ) the Registrar of Companies shall, if satisfied that such company has filed with him the matters required by this Part of this Act to be so filed by it, issue a certificate under his hand certifying that such company has so filed the matters which it is so required to file, and

( d ) every such certificate shall be prima facie evidence of the matters stated therein and it shall not be necessary to prove the signature of the Registrar of Companies or that he was in fact such Registrar, and

( e ) the Registrar of Companies shall, if required by any person and on payment to such Registrar by such person of whichever of the following fees is the lesser, that is to say, a fee of six pence for every folio of seventy-two words, or a fee of one pound, issue to such person copies (certified by such Registrar to be true copies) of any of the matters required by this Part of this Act to be filed with such Registrar by any such company and all such copies when so certified shall be prima facie evidence of the contents thereof and it shall not be necessary to prove the signature of such Registrar or that he was in fact such Registrar.

Special provisions in relation to syndicates.

14.—Whenever an application has been duly made in accordance with this Act by a syndicate for an assurance licence to carry on one or more than one class of assurance business other than life assurance business, industrial assurance business, or bond investment business, or whenever an assurance licence has been granted to a syndicate to carry on one or more than one class of assurance business (other than as aforesaid), the following provisions shall have effect, that is to say:—

( a ) any alteration in the membership of such syndicate shall be notified by the Chairman of Lloyd's to the Registrar of Companies within the prescribed time, and

( b ) any notice, document or legal process may (save as may be otherwise required by or under any rules of court or an order of a court or judge) be served by being left with the persons resident in Saorstát Eireann specified for that purpose by such syndicate under this Part of this Act or by being sent by prepaid ordinary post to such persons at their addresses as so specified by such syndicate, and

( c ) the Registrar of Companies shall, if satisfied that such syndicate has filed with him the matters required by this Part of this Act to be so filed by it, issue a certificate under his hand certifying that such syndicate has so filed the matters which it is so required to file, and

( d ) every such certificate shall be prima facie evidence of the matters stated therein and it shall not be necessary to prove the signature of the Registrar of Companies or that he was in fact such Registrar, and

( e ) the Registrar of Companies shall if required by any person and on payment to such Registrar by such person of whichever of the following fees is the lesser, that is to say, a fee of sixpence for every folio of seventy-two words, or a fee of one pound, issue to such person a copy (certified by such Registrar to be a true copy) of any of the matters required by this Part of this Act to be filed with such Registrar by such syndicate and every such copy when so certified shall be prima facie evidence of the contents thereof and it shall not be necessary to prove the signature of such Registrar or fact he was in fact such Registrar.

Restrictions on grant of assurance licences.

15.—(1) Whenever an application is duly made in accordance with this Act by an assurance company or a syndicate for an assurance licence, the Minister may (without prejudice to any other power of refusal conferred on him by this Act) refuse such application—

( a ) if such company or the Committee of Lloyd's (as the case may be) has not complied with the provisions of this Part of this Act relating to the deposit of moneys with the Accountant of the Courts of Justice, or

( b ) if it appears to the Minister that there is reasonable ground for believing that such company is insolvent.

(2) Whenever the Minister grants to an assurance company an assurance licence to carry on life assurance business or industrial assurance business or both those businesses, the Minister shall, while such licence continues in force, refuse every application by such company for an assurance licence to carry on any other class of assurance business, save where the grant of the licence so applied for is expressly authorised by another section of this Part of this Act.

(3) Whenever the Minister grants to a foreign company an assurance licence to carry on one or more than one class of assurance business (other than life assurance business or industrial assurance business) the Minister shall (without prejudice to any other power of refusal conferred on him by this Act) refuse every application any such company for an assurance licence to carry on any other such class of assurance business unless such company on the 31st day of October, 1935, carried on in Saorstát Eireann that other class of assurance business.

(4) Whenever the Minister grants to an assurance company an assurance licence to carry on any class of assurance business other than life assurance business or industrial assurance business the Minister shall, while such licence continues in force, refuse every application by such company for an assurance licence to carry on life assurance business or industrial assurance business, save where the grant of the licence so applied for is expressly authorised by another section of this Part of this Act.

Appeal against refusal of application for assurance licence.

16.—Where the Minister refuses to grant an application for an assurance licence then following provisions shall have effect, that is to say:—

( a ) the applicant for such licence may, within one month after such refusal, apply in a summary manner to the High Court for a declaration that such licence should be granted to him;

( b ) the Minister shall be named as respondent in any application to the High Court under the next preceding paragraph of this section;

( c ) the High Court, if it is satisfied that such applicant has complied or will in due course comply with the provisions of the Act of 1909 and this Act and that, having regard to all the circumstances of the case, it is just and equitable that such licence should be granted to such applicant, may make an order declaring that such licence should be granted to such applicant;

( d ) whenever the High Court makes an order under this section declaring that an assurance licence should be granted to an applicant therefor, the Minister shall, as soon as conveniently may be, grant, under and in accordance with this Act, such licence to such applicant.

Form, etc, of assurance licence.

17.—Every assurance licence shall—

( a ) be in the prescribed form, and

( b ) if granted to an assurance company, state the name of such assurance company, and if granted to a syndicate, state the names and the addresses of the members constitution such syndicate, and

( c ) state the class or classes of assurance business which may be carried on by such assurance company or syndicate (as the case may be), and

( d ) be expressed and operate to authorise such assurance company or syndicate (as the case may be) to carry on the class or classes of assurance business stated in such licence, and

( e ) be and be expressed to be granted subject to the provisions of this Act.

Transfer of assurance licences.

18.—(1) An assurance licence shall not be transferable by the licensee thereunder or by operation of law to any company or other person.

(2) Whenever the ownership of an assurance business has been transferred, whether by act of the parties or operation of law, from the licensee under the assurance licence relating to such business to another assurance company, the Minister may, if he thinks proper so to do on the application of such other person or company, transfer the said assurance licence to such other assurance company, and for that purpose amend the said assurance licence by substituting therein (by correction or endorsement) the same of such other assurance company as the licensee thereunder.

(3) Whenever a syndicate, which is the holder of an assurance licence for the time being in force, ceases to carry on in Saorstát Eireann the class of assurance business to which such assurance licence relates the Minister may, in his absolute discretion, on the application of some other syndicate, transfer the said assurance licence to such other syndicate, and for that purpose amend the said assurance licence by substituting therein (by correction or endorsement) such other syndicate as the licensee thereunder.

(4) The provisions of this Act in relation to an application for and the grant of an assurance licence shall apply, so far as applicable, in relation to applications for and grants of transfers of assurance licences.

Forfeiture of assurance licence.

19.—Whenever—

( a ) an assurance licence is granted to a Saorstát Eireann company under a provision of this Act whereby the Minister is required to grant such licence if, but only if, certain conditions are complied with by such company, and

( b ) one of those conditions is that the issued shares of such company are, to an extent not less than two-thirds (in nominal value) thereof and carrying voting rights (whether immediate or to arise in certain future circumstances), in the beneficial ownership of a person who is or of two or more persons all of whom are citizens of Saorstát Eireann,

then and in every such case the condition set forth in the foregoing paragraph (b) shall be deemed to be a continuing condition attached to such licence, and, if such company ceases at any time while such licence remains in force to comply with the said condition, such licence shall forthwith become and be forfeited and void.

Revocation, etc., of assurance licences.

20.—(1) The Minister may, at any time, alter or revoke an assurance licence upon the application in writing in the prescribed form and manner of the licensee under such licence.

(2) Whenever it appears to the Minister that an assurance licence should be suspended or revoked on all or any of the following grounds, that is to say:—

( a ) that the licensee thereunder has failed to comply with the provisions of the Act of 1909 or of this Act, or

( b ) that, by reason of the insufficiency of the assets of the licensee thereunder, the carrying on by such licensee of the assurance business in respect of which such licence was granted is not justified, or

( c ) that such licensee has failed to pay, within one month after a claim on an insurance policy with such licensee is admitted, decided, or adjudged to be due, the amount of such claim to the person entitled thereto, or

( d ) in the case of a syndicate, that the constitution of the syndicate is varied by such an increase in the membership of such syndicate as in the opinion of the Minister is unreasonable having regard to the number of the members constituting such syndicate at the date of the issue of the assurance licence to such syndicate,

the Minister may give to such licensee notice in writing of his intention to consider the suspension or revocation of such licence and the grounds on which he intends to consider such suspension or revocation (as the case may be).

(3) Whenever the Minister gives under this section to the licensee under an assurance licence notice of his intention to consider the suspension or revocation of such licence, the following provisions shall have effect, that is to say:—

( a ) such licensee may, within twenty-one days, or such longer time as the Minister shall allow, after the giving of such notice, make representations to the Minister in relation to such suspension or revocation;

( b ) at any time after the expiration of the time limited by the next preceding paragraph of this sub-section for the making of such representations as are mentioned in that paragraph and after consideration by the Minister of such representations (if any), the Minister may, if he so thinks proper, by notice given to such licensee suspend for such time as he thinks proper and specifies in such notice, or wholly revoke, such licence;

( c ) save as is otherwise provided by this sub-section, such suspension or revocation (as the case may be) shall take effect as on and from the fifteenth day after the giving of the notice effecting such suspension or revocation;

( d ) at any time after the giving of such notice of suspension or revocation (as the case may be) and before such suspension or revocation takes effect, such licensee may apply in a summary manner to the High Court for the annulment of such suspension or revocation, and on such application the High Court, if it is satisfied that such licensee has complied with the provisions of the Act of 1909 and this Act and that, having regard to all the circumstances of the case, it is just and equitable that such suspension or revocation (as the case may be) should be annulled, may annul such suspension or revocation;

( e ) the Minister shall be named as respondent in any application to the High Court under the next preceding paragraph of this sub-section;

( f ) when an application is made to the High Court under the preceding paragraph of this sub-section, the suspension or revocation which is the subject of such application shall not take effect unless or until the High Court shall have refused to annul such suspension or revocation, but subject to the right of the High Court further to postpone such taking effect pending an appeal to the Supreme Court.

21.—(1) The Minister shall cause a register of licences (in this section referred to as the register of licences) to be kept of all assurance licences.

(2) Whenever an assurance licence is granted, the Minister shall cause to be entered forthwith in the register of licences the following particulars, that is to say:—

( a ) the grant of such licence, and

( b ) the date on which such licence was granted, and

( c ) in the case of an assurance company the name and the address of the registered office or other principal place of business in Saorstát Eireann of the assurance company to which such licence was granted, and, in the case of a syndicate, the names and the addresses of the members of such syndicate together with the names and the addresses of the person or persons resident in Saorstát Eireann who are authorised on behalf of such syndicate to accept service of any notices, documents or legal process, and

( d ) such other particulars of or relating to such licence as the Minister shall from time to time direct.

(3) Whenever an assurance licence is altered, revoked, or transferred, or becomes forfeited, there shall be entered forthwith in the register of licences such particulars as the Minister shall from time to time direct of such alteration, revocation, transfer, or forfeiture, as the case may be.

(4) The register of licences shall be in such form and shall be kept at such place in the county borough of Dublin as the Minister shall from time to time direct.

(5) Any person may inspect at such times as the Minister may appoint the register of licences on payment of such fee not exceeding one shilling as the Minister with the consent of the Minister for Finance shall from time to time direct.

(6) All fees payable under this section shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance shall direct.

(7) The Public Offices Fees Act, 1879, shall not apply in respect of any fees payable under this section.

Obligation of assurance companies to deposit moneys with Accountant of Courts of Justice.

22.—(1) Subject to the provisions of this section, every assurance company which carries on or proposes to carry on assurance business in Saorstát Eireann shall deposit and shall (while such company so carries on the class of assurance business to which any sum deposited under this section relates) keep deposited with the Accountant of the Courts of Justice such one or more of the following sums as is or are applicable to the class or classes of assurance business so carried on by such company, that is to say:—

( a ) the sum of twenty thousand pounds in respect of each of the following classes of assurance business, that is to say, life assurance business and industrial assurance business, and

( b ) the sum of twenty thousand pounds in respect of any one or more than one class of assurance business other than life assurance business, industrial assurance business, mechanically propelled vehicle insurance business and glass insurance business, and

( c ) the sum of fifteen thousand pounds in respect of mechanically propelled vehicle insurance business.

(2) Section 2 (which relates to deposits) of the Act of 1909, as amended or varied by this section, shall apply to every sum which an assurance company is required by this section to deposit and keep deposited in like manner as the said section 2 applies to the sum which an assurance company is required to deposit and keep deposited under that section.

(3) This section shall not apply to any of the following, that is to say:—

( a ) a Saorstát Eireann company which is an association of employers and in respect of which the Minister is satisfied that the business which such company carries on or is about to carry on is, wholly or substantially, the mutual insurance of its members against liability to pay compensation or damages to workmen employed by such members, either alone or in conjunction with insurance against any other risk incidental to the trade, industry or business carried on by such members, or

( b ) a Saorstát Eireann company which is an association of owners or occupiers of buildings or other property and in respect of which the Minister is satisfied that the business which such company carries on or is about to carry on is, wholly or substantially, the mutual insurance of its members against damage by, or incidental to, fire caused to the buildings or other property owned or occupied by them, or

( c ) a company in respect of which the Minister is satisfied that it complies with the provisions of section 2 of the Local Authorities (Mutual Assurance) Act, 1926 (No. 34 of 1926), or

( d ) an assurance company which on the 31st, day of October, 1935, carried on in Saorstát Eireann assurance business other than life assurance business or industrial assurance business and which is not required by the Act of 1909 to make a deposit and in respect of which the Minister is satisfied that the business which such company carries on is wholly or substantially the effecting of insurances against loss of or damage to or in respect of property belonging to, or held in trust for, or used or occupied by or on behalf of a religious organisation or body, including liability to pay compensation or damages to workmen employed by trustees, committees, stewards or other officers or holders of such property, or

( e ) an assurance company which carries on glass insurance business and in respect of which the Minister is satisfied that such company carries on no other class of assurance business.

Obligation of Committee of Lloyd's to make deposits.

23.—(1) Whenever and so long as there is or are a syndicate or two or more syndicates carrying on in Saorstát Eireann any assurance business other than life assurance business, industrial assurance business, bond investment business, mechanically propelled vehicle insurance business, and glass insurance business, the Committee of Lloyd's shall deposit and keep deposited with the Accountant of the Courts of Justice the sum of twenty thousand pounds.

(2) Whenever and so long as there is or are a syndicate or two or more syndicates carrying on in Saorstát Eireann mechanically propelled vehicle insurance business, the Committee of Lloyd's shall deposit and keep deposited with the Accountant of the Courts of Justice the sum of fifteen thousand pounds.

(3) Every sum deposited under this section shall be invested by the Accountant of the Courts of Justice in such securities for the time being authorised by law for the investment of money under the control or subject to the order of the High Court as the Committee of Lloyd's may select, and the said Accountant shall pay the interest on such securities to the said Committee.

(4) Sub-sections (5) and (6) of section 2 of the Act of 1909 shall apply in relation to the deposit of sums under this section in like manner as they apply in relation to the deposit of sums under the said section.

Transfer of existing deposits under the Act of 1909.

24.—(1) Whenever a deposit is, at the commencement of this Part of this Act, maintained in pursuance of the Act of 1909 with the Accountant of the Courts of Justice by an assurance company in respect of a particular class of assurance business and such assurance company is required by this Part of this Act to deposit and keep deposited with the Accountant of the Courts of Justice a sum of money in respect of the same particular class of assurance business, the said deposit so maintained at the commencement of this Part of this Act and the investments then representing the same shall be retained by the Accountant of the Courts of Justice and be deemed to be a deposit made in pursuance of this Part of this Act by such assurance company in respect of the said particular class of assurance business.

(2) Immediately upon the commencement of this Part of this Act, the Accountant of the Courts of Justice shall, in respect of every deposit retained by him in pursuance of the next preceding sub-section of this section, calculate and ascertain the market value at such commencement of the investments then representing such deposit, and shall forthwith give to the assurance company by which such deposit was so maintained notice in writing stating the amount of such market value so ascertained and the amount (if any) by which such market value falls short of or exceeds (as the case may be) the full proper amount of the said deposit and thereupon the following provisions shall have effect, that is to say:—

( a ) where the said market value falls short of the said full proper amount and such assurance company, not more than one month after receiving the said notice, deposits with the Accountant of the Courts of Justice a sum equal to the difference between the said market value and the said full proper amount, the sum so deposited shall be added to and treated as part of the deposit represented by the said investments and the said deposit shall be deemed to have been of the said full proper amount as at and from the commencement of this Part of this Act;

( b ) where the said market value exceeds the said full proper amount, such assurance company may at any time within three months after receiving the said notice, apply in a summary manner to the High Court on notice to the Minister for payment of such excess and thereupon the High Court may either direct the Accountant of the High Court to sell so much (if any) of the said investments as will leave the market value of the residue of such investments on the day of such sale equal to the said full proper amount and to pay the proceeds of such sale (after providing thereout for the costs of such sale) to such assurance company or, if requested by such assurance company so to do, direct the Accountant of the Courts of Justice to transfer to such assurance company or some person nominated by such assurance company so much (if any) of the said investments as will leave the market value of the residue of such investments on the day of such transfer equal to the said full proper amount.

Payment of judgement debts out of deposits.

25.—(1) Whenever a Court makes an order, decree, or judgement for the payment of money by an assurance company or a syndicate to any person in respect of a claim under a policy issued by such assurance company or syndicate (as the case may be), the High Court may, on the application in a summary manner of such person, order such money (with or without the costs of such application) to be paid to such person out of the deposit or any particular deposit maintained by such assurance company or by the Committee of Lloyd's (as the case may be) in pursuance of this Act.

(2) Whenever the High Court makes an order under the foregoing sub-section of this section, the Accountant of the Courts of Justice shall pay the money stated in such order to the person and out of the deposit specified in such order and shall for that purpose sell so much of the investments representing the said deposit as is necessary (after defraying the costs of such sale) to enable such money to be so paid.

(3) Whenever the Accountant of the High Court, in pursuance of an order made by a Court under this section pays any money out of or sells any of the investments representing a deposit maintained with him by an assurance company or by the Committee of Lloyd's in pursuance of this Part of this Act, he shall forthwith calculate and ascertain the market value of so much of the investments representing such deposit as remains unsold and, if such market value together with any uninvested money included in such deposit falls short of the full proper amount of such deposit, he shall give to such assurance company or such Committee (as the case may require) notice in writing of such deficiency and of the amount thereof.

(4) If, when a notice of deficiency of deposit is given to an assurance company or to the Committee of Lloyd's by the Accountant of the Courts of Justice in pursuance of the next preceding sub-section of this section, such assurance company or the Committee of Lloyd's not more than fourteen days after receiving such notice, deposits with the Accountant of the Courts of Justice a sum equal to the amount of the deficiency stated in such notice, the sum so deposited shall be added to and treated as part of the said deposit and such assurance company or the Committee of Lloyd's (as the case may be) shall be deemed to have maintained such deposit at its full proper amount.

Release of deposits.

26.—(1) Whenever an assurance company ceases to carry on any particular class of assurance business in respect of which such assurance company maintains a deposit with the Accountant of the Courts of Justice in pursuance of this Part of this Act, such assurance company may apply in a summary manner to the High Court on notice to the Minister for such order as is mentioned in the next following sub-section of this section.

(2) If, on an application to the High Court under this section by an assurance company, the High Court is satisfied that the deposit to which such application relates is not required to be maintained in respect of any other class of assurance business carried on by such assurance company, and that either the liabilities of such assurance company within Saorstát Eireann in respect of the said class of assurance business which such assurance company has so ceased to carry on have been met and discharged or security for the payment of such liabilities has been given to the Accountant of the Courts of Justice to his satisfaction, the High Court shall order the Accountant of the Courts of Justice out of the investments and money representing such deposit to pay such costs (if any) as the High Court shall direct and, if the said money is not sufficient to meet such costs, to sell so much of the said investments as shall be sufficient (after paying the costs of such sale) for that purpose and to transfer the said investments or the residue thereof (as the case may be) to such assurance company and to pay the said money or the residue (if any) thereof (as the case may be) to such assurance company.

Release of deposits made by the Committee of Lloyd's.

27.—(1) If, at any time while the Committee of Lloyd's maintains in pursuance of this Part of this Act a deposit of twenty thousand pounds with the Accountant of the Courts of Justice, there is no syndicate carrying on in Saorstát Eireann any assurance business other than life assurance business, industrial assurance business, bond investment business, mechanically propelled vehicle insurance business, or glass insurance business, the Committee of Lloyd's may apply in a summary manner to the High Court on notice to the Minister for such order as is hereinafter mentioned in relation to such deposit.

(2) If, at any time while the Committee of Lloyd's maintains in pursuance of this Part of this Act a deposit of fifteen thousand pounds with the Accountant of the Courts of Justice, there is no syndicate carrying on in Saorstát Eireann mechanically propelled vehicle insurance business, the Committee of Lloyd's may apply in a summary manner to the High Court on notice to the Minister for such order as is hereinafter mentioned in relation to such deposit.

(3) If, on an application to the High Court under this section by the Committee of Lloyd's, the High Court is satisfied that there is no syndicate carrying on in Saorstát Eireann any relevant assurance business (as defined in the next following sub-section of this section) and that either the liabilities within Saorstát Eireann of every syndicate which formerly carried on in Saorstát Eireann any relevant assurance business have been met or discharged or security for the payment of such liabilities has been given to the Accountant of the Courts of Justice to his satisfaction, the High Court shall order the Accountant of the Courts of Justice out of the investments and money representing the deposit to which such application relates to pay such costs (if any) as the High Court shall direct and, if the said money is not sufficient to meet such costs, to sell so much of the said investments as shall be sufficient (after paying the costs of such sale) for that purpose and to transfer the said investments or the residue thereof (as the case may be) to the Committee of Lloyd's and to pay the said money or the residue (if any) thereof to the said Committee.

(4) In the foregoing sub-section of this section, the expression "relevant assurance business" means—

( a ) in the case of an application in relation to a deposit of twenty thousand pounds made by the Committee of Lloyd's in pursuance of this Act—any assurance business other than life assurance business, industrial assurance business, bond investment business, mechanically propelled vehicle insurance business, and glass insurance business, and

( b ) in the case of an application in relation to a deposit of fifteen thousand pounds made by the Committee of Lloyd's in pursuance of this Act—mechanically propelled vehicle insurance business.

PART III AMALGAMATION AND TRANSFER OF CERTAIN ASSURANCE BUSINESSES

Submission to Minister of scheme for amalgamation of assurance companies.

28.—(1) Any two or more Saorstát Eireann companies which on the 31st day of October, 1935, carried on in Saorstát Eireann life assurance business or industrial assurance business or both such businesses (in this Part of this Act referred to as promoting companies) may, notwithstanding anything contained in the articles and memorandum of association of such companies whether such companies do or do not carry on any other class of assurance business, submit to the Minister at any time before the appointed day a scheme in writing for the amalgamation into one company (in this Part of this Act and in the First Schedule to this Act referred to as the amalgamated company) of such promoting companies so far as respects the life assurance business (if any) and the industrial assurance business (if any) carried on by each of them respectively, and the transfer to some other Saorstát Eireann company or companies (in this Part of this Act referred to as the transferee companies) of the several other (if any) classes of assurance business carried on by such promoting companies respectively.

(2) Every scheme submitted to the Minister under this section shall—

( a ) contain particulars of the arrangements between the companies concerned for the amalgamation and the transfer (if any) to which such scheme relates,

( b ) be accompanied by copies of the deeds, contracts, and other documents embodying the said arrangements,

( c ) contain all such provisions as are necessary for carrying out the said amalgamation and the said transfer, if any,

( d ) be accompanied by reports made and certified by actuaries on behalf of each of the promoting companies in relation to the businesses of such company to be amalgamated in pursuance of such scheme,

( e ) be accompanied by a report made and certified by an independent actuary agreed upon by all the promoting companies in relation to the several businesses to be included in such amalgamation,

( f ) contain, in relation to the amalgamated company to be formed in pursuance of such scheme, provisions conforming to the conditions set out in the First Schedule to this Act.

(3) The Minister may by order appoint a day to be the appointed day for the purposes of this section, and the expression "the appointed day" in this section means the day so appointed.

Investigation of amalgamation scheme by the Minister.

29.—(1) When a scheme has been submitted to the Minister under this Part of this Act, the Minister may submit such scheme to some person nominated by him for investigation and report.

(2) When a scheme has been submitted to the Minister under this Part of this Act, a promoting company shall, when required by the Minister so to do, furnish to the Minister all such information, particulars and documents in relation to such promoting company as the Minister may require.

(3) If any promoting company fails to furnish any information, particulars or documents which such company is required by the Minister under the next preceding sub-section of this section to furnish, the Minister may, on the ground of such failure and without prejudice to his absolute discretion to refuse to approve of the scheme in relation to which the company so failing is one of the promoting companies, refuse to approve of such scheme.

(4) When a scheme has been submitted to the Minister under this Part of this Act, the Minister may require the promoting companies to amend such scheme in any specified manner or particular, and if the promoting companies fail or refuse to amend such scheme accordingly, the Minister may (without prejudice to his absolute discretion to refuse to approve of such scheme) refuse to approve of such scheme.

(5) All expenses incurred by the Minister under this section shall to such extent as shall be determined by the Minister with the consent of the Minister for Finance be defrayed by the promoting companies in such proportions as the Minister shall, in each particular case, direct, and the amount of such expenses so apportioned to any such company may be recovered by the Minister from such company as a civil debt in any court of competent jurisdiction.

Approval of scheme by the Minister.

30.—Whenever a scheme has been submitted to the Minister under this Part of this Act, the Minister may in his absolute discretion approve or refuse to approve of such scheme either before or after the same has been amended in accordance with a requisition made in that behalf by the Minister.

Confirmation and sanction of amalgamation scheme by the High Court.

31.—(1) When the Minister has approved (either with or without amendment) of a scheme submitted to him under this Part of this Act the promoting companies or the Minister may apply to the High Court for confirmation and sanction of such scheme.

(2) Before making an application to the High Court under this section for the confirmation and sanction of a scheme, the promoting companies or the Minister (as the case may be) shall—

( a ) cause notice of the approval of the scheme by the Minister and of the intention of the promoting companies or the Minister (as the case may be) to apply to the High Court for confirmation and sanction of such scheme to be published at least once in Iris Oifigiúil, and

( b ) for at least fifteen days before making such application keep at the office of each of the promoting companies or the office of the Minister (as the case may require) copies of the agreements, deeds, and other arrangements which form the basis of such scheme, and permit policy holders and shareholders in any of the promoting companies to inspect such copies free of charge, and

( c ) unless the High Court otherwise directs, give notice of such scheme by advertisement once in Iris Oifigiúil and once in each of two daily newspapers published in Saorstát Eireann and every such advertisement shall contain the following particulars, that is to say:—

(i) a statement of the nature of the proposed amalgamation and the proposed transfer, if any, and

(ii) a summary of the material facts contained in the agreements, deeds, or other arrangements which form the basis of such scheme, and

(iii) the place where and the times at which any report furnished to the Minister with such scheme may be inspected.

(3) On the hearing of an application under this section for the confirmation and sanction of a scheme the High Court, after hearing the promoting companies and the Minister and such other persons as it considers entitled to be heard, may, if it so thinks fit, confirm and sanction such scheme either unconditionally or with such modifications as it may think fit to make therein, and may, whether it does or does not confirm and sanction such scheme, make such order as to the costs of such application and the parties by whom such costs are to be borne as shall appear to the said Court to be just and equitable having regard to all the circumstances.

Effect of confirmation and sanction of amalgamation scheme.

32.—(1) Whenever the High Court confirms and sanctions a scheme under this Part of this Act, such confirmation and sanction shall, notwithstanding anything in the memorandum of association of any of the promoting companies concerned in such scheme, be effectual to bind all shareholders and policy holders in and all creditors and debtors of every such promoting company.

(2) Whenever the High Court confirms and sanctions a scheme under this Part of this Act, such one as the High Court shall direct of the promoting companies concerned in such scheme shall, within twenty-one days after such confirmation and sanction, deliver to the Minister and to the Registrar of Companies a copy of such scheme as confirmed and sanctioned by the High Court and also a certified copy of the order of the High Court confirming and sanctioning such scheme, and if such promoting company fails so to do every director of such promoting company shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding fifty pounds, together with in the case of a continuing offence a further fine not exceeding one pound for every day during which such offence continues.

Rights of amalgamated company for purposes of Part II.

33.—Whenever any promoting companies have under this Part of this Act become an amalgamated company and all or any of such promoting companies on the 31st day of October, 1935, carried on life assurance business or industrial assurance business or both such businesses, such amalgamated company shall for the purposes of Part II of this Act be deemed to be a Saorstát Eireann company which on the said date carried on (as the case may require) either or both of such businesses.

Restriction on application of section 13 of the Act of 1909.

34.—Section 13 of the Act of 1909 shall not apply to any scheme submitted to the Minister under this Part of this Act but, if the Minister refuses to approve of a scheme under this Part of this Act, such non-application shall not affect or prejudice the right of any two or more Saorstát Eireann companies which carry on life assurance business or industrial assurance business or both such businesses (whether they do or do not carry on any other assurance business) to amalgamate or transfer any assurance business under the said section 13.

Restriction on issue of share capital by an amalgamated company.

35.—No issue of the share capital of any amalgamated company shall while the Minister for Finance holds any shares of such company be made without the consent of the Minister for Finance given after consultation with the Minister.

Underwriting of and subscription for shares of amalgamated companies by Minister for Finance.

36.—(1) Subject to the provisions of this section, the Minister for Finance may—

( a ) subject to such conditions as he may think fit, agree with any amalgamated company that, if any shares in such company about to be offered to the public for subscription are not, within a specified time, taken up by the public, he will take up and pay for such shares or some specified proportion thereof, and

( b ) from time to time acquire by subscription any shares (of any class or description) of an amalgamated company.

(2) The aggregate amount of all shares taken up or acquired by the Minister under this section shall not exceed five hundred thousand pounds in nominal value.

Issue of moneys from the Central Fund.

37.—(1) All moneys from time to time required to meet payments to be made by the Minister for Finance to any amalgamated company in respect of any shares taken up or acquired 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 or the growing produce thereof under this section the Minister for Finance may borrow money 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 of and interest on 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 that Fund is available.

Disposal of dividends, etc., received by the Minister for Finance.

38.—All dividends, bonus, and other moneys received by the Minister for Finance in respect of shares of an amalgamated 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.

Exercise by the Minister for Finance of powers of shareholder.

39.—The Minister for Finance may, so long as he holds any of the shares of an amalgamated 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.

Power of Minister for Finance to hold and sell shares.

40.—(1) The Minister for Finance may hold, for so long as he thinks fit, the shares of an amalgamated company acquired or taken up 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 an amalgamated 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.

Consultation by Minister for Finance with Minister.

41.—The Minister for Finance shall, before exercising any power conferred on him by the articles of association of an amalgamated company in relation to the nomination of directors of such company, consult with the Minister.

Alteration of memorandum and articles of association of amalgamated company.

42.—Notwithstanding anything contained in the Companies Acts, 1908 to 1924, no alteration in the memorandum of association or the articles of association of an amalgamated company which is, while the Minister for Finance holds any shares of such company, made without the previous approval of the Minister for Finance after consultation by him with the Minister, shall be valid and effective.

Obligation of amalgamated company to furnish balance sheets, etc.

43.—(1) Every amalgamated company shall within six months after the end of every accounting year of such company 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 assurance business carried on by such company.

(2) Every amalgamated 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 Dáil Eireann 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 an amalgamated company makes default in complying with any of the provisions of this section, such company and every director, manager, and other officer of such 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 every amalgamated 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 such company may for the time being be required by law to prepare and furnish.

PART IV WINDING UP AND INSPECTION OF INSOLVENT ASSURANCE COMPANIES

Definition of insolvency.

44.—A company shall be deemed to be or have been insolvent for the purposes of this Part of this Act on any particular date, present or past, if the circumstances of such company on that particular date are or were such that if proceedings for the winding up of such company were or had been taken on the said date, the Court could, under sections 129 and 130 of the Act of 1908, hold or have held such company to be, on the said date, unable to pay its debts.

Power of Minister to petition for winding up of assurance company.

45.—The Minister may present a petition for the winding-up of an assurance company on the ground that such company is unable to pay its debts within the meaning of sections 129 and 130 of the Act of 1908.

Powers in cases of assurance companies of doubtful solvency.

46.—(1) The Minister may, by notice served upon an assurance company, require such company to furnish to him, within such time as may be specified in such notice, such specified explanations, information, accounts, balance sheets, abstracts and statements as the Minister may consider necessary for determining whether such company is or is not insolvent.

(2) A notice served under the foregoing sub-section of this section may require that any of the explanations, information, accounts, balance sheets, abstracts and statements to be furnished in pursuance of such notice shall be—

( a ) signed by such number of the directors and by such officers of the assurance company as shall be specified in such notice;

( b ) be accompanied by such copies of documents as may be specified in such notice;

( c ) be certified to be correct by an auditor approved by the Minister, or by an actuary so approved or by both such an auditor and such an actuary.

(3) Whenever a notice has been served by the Minister on an assurance company under the foregoing sub-section of this section, the following provisions shall have effect, that is to say:—

( a ) whether such assurance company does or does not comply with such notice, the Minister may, if he so thinks proper, at any time after the expiration of the time limited by such notice for compliance therewith and after considering the information and documents (if any) furnished by such assurance company in pursuance of such notice, serve on such, assurance company a notice (in this section referred to as an investigation notice) stating that the Minister proposes to investigate under this section the affairs of such assurance company at the expiration of the time (not being less than seven days from the service of such notice) specified in that behalf in such notice;

( b ) at any time before the expiration of the time specified as aforesaid in such investigation notice, such assurance company may give to the Minister notice (in this section referred to as notice of objection) stating that such assurance company objects to the investigation mentioned in such investigation notice;

( c ) within one month after the giving of a notice of objection, the Minister may, unless such notice of objection is sooner withdrawn by such assurance company, apply in a summary manner to the High Court for such order as is hereinafter mentioned, and on such application the High Court shall, unless it is satisfied that, having regard to all the circumstances of the case, the investigation mentioned in such investigation notice cannot reasonably be required or made by the Minister, order and empower the Minister to make such investigation;

( d ) on an application under the next preceding paragraph of this sub-section the High Court may make such order as to the costs of and incidental to such application as it shall think proper;

( e ) where no notice of objection is served within the time limited in that behalf, or a notice of objection so served is withdrawn before the institution of an application to the High Court by the Minister, or the High Court makes an order empowering the Minister to make such investigation, the Minister may make such investigation as is mentioned in such investigation notice at any time after whichever of the following times is applicable, that is to say:—

(i) where no notice of objection is served within the time limited in that behalf, the expiration of the time so limited, or

(ii) where a notice of objection so served is withdrawn as aforesaid, the date of such withdrawal, or

(iii) where the High Court makes such order as aforesaid, the date of such order.

(4) Whenever the Minister investigates under this section the affairs of an assurance company, he may, with the consent of the Minister for Finance, appoint one or more inspectors for the purposes of such investigation, and every inspector so appointed shall hold office upon such terms and conditions and at such remuneration as the Minister shall, with the consent of the Minister for Finance, determine.

(5) The provisions of sub-sections (3), (4) and (5) of section 109 of the Act of 1908 shall apply to every inspector appointed under the next preceding sub-section of this section in like manner as they apply to inspectors appointed under that section, and any refusal mentioned in the said sub-section (5) which is the refusal of an officer or agent of an assurance company and which is, or might be, a ground for the punishment of such officer or agent of such assurance company under the said sub-section (5), shall also be a ground upon which the Minister may present a petition for the winding up of such assurance company and upon which the High Court may, on the hearing of any such petition, make an order for the winding up of such assurance company under and in accordance with the Act of 1908.

(6) Whenever the Minister has investigated the affairs of an assurance company under this section, the Minister may apply in a summary manner to the High Court for an order that such assurance company shall repay to the Minister the whole or such part of the costs and expenses of and incidental to the carrying out of such investigation, and on the hearing of any such application the High Court may, if it so thinks fit, make an order for the payment by such assurance company to the Minister of the whole or any part of the costs and expenses of and incidental to the carrying out of such investigation, and for that purpose measure, tax, or otherwise ascertain the amount, of such costs and expenses.

Evidence of inability to pay debts.

47.—In any proceedings upon a petition presented under this Part of this Act to wind up an assurance company, evidence that such company was insolvent at the close of the period to which the latest accounts and balance sheet of such company furnished to the Minister in pursuance of this Part of this Act relate, or at the date of the service of a notice by the Minister on such assurance company under this Part of this Act, shall be evidence, unless the contrary is proved, that such company is unable, taking into account its contingent and prospective liabilities to pay its debts.

PART V INDUSTRIAL ASSURANCE BUSINESS

Definitions in this Part.

48.—In this Part of this Act—

the expression "industrial assurance company" means an assurance company which carries on industrial assurance business;

the word "collector" means a person, howsoever remunerated, who makes house to house visits for the purpose of receiving premiums payable on policies of industrial assurance and includes deputy of or substitute for any such person, and also includes person who holds any interest in a collecting book;

the expression "collecting book" means any book or document issued by an industrial assurance company and in the custody of a collector in which payments of premiums on foot of policies of industrial assurance are entered;

the expression "premium receipt book" means any book or document in which acknowledgements of the receipt of premiums payable in respect of a policy of industrial assurance are entered.

Application of this Part of this Act in certain cases.

49.—(1) Where an assurance company, which formerly carried on industrial assurance business, has ceased, before the commencement of this Part of this Act, to carry on industrial assurance business, this Part of this Act shall apply to such company so long (if at all) as such company continues, after the commencement of this Part of this Act, to be liable on a policy of industrial assurance issued by it before such cesser.

(2) Where an assurance company, which, at or after the commencement of this Part of this Act, carries on industrial assurance business, ceases after such commencement to carry on industrial assurance business, this Part of this Act shall continue to apply to such company so long as such company continues to be liable on a policy of industrial assurance issued by it before such cesser.

(3) Whenever this Part of this Act applies to a company by virtue of this section, such company shall, during and for the purposes of such application, be deemed to be an industrial assurance company within the meaning of this Part of this Act.

Additional purposes for which industrial assurance policies may be issued.

50.—(1) Amongst the purposes for which industrial assurance companies may issue policies of industrial assurance there shall be included—

( a ) the insuring of money to be paid for the reasonable expenses in connection with the death and funeral of any of the following persons, that is to say:—

(i) of a parent, son, daughter, grandparent, grandchild, step-parent, step-son, step-daughter, brother or sister of the person effecting the policy, or

(ii) of an uncle or aunt of the person effecting the policy, where such uncle or aunt at the time when the policy is effected resides with the person effecting the policy, or

(iii) of a nephew or niece of the person effecting the policy, where such person at the time when the policy is effected resides with such nephew or niece;

( b ) subject to the provisions of the next following sub-section of this section, the insuring of money to be paid on the duration for a specified period of the life of a parent, son, daughter, grandparent, grandchild, stepparent, step-son, step-daughter, brother, or sister, or the insuring of money to be paid on the duration for a specified period of the life of an uncle, aunt, nephew, or niece of the person effecting the policy, who resides with such person or with whom such person resides, and in either case either with or without the payment of money in the event of the death of such person before the expiration of such period.

(2) No industrial assurance company shall insure on a policy issued under paragraph (b) of the next preceding sub-section of this section on the death of any person any sum exceeding a reasonable amount for expenses in connection with the death and funeral of such person, but in calculating such sum no account shall be taken of any repayment on such death of premiums paid in respect of an endowment or endowment assurance policy.

(3) Every person who effects a policy of industrial assurance under and in accordance with this section shall be deemed to have an insurable interest in the life of the person in relation to whom such policy was effected and no such policy shall be deemed to be an indemnity policy.

(4) Nothing in this section shall permit or extend to permit the assurance, whether by an industrial assurance company or any other person, of the life of any person under the age of ten years.

(5) Whenever the sum assured under a policy of industrial assurance (issued for a purpose for which industrial assurance companies may issue policies of industrial assurance under this section) does not exceed the sum of twenty-five pounds such sum shall be presumed to be reasonable.

Assurances on lives of children under the age of ten years.

51.—(1) Notwithstanding anything contained in the Life Assurance Act, 1774, as extended by the Life Insurance (Ireland) Act, 1866, it shall be lawful for an industrial assurance company to issue policies of industrial assurance on the life of a child under the age of ten years if, but only if, such policies are issued to a parent, grandparent, step-parent, brother, or sister of such child or to an uncle or aunt of such child if such child resides with such uncle or aunt at the time when the policy is effected.

(2) Subject to the provisions of this section, it shall not be lawful for an industrial assurance company to pay or undertake liability, by the issue of a policy or otherwise, to pay on the death of a child, under the age of ten years, any sum of money which, when added to the amount or the aggregate of the several amounts payable on the death of such child by another or other industrial assurance company or companies, exclusive of bonus or free paid-up policies, exceeds—

( a ) if such child dies under the age of three years, the sum of six pounds, or

( b ) if such child dies aged three years or more but less than six years, the sum of ten pounds, or

( c ) if such child dies aged six years or more but less than ten years, the sum of fifteen pounds.

(3) In calculating in relation to any particular child the sum of money which is the maximum under the next preceding sub-section of this section, no account shall be taken of any repayment on the death of such child of premiums paid in respect of an endowment or endowment assurance policy.

(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 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.

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.

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.

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 sum 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.

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.

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).

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.

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.

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.

General meetings of industrial assurance companies.

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

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 in 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.

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.

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.

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 proposed, 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.

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.

Forfeiture or 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.

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 are 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.

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.

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.

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.

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 affected, 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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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 made verbally at an office of the Company to any bookkeeper or other member of the clerical staff of the Company at such office.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Additional statement to be furnished by certain foreign companies.

102.—(1) Every foreign company which carries on in Saorstát Eireann 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 Eireann.

(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.

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.

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.

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 Eireann on the 31st day of October, 1935, and lawfully carries on either or both of such businesses in Saorstát Eireann 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.

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.

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.

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.

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.

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.

1. The memorandum and articles of association of every amalgamated company shall be subject to the approval of the Minister for Finance after consultation by him with the Minister.

2. The memorandum of association of every amalgamated company shall provide—

( 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 carry on 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.

3. The articles of association of every amalgamated company shall specify the number of directors (including the chairman) of such company and the number so specified shall not be less than five and shall not be more than seven.

4. The articles of association of every amalgamated company shall provide—

( 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.

2. The amount, if any, by which the value of the "Office Yearly Premiums" as shown in respect of each item in the "Form referred to under Heading No. 7 in the Fourth Schedule (A)" to the Act of 1909, has been reduced in order to secure that no policy shall be treated as an asset.

3. If the proportion of the annual premium income reserved as a provision for future expenses and profits as stated in answer to question No. 5 of the Fourth Schedule "(A)—Form applicable to Life Assurance Business" of the Act of 1909, is not uniform for all policies of the same class, specimens of the proportion so reserved in respect of policies effected at such ages and having been in force for such periods as the Minister may select.

4. Specimen values of the net liabilities under policies (exclusive of any bonuses added) according to the basis of valuation adopted in respect of each of the principal classes of assurances for policies effected at such ages and for such duration as the Minister may select.

5. A statement (to be given separately for each decennial group of ages) of the actual number of deaths at ages over ten years in the five years preceding the date as at which such valuation was made under policies for the whole term of life in comparison with the number of deaths which would have occurred if the mortality experience had been in exact agreement with the table of mortality employed for the purpose of such valuation.

THIRD SCHEDULE

RULES FOR ASCERTAINING THE AMOUNT OF A FREE PAID-UP POLICY AND THE CASH SURRENDER VALUE OF ANY POLICY OF INDUSTRIAL ASSURANCE.

PART I.

GENERAL RULES.

1. Interest is to be assumed at the rate of four per cent. per annum.

2. The rate of mortality is to be assumed according to the Saorstát Life Table No. 1 (Males).

3. The age of the person whose life is assured under a policy of industrial assurance in respect of which premiums are payable shall be obtained by adding to the age attained by such person at his birthday next after the date of the issue of such policy, the duration of such policy in completed years at the date at which the last premium paid thereon became due.

4. The age of the person whose life is assured under a free paid-up policy of industrial assurance shall be obtained by adding to the age attained by such person at his birthday next after the date of the issue of the original policy of industrial assurance the number of completed years which have elapsed between the date and the date as at which the value of such free paid-up policy is required to be ascertained.

5. The net premium shall be such premium as at the assumed rate of interest and the assumed rate of mortality and at the age of the person whose life is assured at such person's birthday next following the date of the policy is sufficient to provide for the risk incurred by the industrial assurance company issuing such policy, exclusive of any addition thereto for office expenses and other charges, but where the risk so incurred has been increased after the issue of such policy the net premium shall be calculated as though such increased risk had attached to such policy at the date of the issue of such policy.

6. The value of a policy of industrial assurance in respect of which premiums are payable shall be taken to be the difference between the present value, as at the date on which the last premium paid became due, of the reversion in the sum assured, including any bonus added thereto, according to the contingency upon which it is payable, and the present value as at the said date of the future net premiums.

7. The value of a free paid-up policy of industrial assurance shall be taken to be the present value at the date as at which the value is required to be ascertained of the reversion in the sum assured, including any bonus added thereto, according to the contingency upon which it is payable.

8. Notwithstanding anything contained in this Schedule, a policy of industrial assurance in respect of which premiums are payable shall not for the purposes of this Schedule attain a value unless and until such policy has been in force for two completed years.

PART II

POLICIES OF INDUSTRIAL ASSURANCE FOR THE WHOLE TERM OF LIFE

1 (1) In the case of a policy of industrial assurance, other than any such policy issued before the person whose life is assured attained the age of six years, the date of the policy may be assumed to be one year after the actual date thereof, and, if it is so assumed, the duration of the policy may be assumed to be one year less than the actual duration.

(2) In the case of a policy of industrial assurance issued before the person whose life is assured attained the age of six years, no account shall be taken of any period for which the policy was in force before the anniversary of the date of the issue of such policy next preceding the date on which such person attained the age of seven years.

2. The amount of a free paid-up policy of industrial assurance shall be a sum bearing the same proportion to seventy-five per cent. of the value of the policy in relation to which such free paid-up policy is issued as the sum of one pound bears to the value of the reversion in the sum of one pound payable on the death of the person assured.

3. The cash surrender value of the surrendered policy shall be 90 per cent. of the present value, at the date as at which such value is required to be ascertained, of the reversion in the sums assured (including any bonus added thereto) under the free paid up policy which the surrendered policy would be entitled to receive, or, if the surrendered policy is a free paid-up policy, to 90 per cent. of the present value at the said date of the reversion in the sums assured (including any bonus added thereto) under such free paid-up policy.

PART III

ENDOWMENT AND ENDOWMENT ASSURANCE POLICIES

1.—(1) Every free paid-up policy shall assure on the events on which the sums assured by the surrendered policy were payable, payment of sums bearing the same proportion to the said sums assured by the surrendered policy (including any addition by way of bonus) as the amount of the premiums actually paid under the surrendered policy bears to the amount of all of the premiums which would have been payable under the surrendered policy had the full number of premiums become payable and been paid thereunder.

(2) The date of a policy of industrial assurance may be assumed to be one year after the actual date thereof, and, if it is so assumed, the amount of the premiums assumed under the next preceding sub-paragraph of this paragraph to have been paid, and the full number of premiums payable thereunder may be calculated from the assumed date of the policy.

2. Where the surrendered policy provided for the payment of a sum by way of return of premium on a specified event, the free paid-up policy shall provide for the repayment on the happening of that event of such part of the premiums actually paid under the surrendered policy as would have been repayable on that event if such policy had remained in force.

3. The cash surrender value of the surrendered policy shall be ninety per cent. of the present value (at the date as at which such value is required to be ascertained) of the reversion in the sums assured (including any bonus added thereto) under the free paid-up policy which the surrendered policy would be entitled to receive, or, if the surrendered policy is a free paid-up policy to ninety per cent. of the present value (at the said date) of the reversion in the sums assured under such free paid-up policy, but so that, where the remaining term of the surrendered policy is less than five years, the following percentages shall be substituted for the said ninety per cent., that is to say:—

( a ) ninety-two per cent. where the remaining term is less than five years but not less than four years, and

( b ) ninety-four per cent. where the remaining term is less than four years but not less than three years, and

( c ) ninety-six per cent. where the remaining term is less than three years but not less than two years, and

( d ) ninety-eight per cent. where the remaining term is less than two years.

PART IV

BASIS OF COMPUTATION WHEN PARTS I, II AND III OF, THIS SCHEDULE DO NOT APPLY

Where the terms or conditions on which the sums assured by a policy of industrial assurance are payable, whether as originally agreed on or as subsequently varied, are such as to render the method of calculating the amount of the free paid-up policy mentioned in Parts I, II and III of this Schedule inapplicable, the basis of computation of the amount of such free paid-up policy shall be such as shall be approved of by the Minister.

FOURTH SCHEDULE

LIMITATIONS ON RIGHTS ON FORFEITURE FOR NON-PAYMENT OF PREMIUM.

PART I

POLICIES OF WHOLE LIFE ASSURANCE

Year in which the forfeiture occurs.	Minimum period of payment of premiums.
1938	10 years
1939	9 years
1940	8 years
1941	7 years
1942	6 years
1943	5 years
1944	4 years
1945, or any subsequent year	3 years

PART II

ENDOWMENT OR ENDOWMENT ASSURANCE POLICIES, WHERE THE ORIGINAL TERM OF THE POLICY IS NOT LESS THAN 16 YEARS

Year in which the forfeiture occurs.	Minimum period of payment of premiums.
1938	10 years
1939	9 years
1940	8 years
1941	7 years
1942	6 years
1943	5 years
1944	4 years
1945, or any subsequent year	3 years

PART III

ENDOWMENT OR ENDOWMENT ASSURANCE POLICIES, WHERE THE ORIGINAL TERM OF THE POLICY IS LESS THAN 16 YEARS

Year in which the forfeiture occurs	Minimum period of payment of premiums.
1938	10 years
1939	9 years
1940	8 years
1941	7 years
1942	6 years
1943	5 years
1944	4 years
1945	3 years
1946, or any subsequent year	2 years

FIFTH SCHEDULE

CONDITIONS TO WHICH THE COMPANY IS TO CONFORM

1. The Memorandum and Articles of Association of the Company shall be subject to the approval of the Minister for Finance after consultation by him with the Minister for Industry and Commerce.

2. The Memorandum of Association of the Company shall provide—

( a ) that the name of the Company shall be the Re-Insurance Company of Ireland, Limited;

( b ) that the registered office of the Company shall be situate in Dublin;

( c ) that the principal objects of the Company shall include the business of re-insuring assurance business and the doing of all such things as are required by Part VI of this Act or by the Minister or the Minister for Finance under Part VI of this Act for the purpose of transacting such business and the further re-insuring of the whole or any part of such business;

( d ) that the liability of the members of the Company shall be limited;

( e ) that the amount of the share capital of the Company shall not exceed five hundred thousand pounds in nominal value which shall be divided into shares of one pound each or such other denomination or such denominations as shall be specified in the said Memorandum.

3. The Articles of Association of the Company shall specify the number of directors (including the chairman) of the Company and the number so specified shall be seven or five.

4. The Articles of Association of the Company shall provide—

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

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

(ii) in case the number of directors of the Company is five, three of the said directors shall be nominated by the said Minister from time to time as occasion requires,

(iii) the Chairman of the directors shall be nominated from time to time by the said Minister from amongst the directors nominated by him;

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

( c ) that the first managing director of the Company shall be such one of the directors of the 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 may direct;

( d ) that the Company shall have power for the purposes of the Company to raise money by means of debentures, subject however as follows:—

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

(ii) the said power shall not, so long as the guarantee by the Government of Saorstát Eireann continues in respect of contracts of re-insurance entered into by the Company, be exercisable without the consent of the Minister for Finance;

( e ) that, so long as the Minister for Finance holds any shares of the Company, no person shall be capable of being appointed auditor of the Company unless the approval of the said Minister to the nomination op such person to the office of auditor has been given.

SIXTH SCHEDULE

FORM APPLICABLE TO MECHANICALLY PROPELLED VEHICLE INSURANCE BUSINESS.

STATEMENT of the estimated liability in respect of outstanding claims arising in the year of account, and in the preceding year or years; computed as at the end of the year in which the claims arose, and as at the end of the year of account; with particulars as to the number and amount of the claims actually paid in the intervening period.

I. Claims arising during the year of account ending ........................... 19.........

( a ) Particulars as to claims arising and settled during the year of account.

Class of Claim	No. of Claims	TOTAL AMOUNT PAID
By Sums Insured	By Costs and expenses	Total of columns (3) and (4)
(1)	(2)	(3) £	(4) £	(5) £
(i) Third Party
(ii) All other claims
TOTAL

NOTES:—1. All claims arising under one policy and out of a single occurrence shall be treated as one claim for the purposes of this Schedule.

2. Under the headings "By costs and expenses" (column (4) of the above Form) and "Total of columns (3) and (4)" (column (5) of the above Form) the amounts need not be segregated in each of the said headings in the said columns (4) and (5) as between— (i) third party claims, and (ii) all other claims.

( b ) Particulars as to claims arising during and outstanding at the end of the year of account.

Class of Claim	No. of Claims	Amount paid during Year of Account		Estimated Liability		Total of columns (3) to (6)
By sums insured	By costs and expenses	By sums insured	By costs and expenses
(1)	(2)	(3)	(4)	(5)	(6)	(7)
		£	£	£	£	£
(i) Third Party
(ii) All other claims.
TOTAL

NOTES. —1. All claims arising under one policy and out of a single occurrence shall be treated as one claim for the purposes of this Schedule.

2. Under the headings "By costs and expenses" (columns (4) and (6) of the above Form) and "Total of columns (3) to (6)" (column (7) of the above Form) the amounts need not be segregated under each of the said headings in the said columns (4), (6) and (7) as between— (i) third party claims, and (ii) all other claims.

II. Outstanding claims arising during the first year preceding the year of account, ending ................... 19........

Class of Claim	Estimated liability in respect of claims outstanding as at above date			Claims paid during the period of one year between the above date and the end of the year of account						Estimated liability in respect of claims outstanding as at the end of year of account			Total of columns (6), (7), (9), (10), (12) and (13)
No.	By sums insured	By costs and expenses	Terminated within such period			Not terminated within such period			No.	By sums insured	By costs and expenses
				No.	By sums insured	By costs and expenses	No.	By sums insured	By costs and expenses
(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)
		£	£		£	£		£	£		£	£	£
(i) Third party
(ii) All other claims
Total

NOTES.—1. If there are claims outstanding which arose during the second year preceding the year of account, or earlier, particulars are to be furnished on a form similar to this Form II.

2. All claims arising under one policy and out of a single occurrence shall be treated as one claim for the purposes of this Schedule.

3. Under the headings "By costs and expenses" (columns (4), (7), (10), and (13) of the above Form) and "Total of columns (6), (7), (9), (10), (12), and (13)" (column (14) of the above Form) the amounts need not be segregated under each of the said headings in the said columns (4), (7), (10), and (13) as between— (i) third party claims and (ii) all other claims.

III. Summary of estimated liability in respect of claims outstanding as at the end of the year of account.

As per Statement	I (b)	£
" "	II	£
As per further schedules in the form of Statement II (if required)		£______________
Total estimated liability in respect of outstanding claims as at the end of the year of account		£
Total payments during year of account		£______________
Total claims paid and outstanding as shown in revenue account		£______________

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	Irish Legislation
You are here: BAILII >> Databases >> Irish Legislation >> Insurance Act, Number 45/1936 URL: http://www.bailii.org/ie/legis/num_act/1936/0045.html

Irish Legislation

Insurance Act, 1936