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INDUSTRIAL ASSURANCE (NORTHERN IRELAND) ORDER 1979 - SECT 30

30.(1) Where notice of the forfeiture of a policy of industrial assurance by
reason of default in the payment of any premium thereunder has been served on
the owner of the policy, then, if the policy is one

(a)for the whole term of life or for a term of 50 years or more, and the
person whose life is assured under it was over 15 years of age at the time of
the default, and not less than five years' premiums have been paid on the
policy; or

(b)for a term of 25 years or more, but less than 50 years, and not less than
five years' premiums have been paid on it; or

(c)for a term of less than 25 years and not less than three years' premiums
have been paid on it;

(i)to a free paid-up policy for such amount as is mentioned in paragraphs (2)
and (3) payable upon the happening of the contingency upon the happening of
which the amount assured under the original policy would have been payable or
of any other contingency not less favourable to the owner of the policy; or

(ii)if the owner of the policy is permanently resident or submits satisfactory
proof of his intention to make his permanent residence outside Northern
Ireland, Great Britain, the Isle of Man and the Channel Islands, or if the
person whose life is assured has disappeared and his existence is in doubt, to
the surrender value of the forfeited policy ascertained in the manner provided
by Article 34 and Schedule 6.

(2) Subject to paragraph (3), the amount of a free paid-up policy so issued
shall not be less than such as may be determined in accordance with the rules
contained in Schedule 6, and shall be ascertained at the date when the premium
following the last premium paid became due.

(3) The amount of the free paid-up policy shall not exceed the difference
between the amount of the forfeited policy (inclusive of any bonus added
thereto) and the amount which would be assured by a corresponding policy at
the same premium effected on the life of the same person according to the age
of that person at his birthday next following the date of forfeiture.

(4) In every premium receipt book issued after 31st December 1924, there shall
be printed a notice stating that, in the event of the forfeiture of any policy
of industrial assurance by reason of default in the payment of premiums
thereunder,

(a)the owner of the policy shall, if the policy has been in force a sufficient
period as provided by this Article, be entitled

(i)to a free paid-up policy; or

(ii)if the conditions mentioned in paragraph (1)(ii) are fulfilled, to the
surrender value of the policy; and

(b)upon application by the owner of the policy to the head office of the
society or company information as to the amount of such free paid-up policy or
surrender value will be supplied;

(5) Where the rules of a collecting society or the conditions of a policy are
such as would confer on the owner of the policy in case of forfeiture rights
more favourable to the owner of the policy than those conferred by this
Article, nothing in this Article shall prevent the owner of the policy from
claiming under those rules or conditions instead of under this Article.

© 1979 Crown Copyright

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