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Insurance Companies Act (Northern Ireland) 1968

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N.I.Policies other than life policies and capital redemption policies

4The value of a current policy of any kind other than a life policy or a capital redemption policy shall be such portion of the last premium paid as is proportionate to the unexpired portion of the period in respect of which the premium was paid: but this rule shall not apply to a policy of insurance upon goods, merchandise or property on board of a vessel or aircraft, or a policy of insurance against transit risks or risks incidental to transit, but any such policy shall be valued in like manner as it would have been valued if this Act had not passed.N.I.

5The present value of a periodic payment under a policy, being a payment in respect of personal injury or disease shall in the case of total permanent incapacity, be such an amount as would, if invested in [F1 the purchase under the Government Annuities Act 1929 [1929 c.29] of a savings bank annuity], purchase an annuity equal to seventy-five per cent. of the annual value of the periodic payment, and, in any other case, shall be such proportion of that amount as may, under the circumstances of the case, be proper.]N.I.

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