Search Legislation

Industrial Assurance (Northern Ireland) Order 1979

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As made)

Advanced Features

 Help about advanced features

Changes to legislation:

There are currently no known outstanding effects for the Industrial Assurance (Northern Ireland) Order 1979, SCHEDULE 5. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

Article 24, Sch. 2.

SCHEDULE 5N.I.PROVISIONS AS TO VALUATIONS AND RELATED MATTERS

1.  The valuation shall be made by an actuary as defined by[F1 section 96(1) of the Insurance Companies Act 1982]F1.N.I.

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

2.  The report containing the abstract of the valuation required by section 34 of the Friendly Societies Act shall be sent by a collecting society to the Commissioner within 12 months after the close of the period to which the valuation relates, and shall contain—N.I.

(a)a statement as to how the value of stock exchange securities (if any) included in the balance sheet are arrived at; and

(b)a certificate, signed by the same persons as sign the balance sheet, to the effect that, in their belief, the assets set out in the balance sheet are in the aggregate fully of the value stated therein, less any investment reserve fund taken into account.

3.  Where the balance sheet ofF2... an industrial assurance company includes amongst the assets thereof any sums representing—N.I.

(a)expenses of organisation or extension; or

(b)the purchase of business or goodwill;

and the amount of the assets, exclusive of such sums (after deducting debts due by theF2... company, other than debentures and loans), is less than the amount of the industrial assurance fund or, as the case may be, of the several assurance and insurance funds as shown in that balance sheet, the amount of the industrial assurance fund shown in the valuation balance sheet shall be reduced by the amount of the deficiency or, as the case may be, by a sum bearing such proportion to that deficiency as the amount of the industrial assurance fund shown in the first-mentioned balance sheet bears to the aggregate amount of all the assurance and insurance funds so shown.

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

4.  Where debentures have been issued or loans raised which are charged on any of the assets of the company in which the industrial assurance fund is invested, there shall be inserted in the valuation balance sheet a note giving the particulars of the charge and stating that the result shown by the valuation is subject to the liability under the charge.N.I.

5.  (1)  Subject to sub-paragraph (2), if the[F3 Commission]F3 is satisfied on any valuation—N.I.

(a)that any of the foregoing provisions of this Schedule have not been complied with; or

(b)that the industrial assurance fund as stated in the valuation balance sheet is greater than the value of the assets available for the liabilities of that fund, due regard being had to the other liabilities of theF3... industrial assurance company and to the foregoing provisions of this Schedule;

[F3the Commission]F3 may reject the valuation and may direct theF3... company to make such alteration therein as may be necessary to secure compliance with those provisions.

(2) TheF3... industrial assurance company may appeal to the High Court against any decision of the[F3 Commission]F3 under this paragraph.

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

6.  The[F4 Commission]F4 may direct anyF4... industrial assurance company to furnish to[F4 it]F4, in addition to such information asF4... the company is required to furnish under the Insurance Companies [F5 Act[F6 1982]F6], such explanations as[F4 it]F4 considers necessary in order to satisfy[F4 itself]F4 whether the valuation complies with the provisions of this Schedule.N.I.

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

7.  Where a valuation discloses a deficiency, the[F7 Commission]F7 may, if, after investigation,[F7 it]F7 is satisfied that theF7... industrial assurance company should cease to carry on industrial assurance business,—N.I.

Sub‐para. (a) rep. by 1992 c. 40

(b)in the case of an industrial assurance company, present a petition to the High Court for the winding-up of the company.

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enactedversion that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources