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Industrial Assurance Act 1923

Status:

This is the original version (as it was originally enacted).

FIRST SCHEDULESections of Act to be contained in the Exiles of Collecting Societies

Section 5.Prohibition on issue of illegal policies.
Section 9.Obligation to deliver policies and copies of rules.
Section 15.Balance sheets and audit.
Section 18.Provisions as to valuations.
Section 19.General meetings.
Section 20.Provisions as to proposals for policies.
Section 21.Forms of policies.
Section 22.Return of policies and premium receipt books after inspection.
Section 23.Notice before forfeiture.
Section 24.Provisions as to forfeited policies.
Section 25.Substitution of policies.
Section 26.Transfers from one society or company to another.
Section 27.Payment of claims.
Section 28.Policies to which 4 & 5 Geo. 5. c. 78 applies.
Section 31.Saving for certain policies issued before 3rd December 1909.
Section 32.Disputes.
Section 34.Restriction on employment of persons to procure new business.
Section 40.Penalties for falsification.
Section 41.Notices.

SECOND SCHEDULEAdditional particulars as to Valuations

1An analysis as near as may be of the premium income of each of the five years preceding the valuation date into income arising from

(a)policies which were not of more than one year's duration at the date such income arose ; and

(b)policies which were of more than one year's duration at the date such income arose. Note: This analysis to be given separately for policies with weekly premiums and for policies with premiums payable at longer intervals than one week.

2The 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 Assurance Companies Act, 1909, has been reduced in order to secure that no policy shall be treated as an asset.

3If the proportion of the annual premium income reserved as a provision for future expenses and profits as stated in answer to question 5 of the Fourth Schedule (A) to the Assurance Companies Act, 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 Commissioner may select.

4Specimen 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 of such durations as the Commissioner may select.

5A statement of the actual number of deaths at ages ovei ten years in the five years preceding the valuation date 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 the valuation, to be given separately for decennial groups of ages.

THIRD SCHEDULEProvisions of Act to be set out in PoliciesPart I

Section 20(4).Provisions as to proposals for policies.
Section 22.Return of policies and premium receipt books after inspection.
Section 23.Notice before forfeiture.
Section 24.Provisions as to forfeited policies.
Section 25.Substitution of policies.
Section 26.Transfers from one society or company to another.
Section 27.Payment of claims.
Section 32.Disputes.
Section 41.Notices,

Part II

Section 23.Notice before forfeiture.
Section 24.Provisions as to forfeited policies.
Section 41.Notices.

FOURTH SCHEDULERules for Valuing Policies

1. The value of the policy is to be the difference between the present value of the reversion in the sum assured according to the contingency upon which it is payable, including any bonus added thereto, and the present value of the future net premiums. 2. The net premium is to be such premium as according to the assumed rate of interest and rate of mortality and the age of the person whose life is assured at his birthday next following the date of the policy is sufficient to provide for the risk incurred by the company or society in issuing the policy, exclusive of any addition thereto for office expenses and other charges;

Provided that—

(a) In the case of a policy other than a policy for the whole term of life. issued before the person whose life is assured attained the age of ten years, the date of the policy may he assumed to be one year after the actual date, and, if it is so assumed, the term of the policy may be assumed to be one year less than the actual term :

(b) In the case of a policy for the whole term of life issued before the person whose life is assured attained the age of ten 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 the policy next preceding the date on which the age of eleven years was attained:

(c) In the case of a substituted policy, the net premium shall be calculated with reference to such sum as, according to the practice of the society or company for the time being, would have been assured by the premiums payable if the person upon whose life the substituted policy is issued had not been assured with the society or company before the issue of that policy. Rule for, Ascertaining the Amount of a Free Paid-up Policy The amount of a free paid-up policy is to be a sum bearing the same proportion to seventy-five per cent. of the value of the policy as the sum of one pound bears to the value of the reversion in the sum of one pound according to the contingency upon which the sum assured under the original policy was payable. General Rules applicable both for valuing Policies and for ascertaining the amount of a Free Paid-up Policy 1. Interest is to be assumed at the rate of four per centum per annum. 2. The rate of mortality is to be assumed according to the table contained in the Sixth column of Table G. in the Supplement to the Sixty-fifth Annual Report of the Registrar-General. 3. The age of the person whose life is assured shall be obtained by adding to the age attained by him at his birthday next after the elate of the issue of the policy, the duration of the policy in completed years at the date as at which the value of the policy is required to be ascertained. 4. fn the case of a policy issued for a term other than the whole term of life, the remaining term at the date at which the value of the policy is required to be ascertained shall be' obtained by deducting from the original term of the policy the duration of the policy in completed years at that date.

FIFTH SCHEDULEEnactments Repealed

Session and Chapter.Short Title.Extent of Repeal.
59 & 60 Vict. c. 26.The Collecting Societies and Industrial Assurance Companies Act, 1896.The whole Act.
9 Edw. 7. c. 49.The Assurance Companies Act, 1909.Section thirty-six.
12 & 13 Geo. 5. c. 50.The Expiring Laws Act, 1922.So far as it continues the provisions of the Courts (Emergency Powers) Act, 1914, relating to policies of insurance.

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