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Industrial Assurance and Friendly Societies Act 1948

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This is the original version (as it was originally enacted).

2Power to insure life of parent or grandparent for not more than £20; and prohibition of alienation of such insurances

(1)Amongst the purposes for which registered friendly societies and industrial assurance companies may insure shall be included insuring money to be paid to the member (in the case of such a society) or to the person insured (in the case of such a company) on the death of a parent or grandparent of his :

Provided that this subsection shall apply only where the death in question is that of a person who at the time of the proposal is ordinarily resident in Great Britain. This subsection, and the next following subsection, shall come into operation at the expiration of one year from the day appointed for the coming into operation of section twenty-two of the National Insurance Act, 1946.

(2)Such a society or company shall not, in effecting an insurance at any time in exercise of the power conferred by the preceding subsection, insure to be paid to any person on the death of any one of his parents or grandparents any sum which (either taken alone or when added to any sum or sums for the time being insured to be paid to that person on that death under any other relevant insurance or insurances taken out by him) exceeds twenty pounds, and, where an insurance has been effected in exercise of that power, shall not—

(a)by virtue of or in connection with that insurance, pay to any person any sum which exceeds twenty pounds when taken alone, or

(b)by virtue of or in connection with that insurance, pay to the person by whom that insurance was taken out any sum which exceeds twenty pounds when added to any sum or sums paid to him, on the death on which money was thereby insured to be paid, by virtue of or in connection with any other relevant insurance taken out by him, or

(c)if any payment has been made on that death by virtue of or in connection with that insurance to the person by whom it was taken out and has not. been repaid, pay to him on that death, by virtue of or in connection with any other relevant insurance taken out by him, any sum which exceeds twenty pounds when added to the amount so paid and not repaid, or when added to it and to any sum or sums paid to him on that death by virtue of or in connection with any other relevant insurance or insurances taken out by him :

Provided that there shall be excluded for the purposes of this subsection any sum insured to be paid, or paid.—

(i)by way of bonus other than a guaranteed bonus ;

(ii)by way of repayment of premiums; or

(iii)under a free paid-up policy which is in force as such at, or has been applied for or claimed before, the passing of this Act.

(3)The provisions of the First Schedule to this Act shall have effect, from the expiration of one year from the day appointed as aforesaid, as to the production of certificates of death in connection with the making of payments relevant for the purposes of the last preceding subsection.

(4)Where under any relevant insurance money is for the time being insured to be paid to the person by whom the insurance was taken out on the death of a parent or grandparent of his, any assignment or charge made by him after the passing of this Act of or on all or any of the rights in respect of the insurance conferred on him by the policy or by any provision of the Industrial Assurance Acts, 1923 to 1929, or of this Act, and any agreement so made by him to assign or charge all or any of those rights, shall (except in the case of a charge or agreement to charge for the purpose only of securing sums paid for keeping on foot or restoring the insurance) be void, and on any bankruptcy of his where the receiving order or the award of sequestration of his estate was made after the passing of this Act none of those rights shall pass to any trustee or other person acting on behalf of his creditors.

(5)In this section and in the said Schedule the expression "relevant insurance" means an insurance effected by any registered friendly society or industrial assurance company in exercise either of the power conferred by subsection (1) of this section or of any power conferred by section three of the Act of 1923 or section one of the Act of 1929, and references, to a payment on a person's death include references to a payment for his funeral expenses,

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