(1)A society (whether registered or unregistered), an industrial assurance company, or a trade union (whether registered or unregistered), shall not insure so as to render any sum payable under the insurance on the death of any person at any time before he or she attains the age of ten years, otherwise than by way of repayment of the whole or any part of premiums paid:
Provided that—
(a)this subsection shall not apply in the case of a person born before the day appointed for the coming into operation of section twenty-two of the National Insurance Act, 1946 ;
(b)in the case of a person born on or within the year from that day, this subsection shall not apply to a sum payable on his or her death within that year ;
(c)this subsection shall apply only in the case of a person who at the time of the proposal is ordinarily resident in Great Britain ;
and this subsection shall not apply to a sum payable to another person who has an interest in the life of the person on whose death the sum is payable.
(2)The preceding subsection shall have effect in substitution for section sixty-two of the Act of 1896 (which limits amounts that may be insured or paid on the death of a person under ten years of age), both as it applies to societies and as it applies, by virtue of subsection (1) of section four of the Act of 1923, to industrial assurance companies, and, by virtue of section two of the [39 & 40 Vict. c. 22.] Trade Union Act Amendment Act, 1876, to trade unions ; and sections sixty-three to sixty-six of the Act of 1896 and subsection (2) of section four of the Act of 1923 (which relate to persons to whom, and to conditions on which, payments may be made on the death of a person under ten years of age) shall cease to have effect:
Provided that those enactments (other than the provisions thereof as to the persons to whom payment may be made) shall continue to apply as respects insurances effected before the passing of this Act, or effected thereafter by virtue of paragraph (a), (b) or (c) of the proviso to the preceding subsection, and as respects payments under such insurances.
(3)In subsection (2) of section thirty-nine of the [19 & 20 Geo. 5. c. 29.] Government Annuities Act, 1929 (which provides that a savings bank insurance may be granted, if the amount does not exceed five pounds, to a person not under the age of eight years) the word " ten " shall be substituted for the word ''eight" and paragraph (h) of subsection (2) of section fifty-two of that Act (which requires a payment on the death of a child under ten years of age to be made subject to the provisions of sections sixty-two to sixty-seven of the Act of 1896) is hereby repealed.