Industrial Assurance (Northern Ireland) Order 1979

Introductory Title and commencement (1) This Order may be cited as the Industrial Assurance...

1Title and commencement

2Interpretation

Industrial assurance

3Industrial assurance business

3A(1) Subject to paragraphs (2) to (4), a collecting society...

4The Industrial Assurance Commissioner for Northern Ireland

Provisions applying only to collecting societies

5Name of society

Arts. 6‐8 rep. by 1992 c. 40

9Obligations as to delivery of policies and copies of rules, etc.

Arts. 10, 11 rep. by 1992 c. 40

12Exemptions, total and partial

13Power to exempt societies registered in Great Britain

14Conditional exemption of juvenile societies

Provisions applying only to industrial assurance companies

15Prohibition of insuring money to be paid on death of a child under 10

16Insurance on life of parent or grandparent

17Prohibition of charges on industrial assurance fund

18Investigation of affairs

19Order to have effect notwithstanding rules or special Act

Provisions applying to both collecting societies and industrial assurance companies

20Illegal policies

21Premium receipt books

21AA receipt must state— (a) the number of the policy...

21B(1) This Article applies if a society or company provides...

22Matters to be set out in premium receipt books

23Returns as to industrial assurances

24Valuations, etc.

25General meetings

Rights of owners of policies

26Proposals for policies

27Misstatements, and non-disclosure, in proposals

28Return of policies and premium receipt books after inspection

29A forfeiture shall not be incurred by any member or...

30Provisions as to forfeited policies

31Substitution of policies

32Transfers from one society or company to another

33Payment of claims

34Value of policies

35Rights of owners of certain endowment policies

Provisions as to collectors, etc.

37Disabilities of collectors etc.

38Restriction on employment of persons to procure new business

Amalgamations, transfers and conversions

Art. 39 rep. by 1992 c. 40

40Transfer of business from company to society

Art. 41 rep. by 1992 c. 40

42Offences by collecting societies

43Offences by industrial assurance companies

44Offences by registered friendly societies other than collecting societies

45Offences by collectors, etc.

46Supplementary matters connected with offences

47Penalties for falsification

Arts. 50, 51 rep. by 1992 c. 40

52Power to extend references in this Order and other legislation to residence in, or outside, the United Kingdom and the Isle of Man

Article 53, with Schedule 8, effects amendments

54Saving and transitional provisions

Article 55, with Schedule 10, effects repeals

Schedules 1, 2 rep. by 1992 c. 40

SCHEDULE 3LIMITATIONS AND OTHER PROVISIONS AFFECTING INSURANCE BY INDUSTRIAL ASSURANCE COMPANY OF LIFE OF A PARENT OR GRANDPARENT

Limitations as to residence

Para. 1 rep. by SI 2001/3647

Para. 1 rep. by SI 2001/3647

Limitations as to sum insured

2Sub-para. (1) rep. by SI 2001/3647 (2) Where an insurance has been effected by an...

Limitations as to alienation

3Where, under any relevant insurance, money is for the time being insured to be paid...

Requirements as to death certificates

4Paragraphs 5 to 9 have effect with regard to the production of certificates of death...

5An industrial assurance company shall not, by virtue of or in connection with any relevant...

6On so making payment of any such sum, the industrial assurance company shall cause to...

7Where an industrial assurance company is charged with a contravention of paragraph 2 in respect...

8The provisions of paragraphs 4 and 5 of Schedule 5 to the Friendly Societies Act...

9On production to an industrial assurance company of a duplicate which records a requirement for...

10In this Schedule— “registered friendly society” includes a branch of such a society; “relevant insurance”...

11References in Article 16(1) and this Schedule to a payment on a person's death include...

SCHEDULE 4MATTERS TO BE SET OUT IN PREMIUM RECEIPT BOOKS

1The following matters shall be set out in premium receipt books pursuant to Article 22—...

SCHEDULE 4AMATTERS TO BE SET OUT IN STATEMENTS OF PROTECTIVE PROVISIONS

1Subject to paragraph 2, the matters required to be set out in a statement under...

2A statement setting out the effect of any provision mentioned in paragraph 1 may be...

SCHEDULE 5PROVISIONS AS TO VALUATIONS AND RELATED MATTERS

1The valuation shall be made by an actuary as defined by section 96(1) of the...

2The report containing the abstract of the valuation required by section 34 of the Friendly...

3Where the balance sheet of . . . an industrial assurance company includes amongst the...

4Where debentures have been issued or loans raised which are charged on any of the...

5(1) Subject to sub-paragraph (2), if the Commission is satisfied on any valuation— (a) that...

6The Commission may direct any . . . industrial assurance company to furnish to it...

7Where a valuation discloses a deficiency, the Commission may, if, after investigation, it is satisfied...

SCHEDULE 6RULES FOR VALUING POLICIES AND FOR ASCERTAINING THE AMOUNT OF A FREE PAID-UP POLICY

PART IRULES FOR VALUING POLICIES

1The value of the policy is to be the difference between the present value of...

2Subject to paragraphs 3 to 5, the net premium is to be such premium as,...

3In the case of a policy, other than a policy for the whole term of...

4In the case of a policy for the whole term of life issued before the...

5In the case of a substituted policy, the net premium shall be calculated with reference...

PART IIRULE FOR ASCERTAINING THE AMOUNT OF A FREE PAID-UP POLICY

6Subject to Article 35 and Schedule 7, the amount of a free paid-up policy is...

PART IIIGENERAL RULES APPLICABLE FOR PURPOSES OF PARTS I AND II

7Interest is to be assumed at the rate of 4 per cent. per annum.

8The rate of mortality is to be assumed according to the table contained in column...

9The age of the person whose life is assured shall be obtained by adding to...

10In the case of a policy issued for a term other than the whole term...

PART IVMODIFICATIONS OF THIS SCHEDULE IN RELATION TO CERTAIN POLICIES

11In its application to the valuation of a policy of which the sum assured or...

12In its application to the valuation of a policy of which the sum assured or...

SCHEDULE 7SPECIAL RULES AS TO CERTAIN FREE PAID-UP POLICIES

1Subject to paragraph 2, the free paid-up policy of a registered friendly society or an...

2Where any sum has been paid by the registered friendly society or industrial assurance company...

3Where the surrendered policy provided for payment of a sum by way of return of...

4In paragraphs 1 and 3 the words “premiums actually paid”, in their application to a...

5In its application to a policy of which the sum assured or guaranteed has been...

5AIn its application to a policy of which the sum assured or guaranteed has been...

6For the purpose of this paragraph and of paragraph 5( b )(i): “the original premiums”...

Schedule 8—Amendments

SCHEDULE 9SAVINGS AND TRANSITIONAL PROVISIONS

Savings for policies on lives of persons ordinarily resident outside the United Kingdom and the Isle of Man or effected before certain dates

Para. 1 rep. by SI 2001/3647

Para. 1 rep. by SI 2001/3647

2(1) Notwithstanding the repeal by this Order of section 4 of the Act of 1924...

3For the purpose of calculating the maximum sum which may . . . or paid...

Para. 4 rep. by SI 2001/3647

Para. 4 rep. by SI 2001/3647

5Any endowment policy issued before 1st January 1925, which would have been in force on...

Transitional provisions

Para. 6 rep. by SI 2001/3647

Para. 6 rep. by SI 2001/3647

7Any certificate of exemption issued under section 11 of the Collecting Societies and Industrial Assurance...

8The provisions of Part VI of the Reserve and Auxiliary Forces (Protection of Civil Interests)...

9(1) The inclusion in this Order of any express amendment or saving shall not be...

Para. 10 rep. by SI 2001/3647

Para. 10 rep. by SI 2001/3647

Schedule 10—Repeals

1979 No. 1574 (N.I. 13)

Industrial Assurance (Northern Ireland) Order 1979 F1

[3rd December 1979]

Annotations:

Amendments (Textual)

F1

rep. by 2000 c. 8, certain provns saved by SI 2001/3647