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The Friendly Societies (Life Assurance Premium Relief) (Change of Rate) Regulations 1980
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- 1980 No. 1947
- SCHEDULE
- THE INDUSTRIAL ASSURANCE AND...
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THE INDUSTRIAL ASSURANCE AND FRIENDLY SOCIETIES ACT 1929(1)
1. In the Schedule to the Industrial Assurance and Friendly Societies Act 1929 the words “premiums actually paid” in their application to a policy in respect of which, under the prescribed scheme or an approved scheme, payment of any premium due has been discharged by payment of the net premium or the amended net premium,
2. In its application to a policy of which the sum assured or guaranteed has been increased under regulation 5 or 6 of the 1977 Regulations and the increase has been amended under regulation 5 or 7, paragraph 1 of the said Schedule shall have effect subject to the following modification:—
The amount assured by the free paid-up policy shall be computed and approved by an actuary in accordance with principles which take account of changes in the authorised percentage and which are approved by the Industrial Assurance Commissioner.
(1)
1929 c. 28.
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