LegalizeInsurance Act , 1936
A statement (to be given separately for each decennial group of ages) of the actual number of deaths at ages over ten years in the five years preceding the date as at which such valuation was made 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 such valuation.
THIRD SCHEDULE. Rules for Ascertaining the Amount of a Free Paid-up Policy and the Cash Surrender Value of any Policy of Industrial Assurance.
PART I.
Interest is to be assumed at the rate of four per cent. per annum.
The rate of mortality is to be assumed according to the Saorstát Life Table No. 1 (Males).
The age of the person whose life is assured under a policy of industrial assurance in respect of which premiums are payable shall be obtained by adding to the age attained by such person at his birthday next after the date of the issue of such policy, the duration of such policy in completed years at the date at which the last premium paid thereon became due.
The age of the person whose life is assured under a free paid-up policy of industrial assurance shall be obtained by adding to the age attained by such person at his birthday next after the date of the issue of the original policy of industrial assurance the number of completed years which have elapsed between that date and the date as at which the value of such free paid-up policy is required to be ascertained.
The net premium shall be such premium as at the assumed rate of interest and the assumed rate of mortality and at the age of the person whose life is assured at such person's birthday next following the date of the policy is sufficient to provide for the risk incurred by the industrial assurance company in issuing such policy, exclusive of any addition thereto for office expenses and other charges, but where the risk so incurred has been increased after the issue of such policy the net premium shall be calculated as though such increased risk had attached to such policy at the date of the issue of such policy.
The value of a policy of industrial assurance in respect of which premiums are payable shall be taken to be the difference between the present value, as at the date on which the last premium paid became due, of the reversion in the sum assured, including any bonus added thereto, according to the contingency upon which it is payable, and the present value as at the said date of the future net premiums.
The value of a free paid-up policy of industrial assurance shall be taken to be the present value at the date as at which the value is required to be ascertained of the reversion in the sum assured, including any bonus added thereto, according to the contingency upon which it is payable.
Notwithstanding anything contained in this Schedule, a policy of industrial assurance in respect of which premiums are payable shall not for the purposes of this Schedule attain a value unless and until such policy has been in force for two completed years.
PART II.
1.—(1) In the case of a policy of industrial assurance, other than any such policy issued before the person whose life is assured attained the age of six years, the date of the policy may be assumed to be one year after the actual date thereof, and, if it is so assumed, the duration of the policy may be assumed to be one year less than the actual duration.
(2) In the case of a policy of industrial assurance issued before the person whose life is assured attained the age of six 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 such policy next preceding the date on which such person attained the age of seven years.
The amount of a free paid-up policy of industrial assurance shall be a sum bearing the same proportion to seventy-five per cent. of the value of the policy in relation to which such free paid-up policy is issued as the sum of one pound bears to the value of the reversion in the sum of one pound payable on the death of the person assured.
The cash surrender value of the surrendered policy shall be 90 per cent. of the present value, at the date as at which such value is required to be ascertained, of the reversion in the sums assured (including any bonus added thereto) under the free paid-up policy which the surrendered policy would be entitled to receive, or, if the surrendered policy is a free paid-up policy, to 90 per cent. of the present value at the said date of the reversion in the sums assured (including any bonus added thereto) under such free paid-up policy.
PART III.
1.—(1) Every free paid-up policy shall assure on the events on which the sums assured by the surrendered policy were payable, payment of sums bearing the same proportion to the said sums assured by the surrendered policy (including any addition by way of bonus) as the amount of the premiums actually paid under the surrendered policy bears to the amount of all of the premiums which would have been payable under the surrendered policy had the full number of premiums become payable and been paid thereunder.
(2) The date of a policy of industrial assurance may be assumed to be one year after the actual date thereof, and, if it is so assumed, the amount of the premiums assumed under the next preceding sub-paragraph of this paragraph to have been paid, and the full number of premiums payable thereunder may be calculated from the assumed date of the policy.
Where the surrendered policy provided for the payment of a sum by way of return of premium on a specified event, the free paid-up policy shall provide for the repayment on the happening of that event of such part of the premiums actually paid under the surrendered policy as would have been repayable on that event if such policy had remained in force.
The cash surrender value of the surrendered policy shall be ninety per cent. of the present value (at the date as at which such value is required to be ascertained) of the reversion in the sums assured (including any bonus added thereto) under the free paid-up policy which the surrendered policy would be entitled to receive, or, if the surrendered policy is a free paid-up policy to ninety per cent. of the present value (at the said date) of the reversion in the sums assured under such free paid-up policy, but so that, where the remaining term of the surrendered policy is less than five years, the following percentages shall be substituted for the said ninety per cent., that is to say:—
(a) ninety-two per cent. where the remaining term is less than five years but not less than four years, and
(b) ninety-four per cent. where the remaining term is less than four years but not less than three years, and
(c) ninety-six per cent. where the remaining term is less than three years but not less than two years, and
(d) ninety-eight per cent. where the remaining term is less than two years.
PART IV.
Where the terms or conditions on which the sums assured by a policy of industrial assurance are payable, whether as originally agreed on or as subsequently varied, are such as to render the method of calculating the amount of the free paid-up policy mentioned in Parts I, II and III of this Schedule inapplicable, the basis of computation of the amount of such free paid-up policy shall be such as shall be approved of by the Minister.
FOURTH SCHEDULE. Limitations on Rights on Forfeiture for Non-payment of Premium.
PART I.
| Year in which the forfeiture occurs. | Minimum period of payment of premiums. |
|---|---|
| 1938 | 10 years |
| 1939 | 9 years |
| 1940 | 8 years |
| 1941 | 7 years |
| 1942 | 6 years |
| 1943 | 5 years |
| 1944 | 4 years |
| 1945, or any subsequent year | 3 years |
PART II.
| Year in which the forfeiture occurs. | Minimum period of payment of premiums. |
|---|---|
| 1938 | 10 years |
| 1939 | 9 years |
| 1940 | 8 years |
| 1941 | 7 years |
| 1942 | 6 years |
| 1943 | 5 years |
| 1944 | 4 years |
| 1945, or any subsequent year | 3 years |
PART III.
| Year in which the forfeiture occurs. | Minimum period of payment of premiums. |
|---|---|
| 1938 | 10 years |
| 1939 | 9 years |
| 1940 | 8 years |
| 1941 | 7 years |
| 1942 | 6 years |
| 1943 | 5 years |
| 1944 | 4 years |
| 1945 | 3 years |
| 1946, or any subsequent year | 2 years |
FIFTH SCHEDULE. Conditions to which the Company is to Conform.
The Memorandum and Articles of Association of the Company shall be subject to the approval of the Minister for Finance after consultation by him with the Minister for Industry and Commerce.
The Memorandum of Association of the Company shall provide—
(a) that the name of the Company shall be the Re-Insurance Company of Ireland, Limited;
(b) that the registered office of the Company shall be situate in Dublin;
(c) that the principal objects of the Company shall include the business of re-insuring assurance business and the doing of all such things as are required by Part VI of this Act or by the Minister or the Minister for Finance under Part VI of this Act for the purpose of transacting such business and the further re-insuring of the whole or any part of such business;
(d) that the liability of the members of the Company shall be limited;
(e) that the amount of the share capital of the Company shall not exceed five hundred thousand pounds in nominal value which shall be divided into shares of one pound each or such other denomination or such denominations as shall be specified in the said Memorandum.
The Articles of Association of the Company shall specify the number of directors (including the chairman) of the Company and the number so specified shall be seven or five.
The Articles of Association of the Company shall provide—
(a) that, so long as the Minister for Finance holds not less than one half (in nominal value) of the issued shares of the Company—
(i) in case the number of the directors of the Company is seven, four of the said directors shall be nominated by the said Minister from time to time as occasion requires,
(ii) in case the number of directors of the Company is five, three of the said directors shall be nominated by the said Minister from time to time as occasion requires,
(iii) the Chairman of the directors shall be nominated from time to time by the said Minister from amongst the directors nominated by him;
(b) that there shall be a managing director of the Company, and, subject to the next following sub-paragraph, the directors of the Company shall from time to time appoint one of their body to be managing director of the Company;
(c) that the first managing director of the Company shall be such one of the directors of the Company as the Minister for Finance may appoint and shall hold the office of managing director for such period, not exceeding five years, on such terms, and subject to such conditions as the said Minister may direct;
(d) that the Company shall have power for the purposes of the Company to raise money by means of debentures, subject however as follows:—
(i) the amount so raised shall not exceed at any time the paid up share capital of the Company, and
(ii) the said power shall not, so long as the guarantee by the Government of Saorstát Eireann continues in respect of contracts of re-insurance entered into by the Company, be exercisable without the consent of the Minister for Finance;
(e) that, so long as the Minister for Finance holds any shares of the Company, no person shall be capable of being appointed auditor of the Company unless the approval of the said Minister to the nomination of such person to the office of auditor has been given.
SIXTH SCHEDULE. FORM APPLICABLE TO MECHANICALLY PROPELLED VEHICLE INSURANCE BUSINESS.
STATEMENT of the estimated liability in respect of outstanding claims arising in the year of account, and in the preceding year or years; computed as at the end of the year in which the claims arose, and as at the end of the year of account; with particulars as to the number and amount of the claims actually paid in the intervening period.
I. Claims arising during the year of account ending _ 19_
(a) Particulars as to claims arising and settled during the year of account.
| Total Amount Paid | ||||
|---|---|---|---|---|
| Class of Claim | No. of Claims | By Sums Insured | By Costs and expenses | Total of columns (3) and (4) |
| (1) | (2) | (3) | (4) | (5) |
| £ | £ | £ | ||
| (i) Third Party | ||||
| (ii) All other claims | ||||
| Total |
Notes.—1. All claims arising under one policy and out of a single occurrence shall be treated as one claim for the purposes of this Schedule.
Under the headings “By costs and expenses” (column (4) of the above Form) and “Total of columns (3) and (4)” (column (5) of the above Form) the amounts need not be segregated in each of the said headings in the said columns (4) and (5) as between—(i) third party claims, and (ii) all other claims.
(b) Particulars as to claims arising during and outstanding at the end of the year of account.
| Amount paid during Year of Account | Estimated Liability | |||||
|---|---|---|---|---|---|---|
| Class of Claim | No. of Claims | By sums insured | By costs and expenses | By sums insured | By costs and expenses | Total of columns (3) to (6) |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) |
| £ | £ | £ | £ | £ | ||
| (i) Third Party | ||||||
| (ii) All other claims. | ||||||
| Total |
Notes.—1. All claims arising under one policy and out of a single occurrence shall be treated as one claim for the purposes of this Schedule.
Under the headings “By costs and expenses” (columns (4) and (6) of the above Form) and “Total of columns (3) to (6)” (column (7) of the above Form) the amounts need not be segregated under each of the said headings in the said columns (4), (6) and (7) as between—(i) third party claims, and (ii) all other claims.
II. Outstanding claims arising during the first year preceding the year of account, ending __ 19______
| Estimated liability in respect of claims outstanding as at above date | Claims paid during the period of one year between the above date and the end of the year of account | Estimated liability in respect of claims outstanding as at the end of year of account | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Class of Claim | Terminated within such period | Not terminated within such period | Total of columns (6), (7), (9), (10), (12) and (13) | ||||||||||
| No. | By sums insured | By costs and expenses | No. | By sums insured | By costs and expenses | No. | By sums insured | By costs and expenses | No. | By sums insured | By costs and expenses | ||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | (13) | (14) |
| £ | £ | £ | £ | £ | £ | £ | £ | £ | |||||
| (i) Third party | |||||||||||||
| (ii) All other claims | |||||||||||||
| Total |
Notes.—1. If there are claims outstanding which arose during the second year preceding the year of account, or earlier, particulars are to be furnished on a form similar to this Form II.
All claims arising under one policy and out of a single occurrence shall be treated as one claim for the purposes of this Schedule.
Under the headings “By costs and expenses” (columns (4), (7), (10), and (13) of the above Form) and “Total of columns (6), (7), (9), (10), (12),. and (13)” (column (14) of the above Form) the amounts need not be segregated under each of the said headings in the said columns (4), (7), (10), and (13) as between—(i) third party claims, and (ii) all other claims.
III. Summary of estimated liability in respect of claims outstanding as at the end of the year of account.
| As per Statement I (b) | £ |
|---|---|
| ” ” II | £ |
| ” further schedules in the form of Statement II (if required) | £_____ |
| Total estimated liability in respect of outstanding claims as at the end of the year of account | £ |
| Total payments during year of account | £_____ |
| Total claims paid and outstanding as shown in revenue account | £_____ |
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