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INSURANCE ACT, 1936
Additional Particulars of Industrial Assurance Valuations.
1.—(1) An analysis as near as may be of the premium income of an industrial assurance company in respect of each of the five years preceding the date as at which such valuation was made into income arising from—
(a) policies which were not of more than one year's duration when such income arose, and
(b) policies which were of more than one year's duration when such income arose.
(2) Every such analysis shall be given separately for policies in respect of which the premiums are payable weekly and for policies in respect of which the premiums are payable at longer intervals than one week.
2. The amount, if any, by which the value of the “Office Yearly Premiums” as shown in respect of each item in the “Form referred to under Heading No. 7 in the Fourth Schedule (A)” to the Act of 1909, has been reduced in order to secure that no policy shall be treated as an asset.
3. If the proportion of the annual premium income reserved as a provision for future expenses and profits as stated in answer to question No. 5 of the Fourth Schedule “(A)—Form applicable to Life Assurance Business” of the Act of 1909, is not uniform for all policies of the same class, specimens of the proportion so reserved in respect of policies effected at such ages and having been in force for such periods as the Minister may select.
4. Specimen values of the net liabilities under policies (exclusive of any bonuses added) according to the basis of valuation adopted in respect of each of the principal classes of assurances for policies effected at such ages and for such duration as the Minister may select.
5. 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.