PART VII

Miscellaneous.

91. —(1) Whenever any person or body of persons, whether corporate or unincorporate (not being registered or certified under any Act relating to friendly societies, building societies, or trade unions), carries on the business of accepting subscriptions payable at periodical intervals of less than six months and, in return, undertakes by prospectus or otherwise to pay, at a future date, to the subscribers the amount of such subscriptions with interest thereon (whether with or without a right on the part of the subscriber to the return of his subscriptions in the meantime) such business shall be deemed to be bond investment business.

(2) The following provisions shall have effect in relation to every business which is deemed under the foregoing sub-section of this section to be bond investment business, that is to say:—

(a) the card, book, or other document in which receipts of subscriptions are entered shall be deemed to be the instrument evidencing the contract, and

(b) the subscriber shall be the owner of the policy, and

(c) the Minister may by order prescribe such modifications of the Fourth, Fifth and Sixth Schedules of the Act of 1909 as may be necessary to adapt to the business which is deemed by the foregoing sub-section to be bond investment business the provisions of the said Schedules relating to bond investment business.

92. —An assurance company which is required by the Act of 1909 or this Act to maintain an assurance fund may borrow money on the security (whether solely or together with other assets) of such fund or any investment or money forming part of or representing such fund and may issue or give any debenture, debenture stock, mortgage, or other security charged (whether solely or together with other assets) on such fund or on any such investment or money if, but only if, moneys so borrowed and secured are applied by the assurance company solely towards and for the purposes of the class of assurance business in respect of which such fund is required to be maintained.

93. —Every policy issued in Saorstát Eireann after the commencement of this Part of this Act by an assurance company or a syndicate to a person who is ordinarily resident in Saorstát Eireann shall, if such policy is issued by such company or syndicate in the course and as part of the carrying on in Saorstát Eireann of assurance business, provide that all moneys which become or may become due and payable by such company or syndicate (as the case may be) under such policy shall be payable and paid in Saorstát Eireann.

94. —Every policy, bond, certificate, or other instrument of insurance issued after the commencement of this Part of this Act to a person ordinarily resident in Saorstát Eireann shall, if such policy, bond, certificate, or other instrument of insurance is issued in the course and as part of the carrying on in Saorstát Eireann of assurance business, be issued in Saorstát Eireann.

95. —“Form (A)—Form applicable to Life Assurance Business of the Fifth Schedule” to the Act of 1909 is hereby amended in the following respects, that is to say:—

(a) by the insertion after paragraph 4 thereof of a new paragraph as follows:—

“4A. The total amount assured under endowments, specifying sums assured and office premiums separately in respect of each year in which such assurances will mature for payment. The reversionary bonuses must also be separately specified, and the sums assured with immediate profits, with deferred profits, and without profits, separately returned,” and

(b) by the deletion of paragraph 7 thereof,

and the said Fifth Schedule and also section 6 of the Act of 1909 shall be construed and have effect accordingly.

96. —(1) The Minister may, after consultation with such assurance companies as he thinks fit or with any association representing assurance companies, by order alter (by addition, omission, or variation)—

(a) all or any of the Schedules (other than the Eighth and Ninth Schedules) to the Act of 1909, or

(b) all or any of the Schedules to this Act.

(2) The Minister may, after consultation with the Committee of Lloyd's, by order alter (by addition, omission, or variation) the Eighth Schedule to the Act of 1909.

(3) Whenever the Minister makes an order under this section altering any of the Schedules to the Act of 1909, that Act and the Schedule or Schedules thereto affected by such alteration shall, while such order remains in force, have effect subject to and with such alteration.

(4) Whenever the Minister makes an order under this section altering any of the Schedules to this Act, this Act and the Schedule or Schedules hereto affected by such alteration shall while such order remains in force, have effect subject to and with such alteration.

(5) The Minister may at any time by order revoke or amend any order previously made by him under this section, including an order made under this sub-section.

97. —Where a foreign company carries on in Saorstát Eireann any class of assurance business, the Minister may, if he so thinks fit, accept (in lieu of the accounts, balance sheets, abstracts and statements which such company is required by the Act of 1909 or this Act to make or deposit) copies of the accounts, balance sheets, abstracts and statements which such company is by the law of the country in which such company is incorporated or otherwise constituted required to make or deposit with the government or a department or officer of the government of such country.

98. —(1) Every assurance company shall within six months after the end of every accounting year of such company furnish to the Minister in the prescribed form and manner a return showing in respect of each class of assurance business other than life assurance business or industrial assurance business—

(a) the amounts of the premiums and claims (in respect of liability, loss, or damage to arise (if at all) in Saorstát Eireann) of that part of such assurance company's assurance business which has been reinsured by such assurance company during such accounting year, and

(b) the amounts of the premiums and claims (in respect of liability, loss, or damage to arise (if at all) in Saorstát Eireann) of all assurance business which is reinsured with and is accepted by way of reinsurance by such assurance company in such accounting year.

(2) Every assurance company which carries on life assurance business or industrial assurance business or both such businesses shall within six months after the end of every accounting year of such company furnish to the Minister in the prescribed form and manner a return showing in respect of each of the said classes of assurance business carried on by such company the amount of the sums debited and credited during such accounting year for reinsurance in respect of assurance business in Saorstát Eireann and such amount shall be set out in such return to show the following items, that is to say:—

(a) premiums, and

(b) sums assured, and

(c) claims arising by death or maturity, and by surrender of policies.

99. —(1) In lieu of any account or statement which a syndicate or a member of a syndicate is required to furnish by the Act of 1909, every syndicate shall furnish to the Minister in such form and manner and at such times as the Minister shall direct accounts and statements in respect of each class of assurance business carried on in Saorstát Eireann by such syndicate during the year preceding the year in which such accounts and statements are furnished.

(2) A copy of every account and statement furnished to the Minister in pursuance of a direction under this section shall be laid by him before Dáil Eireann.

100. —This revenue account which every assurance company is required by section 7 (which relates to deposit of accounts with the Board of Trade) of the Act of 1909 to deposit shall, in addition to the matters required to be contained therein, contain and set forth the following particulars in respect of every class of assurance business carried on by such assurance company in Saorstát Eireann, during the period to which such revenue account relates, that is to say:—

(a) the amounts (under separate headings relating to assurance business in Saorstát Eireann and assurance business outside Saorstát Eireann) of the following items, that is to say:—

(i) premiums credited, and

(ii) the amount by which the sums credited by way of commission exceed the sums debited by way of commission or by which the sums so debited exceed the sums so credited, as the case may be, and

(iii) claims which have been paid and claims which are outstanding, and

(iv) expenses of management, and

(v) other income and expenditure in Saorstát Eireann, and

(b) the amount (apportioned as nearly as may be) of the expenses (if any) of such company outside Saorstát Eireann attributable to such business carried on by such company in Saorstát Eireann, and

(c) the amount (including any unpaid instalments of the full annual amount of a premium) of the premiums (ascertained as nearly as may be) which are due and unpaid in respect of employers' liability insurance business and mechanically propelled vehicle insurance business in Saorstát Eireann at the date at which such account is made up and for which credit is taken in such account.

101. —The balance sheet which every assurance company is required by section 7 (which relates to deposit of accounts with the Board of Trade) of the Act of 1909 to deposit shall, in addition to the certificates mentioned in Note 3 and Note 4 to the Third Schedule to the Act of 1909, be accompanied by the following certificates, that is to say:—

(a) a certificate, signed by the same persons as are required by the Act of 1909 to sign such balance sheet, in which such persons shall—

(i) certify that the values of all the assets set forth in such balance sheet have been ascertained and reviewed as at the date of such balance sheet and are shown therein at amounts which, in the belief of such persons do not exceed in the aggregate the realisable or market value of such assets after taking into account any investment reserve fund, and

(ii) certify that the mortgages and loans included in such balance sheet are in the belief of such persons in the aggregate adequately secured, and

(iii) wherever the values in the aggregate of any stock exchange securities shown in such balance sheet after taking into account any investment reserve fund, are in excess of the values of such securities as ascertainable from published stock exchange quotations as at the date of such balance sheet, explain how the said values so shown have been arrived at, and

(iv) state the amount of every increase of freehold and leasehold property which is not solely due to the cost of subsequent additions since the last previous balance sheet, and explain the reason for such increase, and

(b) a certificate, signed both by the same persons as are required by the Act of 1909 to sign each balance sheet and by an actuary, in which such persons and such actuary shall certify that the values of reversions and life interests have been ascertained and reviewed as at the date of such balance sheet and, in the belief of such persons and such actuary, the aggregate value thereof as shown in such balance sheet is not in excess of the actuary's valuation.

102. —(1) Every foreign company which carries on in Saorstát Éireann life assurance business or industrial assurance business or both such businesses shall, in addition to the statements required to be prepared by such company under section 6 of the Act of 1909, prepare separately under paragraphs 2 to 9 of Form A of the Fifth Schedule (as amended by this Act) to the Act of 1909 particulars relating to the assurance business of such company in Saorstát Éireann.

(2) Section 7 of the Act of 1909 shall apply to every statement which a foreign company is required by the next preceding sub-section of this section to prepare as if such statement were a statement required to be made by a provision of that Act prior to the said section 7.

103. —(1) Every assurance company which carries on mechanically propelled vehicle insurance business shall, in addition to the statement which such company is required annually to prepare in pursuance of paragraph (d) of sub-section (2) of section 76 of the Road Traffic Act, 1933 (No. 11 of 1933), annually prepare a statement of the estimated liability of such assurance company in respect of outstanding and unsettled claims relating to such business in Saorstát Eireann.

(2) Every statement which an assurance company is required by the next preceding sub-section of this section to prepare shall be in the form set forth in the Sixth Schedule to this Act and sub-section (1) of section 7 of the Act of 1909 shall apply thereto as if such statement were a statement required to be made by a provision of that Act prior to the said section 7.

104. —Where an assurance company carries on one or more of the following classes of assurance business, that is to say, public liability insurance business, engineering insurance business, glass insurance business, guarantee insurance business, or burglary insurance business, the Act of 1909 shall apply to such company and to such one or more of the said classes of assurance business as is or are carried on by such company but with and subject to the following modifications, that is to say:—

(a) sections 5 and 6 of the Act of 1909 shall not apply to such company, and

(b) such company shall annually prepare one statement of its assurance business in such form as the Minister shall from time to time direct, and sub-section (1) of section 7 of the Act of 1909 shall apply thereto as if such statement were a statement required to be made by a provision of that Act prior to the said section 7, and

(c) section 32 (except paragraphs (a), (b) and (c) thereof) shall apply to such company with the substitution in the said section of the words ‘public liability insurance business, engineering insurance business, glass insurance business, guarantee insurance business, or burglary insurance business’ for the words ‘accident insurance business' wherever those words occur in the said section as applied by this paragraph.

105. —(1) Where an assurance company maintains, pursuant to section 3 (which relates to separation of funds) of the Act of 1909, a separate assurance fund in respect of any class of assurance business carried on by it, all moneys received by such assurance company in respect of such class of assurance business shall be carried by such assurance company to the separate assurance fund so maintained in respect of that class of assurance business and to no other fund.

(2) Where an assurance company carries on life assurance business or industrial assurance business or both such businesses in Saorstát Eireann and also carries on any other class of business, except sinking fund or capital redemption business, such assurance company shall, subject to the provisions of the next following sub-section of this section, keep the assets of its life assurance fund and its industrial assurance fund separate from the assets of such other class of business.

(3) Where an assurance company carried on life assurance business or industrial assurance business or both such businesses in Saorstát Éireann on the 31st day of October, 1935, and lawfully carries on either or both of such businesses in Saorstát Éireann after the commencement of Part II of this Act, the Minister may, on the application of any such company, exempt such company from compliance with the provisions of the next preceding sub-section of this section for a period not exceeding twelve months after the commencement of this Part of this Act.

(4) Where an assurance company carries on both life assurance business and industrial assurance business, such assurance company shall be under no obligation to keep the assets of its life assurance funds separate from the assets of its industrial assurance funds.

(5) Where an assurance company carries on more than one class of assurance business other than life assurance business and industrial assurance business, such assurance company shall be under no obligation to keep the assets of any assurance fund maintained by such assurance company in respect of any one class of assurance business separate from the assets of any other assurance fund maintained by such assurance company in respect of any other class of assurance business.

106. —(1) The Minister, if and whenever he thinks proper so to do, may by order (in this section referred to as a re-insurance (prohibition) order) prohibit the re-insurance of any class of assurance business effected in Saorstát Eireann (other than life assurance business and industrial assurance business) with any assurance company or person other than an assurance company or syndicate which carries on in Saorstát Eireann assurance business of that class.

(2) Every re-insurance (prohibition) order shall come into operation on such day (not earlier than six months after the making of such order) as the Minister shall by such order appoint.

(3) Whenever a re-insurance (prohibition) order is in operation in respect of any class of assurance business, an assurance company or syndicate shall not, subject to the provisions of this section, re-insure any of such class of assurance business which has been effected in Saorstát Eireann with any assurance company or person other than an assurance company or syndicate which carries on in Saorstát Eireann assurance business of that class.

(4) Every assurance company or syndicate which re-insures any class of assurance business which has been effected by such company or syndicate in Saorstát Eireann in contravention of the next preceding sub-section of this section shall, subject to the provisions of the next following sub-section of this section, be deemed to have failed to comply with the provisions of this Act.

(5) Whenever, during the operation in respect of any class of assurance business of a re-insurance (prohibition) order, the Minister is satisfied that an assurance company or syndicate which carries on in Saorstát Eireann assurance business of that class, has entered into arrangements with one or more Saorstát Eireann companies which carry on in Saorstát Eireann assurance business of such class in relation to re-insurance business of such class, the Minister may grant to such assurance company or syndicate an exemption in writing exempting such assurance company or syndicate from the provisions of this section in relation to the re-insurance of its assurance business which has been effected in Saorstát Eireann.

(6) The Minister may, whenever he so thinks proper, by order, amend or revoke a re-insurance (prohibition) order.

107. —(1) The Minister, if and whenever he thinks proper so to do, after consultation with such assurance companies as he thinks fit or with any association representing assurance companies, and with the Committee of Lloyd's, may by order (in this section referred to as a rates of premiums order) fix the rates which may be charged by assurance companies or syndicates by way of premiums in respect of all or any classes of contract of employers' liability insurance business and of mechanically propelled vehicle insurance business.

(2) Every rates of premiums order shall come into operation on such day (not being earlier than the date of such order) as the Minister shall by such order appoint.

(3) Without prejudice to any general power of revocation or amendment conferred by this section,’ the Minister shall, within three years after making a rates of premiums order and thereafter at intervals of not more than three years, consider the rates of premiums fixed by such order or the latest amendment thereof (as the case may be) and, if he so thinks fit, revise the said rates of premiums and for that purpose either amend such order or revoke such order and make a new order in lieu thereof.

(4) Whenever and so long as a rates of premiums order is in force in respect of any class of assurance business, no assurance company or syndicate shall charge for any assurance within such class of assurance business a premium which is greater than the appropriate premium fixed by such order.

(5) The Minister may at any time by order amend or revoke an order made by him under this section, including an order made under this sub-section.

108. —Whenever a form of proposal for a policy of assurance is filled in wholly in the Irish language every policy of assurance issued in pursuance or as a consequence of such proposal and any other document issued in connection with such policy by the assurance company or syndicate to which such proposal was made shall, if the proposer so requires, be issued by such assurance company or syndicate (as the case may be) in the Irish language.

109. —(1) Every assurance company which contravenes or fails to comply with any of the provisions of this Act, or with any direction lawfully given by the Minister thereunder shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding one hundred pounds together with, in the case of a continuing offence, a further fine not exceeding fifty pounds for every day during which such offence is continued.

(2) Where an assurance company has committed an offence under this section, every director, manager, secretary, officer, or employee of such company who is knowingly a party to the commission of such offence by such company shall himself be guilty of an offence under this section and shall on summary conviction thereof be liable to such fine or fines as are mentioned in the first sub-section of this section.

(3) Whenever an assurance company is convicted of a continuing offence under this section, the commission of such offence shall be a ground for winding-up such company compulsorily under the Act of 1908 if, but only if, it is shown to the satisfaction of the Court hearing the petition for such winding-up that such offence had been continued for three months or more.

(4) Whenever a syndicate contravenes or fails to comply with the provisions of this Act, or with any direction lawfully given by the Minister thereunder, every member of such syndicate who is knowingly a party to such contravention or failure shall himself be guilty of an offence under this section and shall on summary conviction thereof be liable to a fine not exceeding twenty-five pounds together with, in the case of a continuing offence, a further fine not exceeding fifty pounds for every day during which such offence is continued.

110. —(1) Notwithstanding any provision in any British statute or Act of the Oireachtas limiting the period within which summary proceedings may be commenced, proceedings for an offence under the Act of 1909 or for an offence under this Act shall not be commenced more than six years after the commission of the offence but, subject to that limitation, may be commenced at any time within six months from the date on which evidence, sufficient in the opinion of the Minister to justify a prosecution for the offence, comes to his knowledge, or within one year after the commission of the offence, whichever period is the longer.

(2) For the purposes of this section, a certificate by the Minister, sealed with his seal of office, stating the date on which evidence, sufficient in the opinion of the Minister to justify a prosecution for a specified offence, came to his knowledge shall be conclusive evidence of such date.