Insurance Act, 1936

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Obligation of the Committee of Lloyd's to make deposits.

23.—(1) Whenever and so long as there is or are a syndicate or two or more syndicates carrying on in Saorstát Eireann any assurance business other than life assurance business, industrial assurance business, bond investment business, mechanically propelled vehicle insurance business, and glass insurance business, the Committee of Lloyd's shall deposit and keep deposited with the Accountant of the Courts of Justice the sum of twenty thousand pounds.

(2) Whenever and so long as there is or are a syndicate or two or more syndicates carrying on in Saorstát Éireann mechanically propelled vehicle insurance business, the Committee of Lloyd's shall deposit and keep deposited with the Accountant of the Courts of Justice the sum of fifteen thousand pounds.

(3) Every sum deposited under this section shall be invested by the Accountant of the Courts of Justice in such securities for the time being authorised by law for the investment of money under the control or subject to the order of the High Court as the Committee of Lloyd's may select, and the said Accountant shall pay the interest on such securities to the said Committee.

(4) Sub-sections (5) and (6) of section 2 of the Act of 1909 shall apply in relation to the deposit of sums under this section in like manner as they apply in relation to the deposit of sums under the said section.