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S.I. No. 140/1933 - The Assurance Companies (Deposits in Respect of Mechanically Propelled Vehicle Insurance Business) Rules, 1933.

STATUTORY RULES AND ORDER. 1933. No. 140.

THE ASSURANCE COMPANIES (DEPOSITS IN RESPECT OF MECHANICALLY PROPELLED VEHICLE INSURANCE BUSINESS) RULES, 1933.

WHEREAS by section 76 of the Road Traffic Act, 1933 , which comes into operation on such day as the Minister for Local Government and Public Health may appoint, it is enacted that where an Assurance Company within the meaning of the Assurance Companies Act, 1909, carries on mechanically propelled vehicle insurance business the Assurance Companies Act, 1909, shall apply to such business in the manner therein set forth :

AND WHEREAS it is enacted by sub-section (6) of section 2 of the Assurance Companies Act, 1909, that the Board of Trade may make rules with respect amongst other matters to deposits required by said section 2 to be made by Assurance Companies :

AND WHEREAS Rules and Regulations (hereinafter referred to as the Rules of 1910) relating to deposits by Assurance Companies under section 2 of the Assurance Companies Act, 1909, were made by the Board of Trade on the 6th day of June, 1910 :

AND WHEREAS the Assurance Companies (Deposit of Securities) Rules, 1928, relating to deposits by Assurance Companies under section 2 of the Assurance Companies Act, 1909, were made by the Minister for Industry and Commerce on the 19th of September, 1928 ; and it was by the said Rules provided that the said Rules and the Rules of 1910 may be cited together as the Assurance Companies (Deposit of Securities) Rules, 1910 and 1928 :

NOW, THEREFORE, the Minister for Industry and Commerce, by virtue of the powers conferred on him by sub-section (6) of section 2 of the Assurance Companies Act, 1909, and of every other power him enabling, hereby makes the following Rules :—

1. These Rules may be cited for all purposes as the Assurance Companies (Deposits in respect of mechanically propelled vehicle insurance business) Rules, 1933.

2. The Interpretation Act, 1923 , applies to the interpretation of these Rules in like manner as it applies to the interpretation of an Act of the Oireachtas.

3. The Assurance Companies (Deposit of Securities) Rules, 1910 and 1928, shall apply to all Assurance Companies within the meaning of the Assurance Companies Act, 1909, who carry on or intend to carry on mechanically propelled vehicle insurance business subject to the following modifications :—

(a) " the Act " means the Assurance Companies Act, 1909, as amended by the Road Traffic Act, 1933 .

(b) The sum of £15,000 shall be substituted for the sum of £20,000 in Rule 2 of the Rules of 1910.

(c) In Rule 3 of the Rules of 1910 after the words " in any such case " shall be inserted the words " and in the case of mechanically propelled vehicle insurance business."

(d) Rule 6 of the Rules of 1910 shall not apply to deposits in respect of mechanically propelled vehicle insurance business.

(e) In Rule 7 (a), (b) and (c) of the Rules of 1910 the words " other than mechanically propelled vehicle insurance business " shall be inserted after the words " any other class of assurance business."

By Order of the Minister for Industry and Commerce.

Dated this 17th day of October, 1933.

JOHN LEYDON,

Secretary,

Department of Industry and Commerce.