Insurance Act, 1936

Grant of assurance licences.

12.—(1) Subject to the provisions of this Act, the Minister may, in his discretion, grant or refuse an application for an assurance licence.

(2) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company which, on the 31st day of October, 1935, carried on life assurance business or industrial assurance business or both such businesses for an assurance licence to carry on either or both of such businesses, the Minister shall, subject to the provisions of this Act, grant such application.

(3) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company which on the 31st day of October, 1935, carried on in addition to life assurance business or industrial assurance business or both such businesses any other assurance business for an assurance licence to carry on such other assurance business, the Minister may grant such application if, but only if, he is satisfied that the assets of such company are sufficient to enable such company to carry on such other assurance business.

(4) Whenever an application to which one of the two next preceding sub-sections of this section applies is made by a Saorstát Eireann company for an assurance licence to carry on assurance business or businesses of a class or classes mentioned in that sub-section in addition to assurance business or businesses of a class or classes mentioned in the other of the said two next preceding sub-sections, the Minister may grant such application if he is satisfied that such company complies with the conditions set forth in whichever of the said two next preceding sub-sections applies to such application and that such licence is required by such company only pending the completion of arrangements for the transfer of the assurance business or businesses to which the application relates to some other Saorstát Eireann company or companies licensed under this Act to carry on such business or businesses.

(5) Where the Minister grants an assurance licence under the next preceding sub-section of this section the Minister may (without prejudice to any other power of revocation conferred on him by this Act) revoke such licence on the completion of the arrangements for the transfer of the assurance business in respect of which such licence was granted and shall, in any event, revoke such licence at the expiration of nine months after the date of the grant thereof.

(6) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company which, on the 31st day of October, 1935, carried on neither life assurance business nor industrial assurance business or which is formed after sueh date for an assurance licence to carry on either or both of the said businesses, the Minister shall, subject to the provisions of this Act, grant such application, if, but only if, all the following conditions are complied with, that is to say:—

(a) the issued capital of such company is not less than two hundred thousand pounds and the paid-up capital of such company is not less than one hundred thousand pounds, and

(b) the issued shares of such company are, to an extent not less than two-thirds (in nominal value) thereof and carrying voting rights (whether immediate or to arise in certain future circumstances), in the beneficial ownership of a person who is or of two or more persons all of whom are citizens of Saorstát Eireann, and

(c) the majority of the directors (other than a managing director giving the whole of his time to his duties as such director) of such company are citizens of Saorstát Eireann.

(7) Whenever an application is duly made in accordance with this Act by a foreign company for an assurance licence to carry on life assurance business or industrial assurance business or both such businesses the Minister shall not (without prejudice to any other power of refusal conferred on him by this Act) grant such application unless he is satisfied that—

(a) such company carried on life assurance business or industrial assurance business or both such businesses in Saorstát Eireann on the 31st day of October, 1935, and

(b) such company, if it so carried on life assurance business, complies with the provisions of the Act of 1909 relating to life assurance business, and

(c) such company, if it so carried on industrial assurance business, complies with the provisions of the Act of 1909 relating to industrial assurance business, and

(d) such company had on the 31st day of October, 1935, and has at the date of such application a place of business in Saorstát Eireann, and

(e) either such company (if it is incorporated under the law of a country other than Saorstát Eireann) complies with the provisions of section 274 of the Act of 1908, or such company (if it is a society, association, or other body which is incorporated or otherwise constituted under the law of a country other than Saorstát Eireann) has filed with the Registrar of Companies—

(i) a certificate (certified by the proper officer of the country in which such company is so incorporated or otherwise constituted) of the registration of such company in such country, and

(ii) a copy (similarly certified) of the rules or other instrument defining the constitution of such company, and

(iii) the names of the persons forming the committee of management or other body having the direction or control of such company, and

(iv) the names of the secretary and the trustees of such company and of the persons authorised to sue and be sued on behalf of such company, and

(v) the names and the addresses of one or more persons resident in Saorstát Eireann who are authorised to accept on behalf of such company service of any notices, documents, or legal process.

(8) Whenever an application is duly made in accordance with this Act by a foreign company for an assurance licence to carry on one or more than one class of assurance business other than life assurance business and industrial assurance business, the Minister shall not (without prejudice to any other power of refusal conferred on him by this Act) grant such application unless he is satisfied that—

(a) such company on the 31st day of October, 1935, carried on in Saorstát Eireann one or more than one class of assurance business other than life assurance business and industrial assurance business, and

(b) such company complies with the provisions of the Act of 1909 relating to the class or classes of assurance business carried on by it, and

(c) such company had on the 31st day of October, 1935, and has at the date of such application a place of business in Saorstát Eireann, and

(d) such company complies with the provisions of section 274 of the Act of 1908.

(9) Whenever an application to which one of the two next preceding sub-sections of this section applies is made by a foreign company for an assurance licence to carry on assurance business or businesses of a class or classes mentioned in that sub-section in addition to assurance business or businesses of a class or classes mentioned in the other of the said two next preceding sub-sections, the Minister may grant such application if he is satisfied that such company complies with the conditions set forth in whichever of the said two next preceding sub-sections applies to such application and that such licence is required by such company only pending the completion of arrangements for the transfer of the assurance business or businesses to which the application relates to some other assurance company or companies licensed under this Act to carry on such business or businesses.

(10) Where the Minister grants an assurance licence under the next preceding sub-section of this section the Minister may (without prejudice to any other power of revocation conferred on him by this Act) revoke such licence on the completion of the arrangements for the transfer of the assurance business in respect of which such licence was granted and shall, in any event, revoke such licence at the expiration of nine months after the date of the grant thereof.

(11) Whenever an application is duly made in accordance with this Act—

(a) by a Saorstát Eireann company which at the date of such application carries on neither life assurance business nor industrial assurance business but which, on the 31st day of October, 1935, carried on one or more than one class of assurance business other than life assurance business and industrial assurance business, and did not on the said 31st day of October, 1935, carry on life assurance business or industrial assurance business, or

(b) by a Saorstát Eireann company which is formed after the commencement of this Part of this Act which complies with the following conditions, that is to say, the issued shares of such company are, to an extent not less than two-thirds (in nominal value) thereof and carrying voting rights (whether immediate or to arise in certain future circumstances), in the beneficial ownership of a person who is or of two or more persons all of whom are citizens of Saorstát Eireann, and the majority of the directors (other than a managing director giving the whole of his time to his duties as such director) are citizens of Saorstát Eireann, and the issued capital of such company is not less than two hundred thousand pounds and the paid-up capital of such company is not less than one hundred thousand pounds, or

(c) by a company in respect of which the Minister is satisfied that it complies with the provisions of section 2 of the Local Authorities (Mutual Assurance) Act, 1926 (No. 34 of 1926),

for an assurance licence to carry on one or more than one class of assurance business other than life assurance business or industrial assurance business, the Minister shall, subject to the provisions of this Act, grant such application.

(12) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company for an assurance licence to carry on employers' liability insurance business only, the Minister shall, subject to the provisions of this Act, grant such application if he is satisfied that such company is an association of employers and that the business which such company carries on or is about to carry on is, wholly or substantially, the mutual insurance of its members against liability to pay compensation or damages to workmen employed by such members, either alone or in conjunction with insurance against any other risk insurance against which is employers' liability business within the meaning of this Act.

(13) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company for an assurance licence to carry on fire insurance business only the Minister shall, subject to the provisions of this Act, grant such application if he is satisfied that such company is an association of owners or occupiers of buildings or other property and that the business which such company carries on or is about to carry on is, wholly or substantially, the mutual insurance of its members against damage by, or incidental to, fire caused to the buildings or other property owned or occupied by them.

(14) Whenever an application is duly made in accordance with this Act by a syndicate for an assurance licence to carry on one or more than one class of assurance business other than life assurance business, industrial assurance, business, or bond investment business, the Minister shall not (without prejudice to any other power of refusal conferred on him by this Act) grant such application unless he is satisfied that—

(a) such syndicate on the 31st day of October, 1935, carried on in Saorstát Eireann such one or more than one class of assurance business other than life assurance business, industrial assurance business or bond investment business, and

(b) the members comprising such syndicate on the said date complied with the provisions of the Eighth Schedule to the Act of 1909, and

(c) such syndicate has filed with the Registrar of Companies—

(i) a list (certified by the Chairman of Lloyd's) of the names and the addresses of the members who form such syndicate, and

(ii) the names, and the addresses of one or more persons resident in Saorstát Eireann who are authorised to accept on behalf of such syndicate service of any notices, documents, or legal process.