Insurance Act, 1964

Amendment of section 23 of Act of 1936.

9.—(1) Section 23 of the Act of 1936 is hereby amended by the substitution for subsections (1) and (2) of the following subsection:

“(1) Whenever and so long as there is or are a syndicate or two or more syndicates carrying on in the State any assurance business other than life assurance business, industrial assurance business, bond investment business and glass insurance business, the Committee of Lloyd's shall deposit and keep deposited with the Accountant attached to the High Court by virtue of the Courts (Supplemental Provisions) Act, 1961 , the sum of one hundred thousand pounds.”

(2) This section shall come into operation six months after the date of the passing of this Act.