Insurance Act, 1936

Obligation of assurance companies to deposit moneys with Accountant of Courts of Justice.

22.—(1) Subject to the provisions of this section, every assurance company which carries on or proposes to carry on assurance business in Saorstát Eireann shall deposit and shall (while such company so carries on the class of assurance business to which any sum deposited under this section relates) keep deposited with the Accountant of the Courts of Justice such one or more of the following sums as is or are applicable to the class or classes of assurance business so carried on by such company, that is to say:—

(a) the sum of twenty thousand pounds in respect of each of the following classes of assurance business, that is to say, life assurance business and industrial assurance business, and

(b) the sum of twenty thousand pounds in respect of any one or more than one class of assurance business other than life assurance business, industrial assurance business, mechanically propelled vehicle insurance business and glass insurance business, and

(c) the sum of fifteen thousand pounds in respect of mechanically propelled vehicle insurance business.

(2) Section 2 (which relates to deposits) of the Act of 1909, as amended or varied by this section, shall apply to every sum which an assurance company is required by this section to deposit and keep deposited in like manner as the said section 2 applies to the sum which an assurance company is required to deposit and keep deposited under that section.

(3) This section shall not apply to any of the following, that is to say:—

(a) a Saorstát Eireann company which is an association of employers and in respect of which the Minister is satisfied 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 incidental to the trade, industry or business carried on by such members, or

(b) a Saorstát Eireann company which is an association of owners or occupiers of buildings or other property and in respect of which the Minister is satisfied 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, or

(c) 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), or

(d) an assurance company which on the 31st day of October, 1935, carried on in Saorstát Eireann assurance business other than life assurance business or industrial assurance business and which is not required by the Act of 1909 to make a deposit and in respect of which the Minister is satisfied that the business which such company carries on is wholly or substantially the effecting of insurances against loss of or damage to or in respect of property belonging to, or held in trust for, or used or occupied by or on behalf of a religious organisation or body, including liability to pay compensation or damages to workmen employed by trustees, committees, stewards or other officers or holders of such property, or

(e) an assurance company which carries on glass insurance business and in respect of which the Minister is satisfied that such company carries on no other class of assurance business.