S.I. No. 64/1971 - Decimal Currency (Friendly Society and Industrial Assurance Contracts) Regulations, 1971.

S.I. No. 64 of 1971.

DECIMAL CURRENCY (FRIENDLY SOCIETY AND INDUSTRIAL ASSURANCE CONTRACTS) REGULATIONS, 1971.

I, PATRICK J. LALOR, Minister for Industry and Commerce, in exercise of the powers conferred on me by section 8 of the Decimal Currency Act, 1970 (No. 21 of 1970), hereby make the following regulations:

1. These Regulations may be cited as the Decimal Currency (Friendly Society and Industrial Assurance Contracts) Regulations, 1971.

2. (1) This regulation applies to payments—

(a) which are payable under a friendly society contract made before decimal day, and

(b) which fall due on or after that day.

(2) The amount payable in respect of a payment to which this regulation applies and which is payable to a friendly society shall be the amount in the new currency provided for in the First Schedule to these Regulations.

(3) The amount payable in respect of a payment to which this regulation applies and which is payable by a friendly society shall be the amount in the new currency provided for in the Second Schedule to these Regulations.

3. (1) This regulation applies to payments—

(a) which are payable under an industrial assurance contract made before decimal day, and

(b) which fall due on or after that day.

(2) The amount payable in respect of a payment to which this regulation applies and which is payable by an industrial assurance company shall be the amount in the new currency provided for in the Second Schedule to these Regulations.

(3) (a) The amount payable in respect of a payment to which this regulation applies and which is payable to an industrial assurance company shall, if the payment is one of a series of payments payable at four-weekly intervals, be the amount in the new currancy provided for in the Third Schedule to these Regulations.

(b) In a case in which any such payment is one of a series of payments payable weekly or fortnightly, the weekly or fortnightly payments shall be totalled over four weeks and the amount payable shall be the amount in the new currency provided for in the First Schedule to these Regulations. There shall fall due for payment a quarter of that amount each week or a half thereof each fortnight (as may be appropriate), but if such quarter or half is not an exact amount in terms of the new coinage, the payments, subject to their total being that amount, need not be equal.

(4) There shall be inserted in premium receipt books statements approved of by the Minister for Industry and Commerce, or there shall be issued to policy holders notices containing such statements, for the purpose of explaining the effect of the foregoing paragraph.

(5) Any arrears or overpaid situation shall be ascertained in a case with respect to which paragraph (3) (b) of this regulation has effect by taking the relevant proportion of the converted four-weekly amount referred to in that paragraph, subject—

(a) if that proportion includes a fraction of a new penny less than one-half, to disregarding the fraction (in the case of an arrears situation) or regarding it as being one-half (in the case of an overpaid situation), and

(b) if that proportion includes a fraction of a new penny greater than one-half, to regarding it as being one-half (in the case of an arrears situation) or as being one new penny (in the case of an overpaid istuation),

FIRST SCHEDULE.

Amount in the New Currency—Payment referred to in Regulation 2 (2) and Total Amount referred to in Regulation 3 (3) (b).

The amount in the new currency—

(a) payable in respect of a payment referred to in regulation 2 (2) shall be the amount corresponding to the amount in the old currency payable under the contract, and

(b) payable in the case of a total amount referred to in regulation 3 (3) (b) shall be the amount corresponding to that total amount, calculated as follows:

(i) for an amount or for so much of an amount as consists of one or more whole pounds, the corresponding amount in the new currency is that number of pounds;

(ii) for any whole shilling or multiple thereof of an amount or remaining amount of less than one pound, the corresponding amount in the new currency is five new pence or that multiple thereof;

(iii) for an amount or remaining amount of less than one shilling shown in column (1) of the following table, the corresponding amount in the new currency is the amount in new pence shown opposite that amount in column (2) of that table.

TABLE.

SECOND SCHEDULE.

Amount in the New Currency—Payment referred to in Regulation 2 (3) or 3 (2).

The amount in the new currency payable in respect of a payment referred to in regulation 2 (3) or 3 (2) shall be the amount corresponding to the amount in the old currency payable under the contract calculated as follows:

(a) for an amount or for so much of an amount as consists of one or more whole pounds, the corresponding amount in the new currency is that number of pounds;

(b) for any whole two shillings or multiple thereof of an amount or remaining amount of less than one pound, the corresponding amount in the new currency is ten new pence or that multiple thereof;

(c) for an amount or remaining amount of less than two shillings shown in column (1) of the following table, the corresponding amount in the new currency is the amount (if any) in new pence shown opposite that amount in column (2) of that table and accordingly an amount or remaining amount of one penny shall be disregarded.

TABLE.

THIRD SCHEDULE.

Amount in the New Currency—Payment referred to in Regulation 3 (3) (a).

The amount in the new currency payable in respect of a payment referred to in regulation 3 (3) (a) shall be the amount corresponding to the amount in the old currency payable under the contract calculated as follows:

(a) for an amount or for so much of an amount as consists of one or more whole pounds, the corresponding amount in the new currency is that number of pounds;

(b) for any whole shilling or multiple thereof of an amount or remaining amount of less than one pound, the corresponding amount in the new currency is five new pence or that multiple thereof;

(c) for an amount or remaining amount of less than one shilling shown in column (1) of the following table, the corresponding amount in the new currency is the amount (if any) in new pence shown opposite that amount in column (2) of that table and accordingly an amount or remaining amount of one half-penny shall be disregarded.

TABLE.

GIVEN under my Official Seal, this 15th day of February, 1971.

(Signed) PATRICK J. LALOR,

Minister for Industry and Commerce.

EXPLANATORY NOTE.

The purpose of these Regulations is to provide the methods by which payments under friendly society and industrial assurance contracts shall be converted to decimal currency.