Insurance Act, 1936

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Number 45 of 1936.


INSURANCE ACT, 1936.


ARRANGEMENT OF SECTIONS

PART I

Preliminary and General

Section

1.

Short title and citation.

2.

Commencement of this Act.

3.

Definitions.

4.

Expenses.

5.

Regulations.

6.

Restriction on operation of this Act.

7.

Repeals.

PART II

Assurance Licences

8.

Prohibition of unlicensed assurance business.

9.

Prohibition of insuring with unlicensed insurer.

10.

Transactions deemed to be assurance business in Saorstát Eireann.

11.

Applications for assurance licences.

12.

Grant of assurance licences.

13.

Special provisions in relation to certain foreign companies.

14.

Special provisions in relation to syndicates.

15.

Restrictions on grant of assurance licences.

16.

Appeal against refusal of application for assurance licence.

17.

Form, etc., of assurance licence.

18.

Transfer of assurance licences.

19.

Forfeiture of assurance licence.

20.

Revocation, etc., of assurance licences.

21.

Register of licences.

22.

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

23.

Obligation of the Committee of Lloyd's to make deposits.

24.

Transfer of existing deposits under the Act of 1909.

25.

Payment of judgement debts out of deposits.

26.

Release of deposits.

27.

Release of deposits made by the Committee of Lloyd's.

PART III

Amalgamation and Transfer of Certain Assurance Businesses

28.

Submission to Minister of scheme for amalgamation of assurance companies.

29.

Investigation of amalgamation scheme by the Minister.

30.

Approval of scheme by the Minister.

31.

Confirmation and sanction of amalgamation scheme by the High Court.

32.

Effect of confirmation and sanction of amalgamation scheme.

33.

Rights of amalgamated company for purposes of Part II.

34.

Restriction on application of section 13 of the Act of 1909.

35.

Restriction on issue of share capital by an amalgamated company.

36.

Underwriting of and subscription for shares of amalgamated companies by Minister for Finance.

37.

Issue of moneys from the Central Fund.

38.

Disposal of dividends, etc., received by the Minister for Finance.

39.

Exercise by the Minister for Finance of powers of shareholder.

40.

Power of Minister for Finance to hold and sell shares.

41.

Consultation by Minister for Finance with Minister.

42.

Alteration of memorandum and articles of association of amalgamated company.

43.

Obligation of amalgamated company to furnish balance sheets, etc.

PART IV

Winding up and Inspection of Insolvent Assurance Companies

44.

Definition of insolvency.

45.

Power of Minister to petition for winding up of assurance company.

46.

Powers in cases of assurance companies of doubtful solvency.

47.

Evidence of inability to pay debts.

PART V

Industrial Assurance Business

48.

Definitions in this Part.

49.

Application of this Part of this Act in certain cases.

50.

Additional purposes for which industrial assurance policies may be issued.

51.

Assurances on lives of children under the age of ten years.

52.

Validation of certain policies.

53.

Prohibition of issue of illegal policies.

54.

Application of Act of 1909 to industrial assurance.

55.

Industrial assurance valuations.

56.

Rejection of valuation by Minister.

57.

Requisition of additional particulars by the Minister.

58.

Time for making first industrial assurance valuation.

59.

Time for deposit of valuation by certain companies.

60.

General meetings of industrial assurance companies.

61.

Contents of proposals for industrial assurance policies.

62.

Contents of industrial assurance policies.

63.

Industrial assurance proposals and policies.

64.

Admission of age of life assured.

65.

Return of policies, etc., after inspection.

66.

Forfeiture or non-payment of premium.

67.

Rights of holder of policy forfeited for non-payment of premium.

68.

Assured persons transferring from one company to another company.

69.

Payment of claims.

70.

Value of industrial assurance policies.

71.

Saving for certain policies issued before 3rd December, 1909.

72.

Decision of disputes between industrial assurance companies and others.

73.

Disputes as to continuance of assured life.

74.

Certain restrictions in relation to collectors.

75.

Restriction on employment of persons to procure new business.

76.

Service or notices.

PART VI

The Re-Insurance Company of Ireland, Limited

77.

Formation and registration of Re-Insurance Company of Ireland, Limited.

78.

Loan to the Company to pay expenses of formation.

79.

Issue of share capital of the Company.

80.

Underwriting by the Minister for Finance of issue of shares.

81.

Charge of moneys on the Central Fund.

82.

Payment of dividends, etc., into the Exchequer.

83.

Powers of the Minister for Finance as shareholder.

84.

Powers of Minister for Finance in respect of shares held by him.

85.

Alteration of memorandum and articles of association of the Company.

86.

Obligation of the Company to furnish balance sheets, etc.

87.

Inspection by Minister of books, etc., of the Company.

88.

Statistics and returns to be made by the Company.

89.

Obligation to re-insure with the Company.

90.

State guarantee of re-insurance contracts.

PART VII

Miscellaneous

91.

Extension of bond investment business.

92.

Prohibition of borrowing on security of assurance fund.

93.

Place of payment of sum assured.

94.

Issue of policies etc., in Saorstát Eireann.

95.

Amendment of Fifth Schedule to Act of 1909.

96.

Alteration of Schedules to Act of 1909 and this Act.

97.

Returns, etc., by foreign companies.

98.

Returns by assurance companies of re-insurance business.

99.

Accounts, etc., to be furnished by syndicate.

100.

Additional contents of revenue account.

101.

Additional contents of balance sheet.

102.

Additional statement to be furnished by certain foreign companies.

103.

Additional statement in respect of mechanically propelled vehicle insurance business.

104.

Application of Act of 1909 to certain classes of assurance business.

105.

Application of moneys received by assurance companies.

106.

Re-insurance (prohibition) order.

107.

Rates of premiums order.

108.

Issue of policies in the Irish language.

109.

Contravention, etc., of Act by assurance company or syndicate.

110.

Time limit for prosecution of offences.

FIRST SCHEDULE.

Conditions Affecting Amalgamated Companies Under Part III of this Act.

SECOND SCHEDULE.

Additional Particulars of Industrial Assurance Valuations.

THIRD SCHEDULE.

Rules for Ascertaining the Amount of a Free Paid-up Policy and the Cash Surrender Value of any Policy of Industrial Assurance.

FOURTH SCHEDULE.

Limitations on Rights on Forfeiture for Non-payment of Premium.

FIFTH SCHEDULE.

Conditions to which the Company is to Conform.

SIXTH SCHEDULE.

Form applicable to mechanically propelled vehicle insurance business.


Acts Referred to

Adaptation of Enactments Act, 1922

No. 2 of 1922

Local Authorities (Mutual Assurance) Act, 1926

No. 34 of 1926

Road Traffic Act, 1933

No. 11 of 1933

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Number 45 of 1936.


INSURANCE ACT, 1936.


AN ACT TO MAKE FURTHER AND BETTER PROVISION IN RELATION TO ASSURANCE BUSINESS AND PERSONS CARRYING ON THAT BUSINESS OR ANY BRANCH THEREOF, TO MAKE PROVISION FOR THE FORMATION AND REGISTRATION OF A COMPANY HAVING FOR ITS PRINCIPAL OBJECT THE RE-INSURANCE OF INSURANCE BUSINESS, AND TO MAKE PROVISION FOR OTHER MATTERS CONNECTED WITH THE MATTERS AFORESAID. [14th August, 1936.]

BE IT ENACTED BY THE OIREACHTAS OF SAORST?T EIREANN AS FOLLOWS:—