Insurance Act, 1936


Amalgamation and Transfer of Certain Assurance Businesses.

Submission to Minister of scheme for amalgamation of assurance companies.

28.—(1) Any two or more Saorstát Eireann companies which, on the 31st day of October, 1935, carried on in Saorstát Eireann life assurance business or industrial assurance business or both such businesses (in this Part of this Act referred to as promoting companies) may, notwithstanding anything contained in the articles and memorandum of association of such companies whether such companies do or do not carry on any other class of assurance business, submit to the Minister at any time before the appointed day a scheme in writing for the amalgamation into one company (in this Part of this Act and in the First Schedule to this Act referred to as the amalgamated company) of such promoting companies so far as respects the life assurance business (if any) and the industrial assurance business (if any) carried on by each of them respectively, and the transfer to some other Saorstát Eireann company or companies (in this Part of this Act referred to as the transferee companies) of the several other (if any) classes of assurance business carried on by such promoting companies respectively.

(2) Every scheme submitted to the Minister under this section shall—

(a) contain particulars of the arrangements between the companies concerned for the amalgamation and the transfer (if any) to which such scheme relates,

(b) be accompanied by copies of the deeds, contracts, and other documents embodying the said arrangements,

(c) contain all such provisions as are necessary for carrying out the said amalgamation and the said transfer, if any,

(d) be accompanied by reports made and certified by actuaries on behalf of each of the promoting companies in relation to the businesses of such company to be amalgamated in pursuance of such scheme,

(e) be accompanied by a report made and certified by an independent actuary agreed upon by all the promoting companies in relation to the several businesses to be included in such amalgamation,

(f) contain, in relation to the amalgamated company to be formed in pursuance of such scheme, provisions conforming to the conditions set out in the First Schedule to this Act.

(3) The Minister may by order appoint a day to be the appointed day for the purposes of this section, and the expression “the appointed day” in this section means the day so appointed.