Insurance Act, 1989
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Industrial assurance business. |
25.—(1) Notwithstanding anything to the contrary in the Assurance Companies Act, 1909 , or the Insurance Act, 1936 , the industrial assurance and life assurance funds maintained by an insurer before the commencement of this section may be amalgamated and the combined fund shall be liable for any contracts of the insurer for which any of the funds would previously have been liable. | |
(2) In the case of contracts of industrial assurance business, the obligation to collect premiums, whether arising from contracts, expressly or impliedly, or by statutory implication, and whether such contracts existed at or were entered into after the commencement of this section, shall be satisfied if collection is effected not less frequently than once every two months. | ||
(3) (a) Section 50 (5) of the Insurance Act, 1936 , is hereby amended by the substitution of “£1,200” for “twenty-five pounds”. | ||
(b) Section 51 (2) of the Insurance Act, 1936 (maximum sums which can be assured on the lives of children under 10 years) is hereby amended by the substitution of “£1,000” for “twenty pounds” (inserted by the Credit Union Act, 1966 ) and of “£1,000” for “thirty pounds” (inserted by the Credit Union Act, 1966 ). | ||
(c) The Minister may by order alter the provisions of this subsection regarding sums assured under policies of industrial assurance. |