SIXTH SCHEDULE. 5 REGULATIONS FOR PREPARING STATEMENTS OF PART I. REGULATIONS. 1. Statements prepared under this Schedule must be prepared, so far as practicable, in tabular form and must be identified by numbers and letters corresponding with those of the para10 graphs of Parts II, III and IV respectively of this Schedule. 2. Except with respect to rates of premium or contribution, items in statements prepared under this Schedule are to be shown to the nearest pound. 3. Separate statements must be prepared in respect of every 15 class of business in respect of which a separate abstract is prepared under the Fifth Schedule to this Act, and in any case in which a separate form of Summary and Valuation is required by that Schedule to be prepared. 4. Statements prepared under Part IV of this Schedule 20 must show the various classes of policies issued, giving particulars as to any reduction of benefit after any specified periods of disablement and as to the conditions, if any, under which premiums cease during disability, and where different classes of continuous disability policies are issued under which disability benefit ceases 25 at different ages, separate statements under that Part of this Schedule must be prepared in respect of each such class. 30 5. Extra premiums shown in the forms of Summary and Valuation prepared under the Fifth Schedule to this Act must not be included in statements prepared under this Schedule. 6. Every statement prepared under this Schedule shall be signed by the actuary making the investigation in connection with which it is prepared. 7. For the purposes of this Schedule the following expressions have the meanings hereby respectively assigned to them, that is 35 to say : Annual loading" means the provision made for future "Extra premiums " means a charge for any risk not provided A.D. 1927. "Net premiums means the premiums taken credit for in the valuation in connection with which any statement is prepared; "Valuation date means as respects any valuation the date as at which the valuation is made. PART II. REQUIREMENTS FOR STATEMENTS APPLICABLE TO LIFE, The statements required to be prepared under this Part of this Schedule are as follows, that is to say :— 1. Statements, separately prepared in respect of policies with and without participation in profits, showing 5 10 (a) as respects policies for the whole term of life, the rates Provided that in the case of policies effected in the course 2. Statements, separately prepared in respect of policies with immediate profits, with deferred profits, with profits under discounted bonus systems, and without profits, showing in quinquennial groups :— (a) as respects policies for the whole term of life (i) the total amount assured (specifying sums assured and reversionary bonuses separately), grouped according to ages attained; and 30 35 (ii) the amount per annum, after deducting abatements made by application of bonus, of office 40 premiums payable throughout life, and of the corresponding net premiums, grouped according to ages attained; and པ་ 5 10 15 20 25 30 35 40 6TH SCH., PT. II. -cont. (iii) the amount per annum, after deducting abate- A.D. 1927. ments made by application of bonus, of office premiums payable for a limited number of years, and, either, the corresponding net premiums grouped in accordance with the grouping adopted for the purposes of the valuation, or, the annual loading reserved for the remaining duration of the policies, grouped according to ages attained: (b) as respects endowment insurance policies— (i) the total amount assured (specifying sums assured and reversionary bonuses separately), grouped in accordance with the grouping adopted for the purposes of the valuation; and (ii) the amount per annum, after deducting abate- Provided that— (b) where the office premiums payable under policies for the 3. Statements as respects any policies in force under which premiums cease to be payable, whether permanently or temporarily, during disability arising from sickness or accident, 40 showing the total amount of the office premiums payable. 4. Statements as respects immediate annuities on single lives for the whole term of life, separately prepared in respect of A.D. 1927. annuities on male and female lives, showing in quinquennial age groups the total amount of such annuities. 6TH SCH., -cont. 5. Statements as respects deferred annuities, separately prepared in respect of annuities on male and female lives, showing the specimen reserve values for annuities of ten pounds which 5 will be produced on maturity on the basis of valuation adopted at ages, in the case of male lives, 60 and 65, and in the case of female lives, 55 and 60; the said statements must show the specimen reserve values which will be produced under the table of annual premiums in use for new policies, and if under any 10 other table of annual premiums in use for any other deferred annuity policies in force smaller reserve values will be produced, the like specimens of these must also be given. 6. Statements as respects any policies of insurance upon the lives of a group of persons, whereby sums assured are 15 payable in respect of the several persons included in the group, showing the total claims paid since the date as at which the last statements were prepared under this Part of this Schedule or under the enactments repealed by this Act, or, where no such statements have been prepared, since the date on which the 20 insurer began to carry on the class of business to which the statements relate, and the reserves for unexpired risks and outstanding claims. PART III. REQUIREMENTS FOR STATEMENTS APPLICABLE TO CAPITAL 25 The statements required to be prepared under this Part of this Schedule are as follows, that is to say :— 1. Statements, separately prepared in respect of policies with and without participation in profits, showing the rates of 30 office premiums charged, in accordance with the published tables in use, for new policies with original terms of ten, fifteen, twenty, and thirty years. 2. Statements, separately prepared in respect of policies with and without participation in profits, showing in quinquennial 35 groups (a) the total amount assured (specifying sums assured and reversionary bonuses separately), grouped according to the number of complete years unexpired at the valuation date; and 40 (b) the amount per annum of office premiums payable and of the corresponding net premiums, grouped according to the number of payments remaining to be made : Provided that as respects policies which will reach maturity in less than five years the information required by sub)- 45 paragraph (a) of this paragraph must be given for each year instead of in quinquennial groups. 5 3. Statements as respects policies which during the five A,D. 1927. years preceding the valuation date (a) have lapsed (excluding any policies revived during that (b) have been surrendered, showing in each case the number of such policies, the amount assured, the yearly office premiums, and the total office premiums received since the policies were effected, classified according to the years in which the policies were effected and lapsed 10 respectively: 15 Provided that where there has been granted on the lapse or surrender of all policies an allowance amounting to not less than ninety per cent. of all the premiums paid thereon, excluding that paid in respect of the first year, a statement to that effect be made in lieu of the statements hereinbefore required by this paragraph. may 4. Statements as respects any policies under which policy owners are entitled to claim advances in excess of the surrender values of the policies, whether on the security of house property 20 or land, or otherwise, showing the terms and conditions on which advances are made and on which the redemption of advances is granted under such policies, and giving specimens of redemption values in respect of policies having different durations and different unexpired terms at the date of redemption. 25 5. Statements as respects advances made under the loan provisions of policies in excess of the surrender values, whether on the security of house property or land, or otherwise, showing separately as respects advances on first mortgage and advances on second or subsequent mortgage, the total number of such 30 advances made since the date as at which the last statements were prepared under this Part of this Schedule or under the enactments repealed by this Act, or, where no such statements have been prepared, since the date on which the insurer began to carry on the class of business to which the statements relate, 35 and the total amount of such advances outstanding at the valuation date. 40 PART IV. REQUIREMENTS FOR STATEMENTS APPLICABLE TO CONTINUOUS The statements required to be prepared under this Part of this Schedule are as follows, that is to say : 1. Statements separately prepared in respect of every class of policies showing specimens of the office premiums charged, in accordance with the published tables in use, for new policies for 45 decennial ages at entry from 20 to 40 inclusive. 6TH SCH. -cont. |