35 General. 39. In the application of this Act to Scotland- "the Attorney-General" shall be construed as references to the Lord Advocate; "the London Gazette " shall be construed as references to the Edinburgh Gazette ; "the High Court" shall be construed "the President "section two hundred and thirty-seven A.D. 1927. Application to Scotland. "section one hundred and thirty-two of the Bankruptcy Act, 1914" shall be construed as references to section one hundred and ninety of the Bankruptcy (Scotland) 3 & 4 Geo. 5. Act, 1913; "committing an act of bankruptcy' shall becoming notour bankrupt; "bankruptcy" shall be construed as (b) Subsection (2) of the section of this Act whereof c. 20. 40. (1) This Act may be cited as the Insurance Short title, Undertakings Act, 1927. (2) This Act shall not extend to Northern Ireland. O 29171 D 3 extent, commencement and repeal. A.D. 1927. of Man or any of the Channel Islands, and an Order in Council extending the provisions of this Act to any of those islands may direct that all or any references in this Act to Great Britain or to the United Kingdom shall be construed as including that island. (4) This Act shall, save as therein expressly provided, come into operation on the first day of January, nineteen hundred and twenty-eight. 5 (5) The enactments mentioned in the Ninth Schedule to this Act are hereby repealed to the extent specified in 10 the third column of that Schedule, so, however, that, as respects every account, balance sheet, investigation, abstract and statement required by the said repealed enactments to be prepared or made by an assurance company in relation to any financial year of the com- 15 pany which began before the commencement of this Act, the said enactments shall continue to be of the same force and effect as if this Act had not passed. SCHEDULES. 5 10 FIRST SCHEDULE. DEPOSITS REQUIRED TO BE MADE. 1. An insurer shall deposit (a) in respect of any life business, annuity business, (b) in respect of any employers' liability business carried 2. An insurer who does not carry on any class of business specified in the foregoing paragraph of this Schedule shall deposit in respect of any fire business and marine business, or 15 either of them, carried on by him, a sum of twenty thousand pounds. 3. An insurer who does not carry on any class of business specified in either of the foregoing paragraphs of this Schedule shall deposit in respect of any motor vehicle business and 20 personal accident business, or either of them, carried on by him, a sum of fifteen thousand pounds. 4. Subject as hereinafter provided, an insurer who does not carry on any class of business specified in any of the foregoing paragraphs of this Schedule shall deposit in respect of 25 all or any classes of miscellaneous insurance business carried on by him a sum of ten thousand pounds: Provided that an insurer who carries on miscellaneous insurance business of a class or classes prescribed in that behalf and no other class of insurance business, shall deposit in lieu of 30 the said sum of ten thousand pounds such sum as may be prescribed not exceeding five thousand pounds. 5. Where an insurer has made in respect of any class of business a deposit which he would not have been required by this Schedule to make if he had, at the time when the deposit 35 was made, carried on some other class of business, then, if he subsequently begins to carry on such other class of business, the sum required to be deposited by him in respect thereof shall be A.D. 1927. A.D. 1927. reduced by an amount equal to the sum previously deposited by him in respect of the first mentioned class of business. 1ST SCH. ~cont. 6. An insurer shall, whether or not he carries on any class of business mentioned in the foregoing paragraphs of this Schedule, deposit in respect of any industrial assurance business carried 5 on by him a sum of twenty thousand pounds. SECOND SCHEDULE. REGULATIONS AND FORM FOR THE PREPARATION OF PART I. 10 1. The balance sheet required to be prepared in respect of every class of business carried on by an insurer is, in the form in which it is set out in Part II. of this Schedule (Form A), appropriate to a case where the insurer maintains an Amalga- 15 mated Statutory Fund in respect of all life business, annuity business, continuous disability business, and capital redemption business carried on by him and does not maintain, under a trust deed or otherwise, any separate fund except those which he is required by this Act to maintain; in a case where the 20 insurer maintains any separate Life Statutory Fund, Annuity Statutory Fund, Disability Statutory Fund, or Capital Redemption Statutory Fund, or maintains any other separate fund or account in accordance with the provisions of a trust deed or otherwise, the balance at the credit of every such fund or 25 account, and the assets and liabilities thereof, must be shown separately, and, subject to the provisions of the regulation next following, the necessary additional columns and headings must be added to the form. 2. The balance sheet of any class of business may be 30 prepared as a separate document instead of being incorporated by the addition of columns and headings in the general balance sheet, but the totals of every such separate balance sheet (showing the total assets of the class of business, the balance at the credit of any statutory fund or other separate fund or account, the 35 amount of shareholders' undivided profits and outstanding liabilities), must in any case be incorporated in the general balance sheet. 3. If any combined balance sheet is for any purpose issued by an insurer, it shall be in accordance with the form 40 specified in this Schedule, and there shall not be included among 2ND SCH., PT. I. -cont. the assets shown in any such combined balance sheet any A.D. 1927. amount in respect of any holding in or advance to any insurer whose assets and liabilities have been incorporated therein. Every combined balance sheet must show clearly on the face 5 thereof that it is a combined balance sheet and must set out fully the name of every insurer whose assets and liabilities have been incorporated therein; if the assets and liabilities of any person not being an insurer are included in a combined balance sheet, the fact must be stated thereon. 10 4. Where any guarantee has been given by an insurer (otherwise than in the ordinary course of re-insurance business) in respect of the policies of any other insurer, the balance sheet of the insurer by whom the guarantee was given must show clearly the name of every insurer whose policies have been so 15 guaranteed and the extent of the guarantee : Provided that this regulation shall not apply where a combined balance sheet is issued incorporating the assets and liabilities of the insurer whose policies are guaranteed. 5. Where any part of the assets of an insurer is deposited 20 in any place outside Great Britain as security for the owners of policies issued in that place, the balance sheet shall state that part of the assets has been so deposited, and if any such part forms part of a statutory fund, shall show the amount thereof and the place where it is deposited. Where any combined 25 balance sheet is issued by an insurer for any purpose, the information required by this regulation shall be shown in the aggregate in respect of all the insurers whose assets and liabilities have been incorporated in the balance sheet. 6. If the value as shown in the balance sheet of the Invest30 ments in Stocks and Shares is, in the aggregate, greater than the market value thereof (after deduction of accrued interest included in market prices in those cases where accrued interest is included elsewhere in the balance sheet), then such market value must be shown against the value shown by the balance sheet, so 35 stated as to make it appear what part thereof has been ascertained from published market quotations. 40 45 7. Every balance sheet shall contain the following certificates:(a) a certificate signed by the same persons as are required (b) a by this Act to sign the balance sheet explaining how certificate signed by the same persons as are |
Nach Druckexemplar suchen
0 Rezensionen Rezensionen werden nicht überprüft, Google sucht jedoch gezielt nach gefälschten Inhalten und entfernt diese Rezension schreiben |