ARRANGEMENT OF CLAUSES.

Industrial Assurance Business. Clause. 1. Industrial assurance business. 2. Industrial Assurance Commissioner. 3. Purposes for which policies may be issued. 4. Assurances on children's lives. 5. Prohibition on issue of illegal policies.

Special Provisions as to Collecting Societies. 6. Name of collecting societies. 7. Deposits by collecting societies. 8. Provisions to be contained in rules. 9. Obligation to deliver policies and copies of rules. 10. Exemptions, total and partial. Special Provisions as to Industrial Assurance Companies. 11. Application of Act of 1909 to industrial assurance

companies. 12. Prohibition of charges on industrial assurance

fund. 13. Act to have effect notwithstanding memorandum,

articles or special Act. Accounts, Returns, Inspection, Valuations, Meetings. 14. Balance sheets and audit. 15. Annual accounts and returns. 16. Inspection. 17. Provisions as to valuations. 18. General meetings.

Rights of Owners of Policies. 19. Provisions as to proposals for policies. 20. Forms of policies. 21. Return of policies and premium receipt books

after inspection.

Clause.
22. Notice before forfeiture.
23. Provisions as to forfeited policies.
24. Substitution of policies.
25. Transfers from one society or company to another.
26. Payment of claims.
27. Policies to which 4 & 5 Geo. 5. c. 78 applies.
28. Value of policies,
29. War bond policies.
30. Saving for certain policies issued before 3rd December
1909.

Disputes. 31. Disputes.

Provisions as to Collectors, &c. 32. Disabilities of collectors, &c. 33. Restriction on employment of persons to procure

new business. 34. Notification of appointments of secretary and mem

bers of committee of management.

Amalgamations, Transfers and Conversions. 35. Transfer of engagements of collecting societies. 36. Transfer of business from company to society. 37. Conversion of collecting society into company.

Offences, Notices, &c. 38. Offences. 39. Penalties for falsification. 40. Notices.

Bond Investment Business. 41. Amendment of law relating to bond investment business.

General. 42. Regulations. 43. Reports of Commissioner. 44. Interpretation, 45. Short title, extent, commencement, and repeal.

SCHEDULES.

[The words enclosed in brackets and underlined were

omitted by the Lords to avoid questions of privilege.]

A

BILL

INTITULED

An Act to consolidate and amend the law relating A.D. 1923.

to Industrial Assurance, and to make provision
with respect to war bond policies and policies
to which the Courts (Emergency Powers) Act,
1914, applies, and bond investment business.
E it enacted by the King's most Excellent Majesty,

:
by and with the advice and consent of the Lords
Spiritual and Temporal, and Commons, in this present

Parliament assembled, and by the authority of the same, o as follows:-

!

Industrial Assurance Business. 1.-(1) Industrial assurance business shall not be Industrial carried on except by a registered friendly society or by an assurance

assurance company registered under the Companies Acts, business. 10 or the Industrial and Provident Societies Acts, 1893 to

1913, or incorporated by special Act, and a registered
friendly society which carries on such business is in this
Act referred to as a collecting society and an assurance

company which carries on such business is in this Act
15 referred to as an industrial assurance company :

Provided that, where an industrial assurance company carries on both industrial assurance business and other business, nothing in this Act shall, save as otherwise

expressly provided, apply to any of the business of the
20 company other than the industrial assurance business.

(2) For the purposes of this Act, “industrial assur-
ance business” means the business of effecting assurances
upon human life premiums in respect of which are
received by means of collectors :
(Bill 49]

A 2

A.D. 1923.

Provided that such business shall not include
(a) assurances the premiums in respect of which

are payable at intervals of two months or

more;
(6) assurances effected by a society or company 5

established before the date of the passing of
this Act which at that date had no assurances
outstanding the premiums on which were
payable at intervals of less than one month so
long as the society or company continues not 10

to effect any such assurances;
(c) assurances effected before the passing of this

Act, premiums in respect of which are payable
at intervals of one month or upwards, and
which have up to the commencement of this 15
Act been treated as part of the business trans-
acted by the ordinary branch and not by the

industrial branch of the society or company;
(d) assurances for twenty-five pounds or upwards

effected after the passing of this Act, premiums 20
in respect of which are payable at intervals of
one month or upwards, and which are treated
as part of the business transacted by the
ordinary branch and not by the industrial
branch of the society or company, in cases 25
where the Commissioner hereinafter mentioned
certifies that the terms and conditions of such
assurances are on the whole not less favourable

to the assured than those imposed by this Act.
(3) When a society or company has ceased to effect 30
industrial assurances it shall, so long as it continues
liable on the assurances previously effected, be deemed
to carry on industrial assurance business.

2.-(1) The Chief Registrar of Friendly Societies shall be the authority charged with such powers and duties 35 in relation to industrial assurance as are conferred and iniposed upon him by this Act, and in that capacity and in the exercise and performance of the powers and duties of the Chief Registrar of Friendly Societies under the Friendly Societies Acts, 1896 and 1908, in relation to 40 collecting societies he shall as from the passing of this Act be known as and styled the Industrial Assurance Commissioner, and is in this Act referred to as the Commissioner, and anything which under the Friendly

Industrial
Assurance
Commis-
sioner.

Societies Acts, 1896 and 1908, is authorised or required to A.D. 1923.
be done by, to or before the central office or the registrar
or an assistant registrar shall, where the society is a

collecting society, be done by, to or before the Com-
5 missioner.

(2) Anything which under this Act is required or authorised to be done by, to or before the Commissioner may be done by, to or before such person as he may

appoint for the purpose. 10 3. Amongst the purposes for which collecting Purposes for

societies and industrial assurance companies may issue which policies of assurance there shall be included insuring policies may

be issued. money to be paid for the funeral expenses of a parent,

child, grandparent, grandchild, brother, or sister, and the 15 issuing of such policies shall be treated as part of the industrial assurance business of the society or company.

4.-(1) The provisions of sections sixty-two and Assurances sixty-four to sixty-seven of the Friendly Societies Act, on children's

lives.
1896, relating to payments on the death of children shall
20 extend to industrial assurance companies as if those pro-

visions were herein re-enacted, and in terms made
applicable to industrial assurance companies.

(2) A collecting society or an industrial assurance
company shall not pay any sum on the death of a child
25 under ten years of age except to the person who took out

the policy on the life of the child, being the parent,
grandparent, brother or sister of the child, or to the
personal representative of that person, nor except upon

production by the person claiming payment of a certificate
30 of death issued by the registrar of deaths, or other person

having the care of the register of deaths, containing the
particulars mentioned in section sixty-four of the Friendly
Societies Act, 1896:

Provided that, where there is no personal represen-
35 tative of the person who took out the policy, the payment

may be made to such one of the next of kin of that
person as proves that he has defrayed, or undertakes to
defray, the funeral expenses of the child.

(3) The provisions of this section shall extend to
40 assurances by industrial assurance companies premiums

in respect of which are payable at intervals of two
months or more.

(4) Section sixty-three of the Friendly Societies Act,
1896, shall cease to apply to collecting societies.