Abbildungen der Seite
PDF
EPUB

5

10

life is assured under which is a person who is A.D. 1923.
at the time of such default over fifteen years of

age, and upon which not less than five years'
premiums have been paid; or

(b) is a policy for a term of twenty-five years or
upwards, but less than fifty years, upon which
not less than five years' premiums have been
paid; or

(c) is a policy for a term of less than twenty-five
years upon which not less than three years'
premiums have been paid;

the owner of the policy shall, on making application for the purpose to the collecting society or industrial assurance company within one year from the date of the service of 15 the notice, be entitled

20

25

30

(i) to a free paid-up policy for such amount as is
hereinafter mentioned payable upon the happen-
ing of the contingency upon the happening of
which the amount assured under the original
policy would have been payable or of any other
contingency not less favourable to the owner of
the policy; or

(ii) if the owner of the policy is permanently resident
or submits satisfactory proof of his intention to
make his permanent residence outside Great
Britain, the Isle of Man and the Channel Islands,
or if the person whose life is assured has dis-
appeared and his existence is in doubt, to the
surrender value of the forfeited policy ascertained
in manner hereinafter provided.

(2) The amount of a free paid-up policy so issued as aforesaid shall not be less than such as may be determined in accordance with the rules contained in the Fourth Schedule to this Act, and shall be ascertained at the date 35 when the premium following the last premium paid became due:

Provided that the amount of the free paid-up policy shall not exceed the difference between the amount of the forfeited policy (inclusive of any bonus added thereto) 40 and the amount which would be assured by a corresponding policy at the same premium effected on the life of the same person according to the age of that person at his birthday next following the date of forfeiture. (3) In every premium receipt book issued after the 45 commencement of this Act there shall be printed a notice

A.D. 1923. stating that in the event of the forfeiture, after the expiration of five years from the passing of this Act, of any policy of industrial assurance by reason of default in the payment of premiums thereunder, the owner of the policy shall, if the policy has been in force a sufficient 5 period as provided by this section, be entitled to a free paid-up policy or, if the conditions mentioned in paragraph (ii) of subsection (1) of this section are fulfilled, to the surrender value of his policy, and that upon application to the head office of the society or company informa- 10 tion as to the amount of such free paid-up policy or surrender value will be supplied, and it shall be the duty of the society or company to supply such information.

Substitution of policies.

(4) Where the rules of a society or the conditions of a policy are such as would confer on the owner of the 15 policy in case of forfeiture rights more favourable to the owner of the policy than those conferred by this section, nothing in this section shall prevent the owner of the policy from claiming under those rules or conditions instead of under this section.

(5) This section shall not apply in the case of a forfeiture occurring before the expiration of five years after the passing of this Act.

20

24. (1) Where the owner of an industrial assurance policy agrees to accept a new policy in substitution there- 25 for, the collecting society or industrial assurance company, shall pay to the owner of the policy the surrender value (to be ascertained in manner herein-after provided) of the old policy or shall issue to him a free paid-up policy of equivalent value, unless the value of the substituted 30 policy, calculated in accordance with the rules set out in the Fourth Schedule to this Act, at the date of the substitution is equal to or exceeds such surrender value.

(2) In any such case the society or company shall furnish to the owner of the policy, with the new policy and 35 new premium receipt book, a statement setting forth the rights of the owner under this section, and containing an account certified by the secretary of the society or company, or other officer appointed for the purpose, showing the surrender value of the old policy and the value of 40 the new policy.

(3) Where a substituted policy is so issued and the value thereof is equal to or exceeds the surrender value of the old policy, then for the purpose of determining whether the owner is entitled to a free paid-up policy or 45

surrender value under the provisions of this Act relating A.D. 1923. to forfeited policies, the substituted policy shall be deemed to have been issued at the date at which the old policy was issued, and premiums shall be deemed to have been paid 5 on the substituted policy in respect of the period between that date and the date at which the substituted policy was actually issued.

25. (1) A member of or person assured with a Transfers collecting society or industrial assurance company shall from one 10 not, except in the case of

15

society or company to

(a) as respects a collecting society, an amalgamation another.
transfer of engagements or conversion into a
company under the Friendly Societies Act, 1896,
or this Act; or

(b) as respects an industrial assurance company, an
amalgamation or transfer of business under the
Assurance Companies Act, 1909, or this Act,
be transferred from the society or company in which he
was so assured so as to become or be made a member of
20 or be assured with any other such society or company
without his written consent, or, in the case of an infant,
without the like consent of his parent or other guardian,
and any society or company and any collector or other
officer of any society or company concerned in such a
25 transfer shall, if the provisions of this section are not
complied with, be deemed to have contravened the
provisions of this Act.

(2) Such consent as aforesaid shall be in the prescribed form and shall have annexed thereto a document 30 in the prescribed form to be furnished by the society or company to which the transfer is to be made setting out the terms of the existing policy, and the terms of the policy to which the assured will become entitled on transfer and the consideration (if any) which has been or 35 is to be paid for the transfer and the person to whom such consideration has been or will be paid.

(3) The society or company to which the member or person is sought to be transferred shall, within seven days from his application for admission to that society or 40 company, give to the society or company from which he is sought to be transferred notice of the application containing full particulars of the name and address of the applicant and the number of his policy.

(4) As from the date of the said notice the society 45 or company from which the person is sought to be

A.D. 1923. transferred shall cease to be under any liability with

Payment of claims.

Policies to

which 4 & 5 Geo. 5. c. 78 applies.

respect to the policy in question and shall not be required

to serve any notice of forfeiture of the policy in accordance with the foregoing provisions of this Act.

26. Where a claim arising under a policy of indus- 5 trial assurance is paid no deductions shall be made on account of any arrears of premiums due under any other policy.

27.-(1) The Courts (Emergency Powers) Act, 1914, shall cease to be in force so far as it relates to the 10 enforcement of lapses of policies of insurance.

(2) The owner of any policy to which the said Act applied shall be entitled at his option either

(a) on payment at any time before the expiration of
six months after the publication of such notice 15
as is hereinafter mentioned of all arrears in pre-
miums then due, to secure the maintenance of
the policy; or

(b) on making application in writing for the purpose
at any time before the expiration of six months 20
after the publication of such notice as aforesaid,
to have a new policy issued to him of such
reduced amount, or, in the case of an endow-
ment assurance policy modified in such manner,
as having regard to the amount of the arrears 25
may be determined under regulations made by
the Commissioner to be proper to give effect
to the loss occasioned by the non-payment of
the arrears.

(3) Every collecting society and industrial assurance 30 company shall within three months after the passing of this Act publish in such manner as the Commissioner may approve, notice of the rights under this section of the owners of policies to which the said Act applied.

(4) Where the person whose life is assured under any 35 such policy has died before the passing of this Act or within nine months thereafter and the option hereinbefore conferred has not been exercised before his death, the society or company on application being made for the purpose within two years after the passing of this Act 40 shall be liable to pay to the person entitled to receive the sum assured under the policy the amount thereof after deducting the amount of the arrears of premiums due at the date of death.

(5) This section shall come into force on the passing A.D. 1923. of this Act.

28.--(1) Where for the purposes of this Act the Value of value of a policy (including an illegal policy and a policy policies. 5 beyond the legal powers of a collecting society or indus

trial assurance company) has to be ascertained, the value of the policy shall be calculated in accordance with the rules set out in the Fourth Schedule to this Act.

(2) The surrender value of such a policy shall be an 10 amount equal to seventy-five per cent. of the value of the policy so calculated.

29.--(1) The owner of any war bond policy existing War bond at the passing of this Act shall be entitled to make policies. application to the Commissioner alleging that the con15 ditions of the policy are so unreasonable as to entitle him to claim relief under this section, and the Commissioner shall consider the application, and if he is of opinion, after giving the society or company an opportunity of being heard, that the conditions of the policy are such 20 as to warrant such a course, he shall direct that so far as relates to lapse and surrender the policy and all other policies (if any) issued by the same society or company which contain the same conditions shall be modified in such manner as having regard to the legitimate interests 25 of the society or company and the other owners of policies appears to him just, and all policies to which the directions relate shall thereupon have effect as so modified:

Provided that any society or company may appeal to the High Court against any decision of the Commissioner 30 under this section.

[ocr errors]

(2) For the purposes of this Act" war bond policy means a policy of life assurance, whether an industrial assurance policy or not, where the amount assured is payable in any securities issued in connexion with any 35 Government loan raised for the purposes of the war, or in such securities or in cash at the option of the owner of the policy.

40

(3) This section shall come into operation on the passing of this Act.

30. No policy effected before the third day of Saving for December, nineteen hundred and nine, with a collecting certain poli

cies issued

« ZurückWeiter »