Insurance Act, 1936

Insurance Act, 1936 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1936 Insurance Act, 1936 Insurance Act, 1936 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Print Full ActPriontáil an tAcht Iomlán Number 45 of 1936. INSURANCE ACT, 1936. ARRANGEMENT OF SECTIONS PART I Preliminary and General Section 1. Short title and citation. 2. Commencement of this Act. 3. Definitions. 4. Expenses. 5. Regulations. 6. Restriction on operation of this Act. 7. Repeals. PART II Assurance Licences 8. Prohibition of unlicensed assurance business. 9. Prohibition of insuring with unlicensed insurer. 10. Transactions deemed to be assurance business in Saorstát Eireann. 11. Applications for assurance licences. 12. Grant of assurance licences. 13. Special provisions in relation to certain foreign companies. 14. Special provisions in relation to syndicates. 15. Restrictions on grant of assurance licences. 16. Appeal against refusal of application for assurance licence. 17. Form, etc., of assurance licence. 18. Transfer of assurance licences. 19. Forfeiture of assurance licence. 20. Revocation, etc., of assurance licences. 21. Register of licences. 22. Obligation of assurance companies to deposit moneys with Accountant of Courts of Justice. 23. Obligation of the Committee of Lloyd's to make deposits. 24. Transfer of existing deposits under the Act of 1909. 25. Payment of judgement debts out of deposits. 26. Release of deposits. 27. Release of deposits made by the Committee of Lloyd's. PART III Amalgamation and Transfer of Certain Assurance Businesses 28. Submission to Minister of scheme for amalgamation of assurance companies. 29. Investigation of amalgamation scheme by the Minister. 30. Approval of scheme by the Minister. 31. Confirmation and sanction of amalgamation scheme by the High Court. 32. Effect of confirmation and sanction of amalgamation scheme. 33. Rights of amalgamated company for purposes of Part II. 34. Restriction on application of section 13 of the Act of 1909. 35. Restriction on issue of share capital by an amalgamated company. 36. Underwriting of and subscription for shares of amalgamated companies by Minister for Finance. 37. Issue of moneys from the Central Fund. 38. Disposal of dividends, etc., received by the Minister for Finance. 39. Exercise by the Minister for Finance of powers of shareholder. 40. Power of Minister for Finance to hold and sell shares. 41. Consultation by Minister for Finance with Minister. 42. Alteration of memorandum and articles of association of amalgamated company. 43. Obligation of amalgamated company to furnish balance sheets, etc. PART IV Winding up and Inspection of Insolvent Assurance Companies 44. Definition of insolvency. 45. Power of Minister to petition for winding up of assurance company. 46. Powers in cases of assurance companies of doubtful solvency. 47. Evidence of inability to pay debts. PART V Industrial Assurance Business 48. Definitions in this Part. 49. Application of this Part of this Act in certain cases. 50. Additional purposes for which industrial assurance policies may be issued. 51. Assurances on lives of children under the age of ten years. 52. Validation of certain policies. 53. Prohibition of issue of illegal policies. 54. Application of Act of 1909 to industrial assurance. 55. Industrial assurance valuations. 56. Rejection of valuation by Minister. 57. Requisition of additional particulars by the Minister. 58. Time for making first industrial assurance valuation. 59. Time for deposit of valuation by certain companies. 60. General meetings of industrial assurance companies. 61. Contents of proposals for industrial assurance policies. 62. Contents of industrial assurance policies. 63. Industrial assurance proposals and policies. 64. Admission of age of life assured. 65. Return of policies, etc., after inspection. 66. Forfeiture or non-payment of premium. 67. Rights of holder of policy forfeited for non-payment of premium. 68. Assured persons transferring from one company to another company. 69. Payment of claims. 70. Value of industrial assurance policies. 71. Saving for certain policies issued before 3rd December, 1909. 72. Decision of disputes between industrial assurance companies and others. 73. Disputes as to continuance of assured life. 74. Certain restrictions in relation to collectors. 75. Restriction on employment of persons to procure new business. 76. Service or notices. PART VI The Re-Insurance Company of Ireland, Limited 77. Formation and registration of Re-Insurance Company of Ireland, Limited. 78. Loan to the Company to pay expenses of formation. 79. Issue of share capital of the Company. 80. Underwriting by the Minister for Finance of issue of shares. 81. Charge of moneys on the Central Fund. 82. Payment of dividends, etc., into the Exchequer. 83. Powers of the Minister for Finance as shareholder. 84. Powers of Minister for Finance in respect of shares held by him. 85. Alteration of memorandum and articles of association of the Company. 86. Obligation of the Company to furnish balance sheets, etc. 87. Inspection by Minister of books, etc., of the Company. 88. Statistics and returns to be made by the Company. 89. Obligation to re-insure with the Company. 90. State guarantee of re-insurance contracts. PART VII Miscellaneous 91. Extension of bond investment business. 92. Prohibition of borrowing on security of assurance fund. 93. Place of payment of sum assured. 94. Issue of policies etc., in Saorstát Eireann. 95. Amendment of Fifth Schedule to Act of 1909. 96. Alteration of Schedules to Act of 1909 and this Act. 97. Returns, etc., by foreign companies. 98. Returns by assurance companies of re-insurance business. 99. Accounts, etc., to be furnished by syndicate. 100. Additional contents of revenue account. 101. Additional contents of balance sheet. 102. Additional statement to be furnished by certain foreign companies. 103. Additional statement in respect of mechanically propelled vehicle insurance business. 104. Application of Act of 1909 to certain classes of assurance business. 105. Application of moneys received by assurance companies. 106. Re-insurance (prohibition) order. 107. Rates of premiums order. 108. Issue of policies in the Irish language. 109. Contravention, etc., of Act by assurance company or syndicate. 110. Time limit for prosecution of offences. FIRST SCHEDULE. Conditions Affecting Amalgamated Companies Under Part III of this Act. SECOND SCHEDULE. Additional Particulars of Industrial Assurance Valuations. THIRD SCHEDULE. Rules for Ascertaining the Amount of a Free Paid-up Policy and the Cash Surrender Value of any Policy of Industrial Assurance. FOURTH SCHEDULE. Limitations on Rights on Forfeiture for Non-payment of Premium. FIFTH SCHEDULE. Conditions to which the Company is to Conform. SIXTH SCHEDULE. Form applicable to mechanically propelled vehicle insurance business. Acts Referred to Adaptation of Enactments Act, 1922 No. 2 of 1922 Local Authorities (Mutual Assurance) Act, 1926 No. 34 of 1926 Road Traffic Act, 1933 No. 11 of 1933 Number 45 of 1936. INSURANCE ACT, 1936. AN ACT TO MAKE FURTHER AND BETTER PROVISION IN RELATION TO ASSURANCE BUSINESS AND PERSONS CARRYING ON THAT BUSINESS OR ANY BRANCH THEREOF, TO MAKE PROVISION FOR THE FORMATION AND REGISTRATION OF A COMPANY HAVING FOR ITS PRINCIPAL OBJECT THE RE-INSURANCE OF INSURANCE BUSINESS, AND TO MAKE PROVISION FOR OTHER MATTERS CONNECTED WITH THE MATTERS AFORESAID. [14th August, 1936.] BE IT ENACTED BY THE OIREACHTAS OF SAORSTÁT EIREANN AS FOLLOWS:— PART I. Preliminary and General. Short title and citation. 1.—(1) This Act may be cited as the Insurance Act, 1936. (2) The Assurance Companies Act, 1909 , and this Act may be cited together as the Insurance Acts, 1909 and 1936. Commencement of this Act. 2.—This Act shall come into operation on such day or days as may be fixed therefor by any order or orders of the Minister, either generally or with reference to any particular Part, and different days may be so fixed for different Parts of this Act, but no order shall be made by the Minister under this section in relation to Part VI of this Act without the consent of the Minister for Finance. Definitions. 3.—In this Act— the expression “the Minister” means the Minister for Industry and Commerce; the word “prescribed” means (save where otherwise expressly stated) prescribed by regulations made by the Minister under this Act; the expression “assurance business” means any of the following classes of business, that is to say:— (a) life assurance business, (b) industrial assurance business, (c) fire insurance business, (d) accident insurance business, (e) bond investment business, (f) employers' liability insurance business, (g) mechanically propelled vehicle insurance business, (h) public liability insurance business, (i) engineering insurance business, (j) glass insurance business, (k) guarantee insurance business, (l) burglary insurance business; the expression “life assurance business” does not include any business which is industrial assurance business, but subject to that over-riding limitation the said expression means the business of effecting contracts of assurance upon human life, including the payment of money on death (except on death by accident only) and including contracts of assurance the premiums in respect of which are payable for a term dependent on human life, and also including contracts for the granting of annuities on or with reference to human life (other than superannuation allowances and annuities payable out of any funds applicable solely to the relief and maintenance of persons engaged or who have been engaged in a particular profession, trade or employment or of the dependants of such persons) and also including contracts which are attached to or dependent on contracts of assurance on human life and under which the assurer has no right of cancellation and which provide for the payment of moneys in case of fatal or other accident to or disease of the assured; the expression “industrial assurance business” means the business of effecting assurances upon human life where the premiums in respect of such assurances are payable at intervals of less than two months and are collected by means of collectors, (including contracts which are attached to or dependent on such assurances and under which the assurer has no right of cancellation and which provide for the payment of moneys in case of fatal or other accident to or disease of the assured) but the said expression does not include the business of effecting any of the following assurances, that is to say:— (a) assurances effected, whether before or after the passing of this Act, by an assurance company which was carrying on assurance business before the date of the passing of this Act and which at that date had no assurances outstanding the premiums on which were payable at intervals of less than one month, so long as such company continues not to effect any such assurances, and (b) assurances effected before the date of the passing of this Act, the premiums in respect of which are payable at intervals of one month or upwards, and which have up to the commencement of the Part of this Act relating to industrial assurance business been treated as part of the business transacted by a branch other than the industrial assurance branch of the company which effects such assurances, and (c) assurances for twenty-five pounds and upwards effected after the passing of this Act, the premiums in respect of which are payable at intervals of one month or upwards, but of less than two months, and which are treated as part of the business transacted by a branch other than the industrial assurance branch of an assurance company, in cases where the Minister certifies that the terms and conditions of such assurances are on the whole not less favourable to the assured than the terms and conditions imposed by this Act; the expression “fire insurance business” means the business of effecting contracts of insurance against loss by or incidental to fire; the expression “accident insurance business” means the business of effecting contracts of insurance against or otherwise in relation to personal accidents, whether fatal or not, disease or sickness, or any class of personal accidents, disease or sickness, except any contracts which are attached to or dependent on contracts of life assurance business or industrial assurance business and which confer benefits on the assured in case of fatal or other accident to or disease of the assured and under which the assurer has no right of cancellation; the expression “bond investment business” does not include life assurance business, industrial assurance business, or sinking fund or capital redemption business, but subject to that overriding limitation the said expression means the business of issuing bonds or endowment certificates by which the company carrying on such business, in return for subscriptions payable at periodical intervals of less than six months, contracts to pay the holder of such bond or certificate a sum of money at a future date; the expression “employers' liability insurance business” means the business of effecting with employers contracts of insurance against liability to pay compensation or damages to workmen in their employment; the expression “mechanically propelled vehicle insurance business” means the business of effecting contracts of insurance against loss of or damage to or arising out of or in connection with the use of mechanically propelled vehicles, including third party risks; the expression “public liability insurance business” means the following and no other classes of assurance business, that is to say, the business of effecting contracts of insurance indemnifying the insured against liability to pay compensation or damages to any person in respect of personal injury, loss, or damage sustained by such person through the negligence of the insured or of his servant or agent acting within the scope of his employment or authority as such servant or agent (as the case may be) and the business of effecting contracts of insurance indemnifying the insured against liability to pay compensation or damages arising out of or in connection with the negligent use or condition of the property, whether real or personal, of the insured; the expression “engineering insurance business” means the following and no other class of assurance business, that is to say, the business of effecting contracts of insurance against loss arising from damage or injury to any boiler or other apparatus containing gas, vapour or liquid under pressure or any mechanical apparatus or other machinery or arising in any other way from or in connection with the use of any such apparatus or machinery, including liability to pay compensation to third parties in relation to such apparatus or machinery; the expression “glass insurance business” means the business of effecting contracts of insurance against loss by or incidental to the breakage of glass; the expression “guarantee insurance business” means the business of effecting contracts of insurance with employers against loss by or incidental to fraud, embezzlement, misappropriation, forgery, theft, or larceny by employees and the business of issuing bonds or contracts of suretyship; the expression “burglary insurance business” does not include guarantee insurance business, but subject to that overriding limitation the said expression means the business of effecting contracts of insurance against loss by or incidental to burglary, housebreaking, theft, or larceny; the expression “sinking fund or capital redemption business” means the business of effecting contracts of insurance (otherwise than upon human life) whereby the insurer in consideration of the payment to him of one premium, or of two or more premiums paid at intervals of not less than two months, agrees to pay to the insured at a future date or on future dates one sum or a series of sums; the word “policy” means any document or other writing by which any contract of assurance is made or agreed to be made or which is evidence of any such contract; the word “premium” means any money or money's worth payable or paid to any person who carries on an assurance business and who in consideration of such money or money's worth undertakes any liability under any policy, bond or certificate; the expression “assurance company” means a company (whether registered in Saorstát Eireann under the Companies Acts, 1908 to 1924, or incorporated under the law of some country other than Saorstát Eireann) which carries on any assurance business, and the said expression unless the context otherwise requires, includes a society, association, or other body which is incorporated or otherwise constituted under the law of a country other than Saorstát Eireann and carries on assurance business; the expression “Saorstát Eireann company” means an assurance company registered in Saorstát Eireann under the Companies Acts, 1908 to 1924; the expression “foreign company” means an assurance company which is incorporated under the law of a country other than Saorstát Eireann, and the said expression, unless the context otherwise requires, includes a society, association or other body which is incorporated or otherwise constituted under the law of a country other than Saorstát Eireann; the word “syndicate” means any group of underwriters who are members of Lloyd's and who are certified by the Chairman of the Committee of Lloyd's to be a syndicate for the purposes of this Act; the word “actuary” means an actuary who possesses the prescribed qualifications; the expression “the Act of 1908” means the Companies (Consolidation) Act, 1908 ; the expression “the Act of 1909” means the Assurance Companies Act, 1909 , as adapted by or under the Adaptation of Enactments Act, 1922 (No. 2 of 1922), and as amended or extended by any other enactment. Expenses. 4.—(1) All expenses incurred by the Minister in the execution of this Act and not otherwise provided for by this Act shall, to such extent as shall be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas. (2) All expenses incurred by the Minister for Finance in the execution of this Act shall be paid out of moneys provided by the Oireachtas. Regulations. 5.—The Minister may by order make regulations in relation to any matter or thing referred to in this Act as prescribed or to be prescribed and for the prescription of which no other provision is made by this Act. Restriction on operation of this Act. 6.—Nothing in this Act shall affect— (a) the validity or the due continuance and fulfilment of any contract of assurance effected before the commencement of this Part of this Act; or (b) the liability of the life assurance fund or the industrial assurance fund of a company carrying on in Saorstát Eireann at such commencement life assurance business or industrial assurance business to the prejudice of persons who have before such commencement effected policies of life assurance or industrial assurance with any such company; or (c) any business lawfully carried on by societies and other bodies registered in Saorstát Eireann under the Acts relating to friendly societies or to trade unions; or (d) any business which is the insuring against risks arising out of or in connection with the use of aircraft; or (e) any business which was, on the 31st day of October, 1935, lawfully carried on by a trade union not registered in Saorstát Eireann under the Acts relating to trade unions and which is for the time being carried on by such trade union under and in accordance with a permit in that behalf granted by the Minister; or (f) any business which is not assurance business. Repeals. 7.—(1) The following portions of the Act of 1909 are hereby repealed as on and from the commencement of Part II of this Act, that is to say, paragraphs (b), (c) and (d) of section 31, paragraphs (b) and (c) of section 32, paragraphs (a), (d) and (e) of sub-section (1) of section 33, and paragraphs (b) and (c) of section 34, and in section 35 the words “originally established more than twenty years before the commencement of this Act”. (2) The Collecting Societies and Industrial Assurance Companies Act, 1896, and section 36 of the Act of 1909 are hereby repealed as on and from the commencement of Part V of this Act. (3) The following portion of the Act of 1909 is hereby repealed as on and from the commencement of Part VII of this Act, that is to say in sub-section (1) of section 3 all words from the words “Provided that” to the end of that sub-section. PART II. Assurance Licences. Prohibition of unlicensed assurance business. 8.—(1) It shall not be lawful for any assurance company or other person to carry on in Saorstát Eireann any assurance business save under and in accordance with a licence (in this Act referred to as an assurance licence) granted by the Minister under this Part of this Act. (2) Every person (other than an assurance company) who carries on any assurance business in contravention of this section shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding one hundred pounds together with, in the case of a continuing offence, a further fine not exceeding five pounds for every day during which the offence continues. Prohibition of insuring with unlicensed insurer. 9.—(1) It shall not be lawful for any person (otherwise than in the course of re-insurance) to effect or to endeavour to effect any contract of assurance with an assurance company or any other person which or who is not the holder of an assurance licence entitling such company or person to effect contracts of assurance of the kind so effected or endeavoured to be effected by such person. (2) Every person who effects or endeavours to effect any contract of assurance in contravention of this section shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding fifty pounds. Transactions deemed to be assurance business in Saorstát Eireann. 10.—(1) A Saorstát Eireann company which carries on any class of assurance business shall be deemed, for the purposes of this Act, to carry on assurance business in Saorstát Eireann notwithstanding that the whole or a part of such business is in fact carried on or transacted outside Saorstát Eireann. (2) A foreign company which or a person (wherever resident or carrying on business) who issues (otherwise than in the course or by way of re-insurance) a policy, bond, certificate, or other instrument of insurance to a person ordinarily resident in Saorstát Eireann, or issues to any such person a policy, bond, certificate, or other instrument of insurance in respect of a liability, loss, or damage which will arise (if at all) in Saorstát Eireann, or accepts from any person ordinarily resident in Saorstát Eireann a premium in respect of a policy so issued after the commencement of this Part of this Act shall, if the issue of such instrument of insurance or the acceptance of such premium was done in the course and as part of the carrying on of a business which is assurance business within the meaning of this Act, be deemed, for the purposes of this Act, to carry on assurance business in Saorstát Eireann whether such instrument is issued from or such premium is accepted at a place in or a place outside Saorstát Eireann. Applications for assurance licences. 11.—(1) Any assurance company or any syndicate may apply to the Minister for an assurance licence authorising it to carry on a specified assurance business. (2) Every application under this section for an assurance licence shall be in the prescribed form and be made in the prescribed manner, and shall state the class or classes of assurance business which the assurance company or syndicate (as the case may be) making such application proposes to carry on, together with such other particulars as may be prescribed. (3) Every assurance company or syndicate which applies under this section for an assurance licence shall, when required by the Minister so to do, furnish to the Minister all such information as the Minister may require for the consideration of such application. (4) The Minister may require any statement of fact made in an application for an assurance licence or made to the Minister in response to a request for information under the next preceding sub-section of this section to be verified by the statutory declaration of some person having personal knowledge of the facts so stated. (5) If any person, in an application for an assurance licence or in furnishing any information in pursuance of a requisition of the Minister under this section, makes any statement which is false or misleading in any material respect, such person shall be guilty of an offence under this section and shall be liable on summary conviction thereof, in the case of a first such offence, to a fine not exceeding one hundred pounds and, in the case of a second or any subsequent such offence, to a fine not exceeding five hundred pounds. (6) If any assurance company or any syndicate fails to furnish any information or any verification which such company or syndicate (as the case may be) is required by the Minister under this section to furnish, the Minister may, on the ground of such failure and without prejudice to any other power of refusal conferred on him by this Act, refuse the application in relation to which such information or verification was so required. (7) On every application under this section for an assurance licence there shall be paid such fee as the Minister, with the consent of the Minister for Finance, shall prescribe and the due payment of such fee shall be a condition precedent to the entertainment of the application by the Minister. (8) All fees payable under this section shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance shall direct. (9) The Public Offices Fees Act, 1879, shall not apply in respect of any fees payable under this section. Grant of assurance licences. 12.—(1) Subject to the provisions of this Act, the Minister may, in his discretion, grant or refuse an application for an assurance licence. (2) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company which, on the 31st day of October, 1935, carried on life assurance business or industrial assurance business or both such businesses for an assurance licence to carry on either or both of such businesses, the Minister shall, subject to the provisions of this Act, grant such application. (3) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company which on the 31st day of October, 1935, carried on in addition to life assurance business or industrial assurance business or both such businesses any other assurance business for an assurance licence to carry on such other assurance business, the Minister may grant such application if, but only if, he is satisfied that the assets of such company are sufficient to enable such company to carry on such other assurance business. (4) Whenever an application to which one of the two next preceding sub-sections of this section applies is made by a Saorstát Eireann company for an assurance licence to carry on assurance business or businesses of a class or classes mentioned in that sub-section in addition to assurance business or businesses of a class or classes mentioned in the other of the said two next preceding sub-sections, the Minister may grant such application if he is satisfied that such company complies with the conditions set forth in whichever of the said two next preceding sub-sections applies to such application and that such licence is required by such company only pending the completion of arrangements for the transfer of the assurance business or businesses to which the application relates to some other Saorstát Eireann company or companies licensed under this Act to carry on such business or businesses. (5) Where the Minister grants an assurance licence under the next preceding sub-section of this section the Minister may (without prejudice to any other power of revocation conferred on him by this Act) revoke such licence on the completion of the arrangements for the transfer of the assurance business in respect of which such licence was granted and shall, in any event, revoke such licence at the expiration of nine months after the date of the grant thereof. (6) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company which, on the 31st day of October, 1935, carried on neither life assurance business nor industrial assurance business or which is formed after sueh date for an assurance licence to carry on either or both of the said businesses, the Minister shall, subject to the provisions of this Act, grant such application, if, but only if, all the following conditions are complied with, that is to say:— (a) the issued capital of such company is not less than two hundred thousand pounds and the paid-up capital of such company is not less than one hundred thousand pounds, and (b) the issued shares of such company are, to an extent not less than two-thirds (in nominal value) thereof and carrying voting rights (whether immediate or to arise in certain future circumstances), in the beneficial ownership of a person who is or of two or more persons all of whom are citizens of Saorstát Eireann, and (c) the majority of the directors (other than a managing director giving the whole of his time to his duties as such director) of such company are citizens of Saorstát Eireann. (7) Whenever an application is duly made in accordance with this Act by a foreign company for an assurance licence to carry on life assurance business or industrial assurance business or both such businesses the Minister shall not (without prejudice to any other power of refusal conferred on him by this Act) grant such application unless he is satisfied that— (a) such company carried on life assurance business or industrial assurance business or both such businesses in Saorstát Eireann on the 31st day of October, 1935, and (b) such company, if it so carried on life assurance business, complies with the provisions of the Act of 1909 relating to life assurance business, and (c) such company, if it so carried on industrial assurance business, complies with the provisions of the Act of 1909 relating to industrial assurance business, and (d) such company had on the 31st day of October, 1935, and has at the date of such application a place of business in Saorstát Eireann, and (e) either such company (if it is incorporated under the law of a country other than Saorstát Eireann) complies with the provisions of section 274 of the Act of 1908, or such company (if it is a society, association, or other body which is incorporated or otherwise constituted under the law of a country other than Saorstát Eireann) has filed with the Registrar of Companies— (i) a certificate (certified by the proper officer of the country in which such company is so incorporated or otherwise constituted) of the registration of such company in such country, and (ii) a copy (similarly certified) of the rules or other instrument defining the constitution of such company, and (iii) the names of the persons forming the committee of management or other body having the direction or control of such company, and (iv) the names of the secretary and the trustees of such company and of the persons authorised to sue and be sued on behalf of such company, and (v) the names and the addresses of one or more persons resident in Saorstát Eireann who are authorised to accept on behalf of such company service of any notices, documents, or legal process. (8) Whenever an application is duly made in accordance with this Act by a foreign company for an assurance licence to carry on one or more than one class of assurance business other than life assurance business and industrial assurance business, the Minister shall not (without prejudice to any other power of refusal conferred on him by this Act) grant such application unless he is satisfied that— (a) such company on the 31st day of October, 1935, carried on in Saorstát Eireann one or more than one class of assurance business other than life assurance business and industrial assurance business, and (b) such company complies with the provisions of the Act of 1909 relating to the class or classes of assurance business carried on by it, and (c) such company had on the 31st day of October, 1935, and has at the date of such application a place of business in Saorstát Eireann, and (d) such company complies with the provisions of section 274 of the Act of 1908. (9) Whenever an application to which one of the two next preceding sub-sections of this section applies is made by a foreign company for an assurance licence to carry on assurance business or businesses of a class or classes mentioned in that sub-section in addition to assurance business or businesses of a class or classes mentioned in the other of the said two next preceding sub-sections, the Minister may grant such application if he is satisfied that such company complies with the conditions set forth in whichever of the said two next preceding sub-sections applies to such application and that such licence is required by such company only pending the completion of arrangements for the transfer of the assurance business or businesses to which the application relates to some other assurance company or companies licensed under this Act to carry on such business or businesses. (10) Where the Minister grants an assurance licence under the next preceding sub-section of this section the Minister may (without prejudice to any other power of revocation conferred on him by this Act) revoke such licence on the completion of the arrangements for the transfer of the assurance business in respect of which such licence was granted and shall, in any event, revoke such licence at the expiration of nine months after the date of the grant thereof. (11) Whenever an application is duly made in accordance with this Act— (a) by a Saorstát Eireann company which at the date of such application carries on neither life assurance business nor industrial assurance business but which, on the 31st day of October, 1935, carried on one or more than one class of assurance business other than life assurance business and industrial assurance business, and did not on the said 31st day of October, 1935, carry on life assurance business or industrial assurance business, or (b) by a Saorstát Eireann company which is formed after the commencement of this Part of this Act which complies with the following conditions, that is to say, the issued shares of such company are, to an extent not less than two-thirds (in nominal value) thereof and carrying voting rights (whether immediate or to arise in certain future circumstances), in the beneficial ownership of a person who is or of two or more persons all of whom are citizens of Saorstát Eireann, and the majority of the directors (other than a managing director giving the whole of his time to his duties as such director) are citizens of Saorstát Eireann, and the issued capital of such company is not less than two hundred thousand pounds and the paid-up capital of such company is not less than one hundred thousand pounds, or (c) by a company in respect of which the Minister is satisfied that it complies with the provisions of section 2 of the Local Authorities (Mutual Assurance) Act, 1926 (No. 34 of 1926), for an assurance licence to carry on one or more than one class of assurance business other than life assurance business or industrial assurance business, the Minister shall, subject to the provisions of this Act, grant such application. (12) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company for an assurance licence to carry on employers' liability insurance business only, the Minister shall, subject to the provisions of this Act, grant such application if he is satisfied that such company is an association of employers and that the business which such company carries on or is about to carry on is, wholly or substantially, the mutual insurance of its members against liability to pay compensation or damages to workmen employed by such members, either alone or in conjunction with insurance against any other risk insurance against which is employers' liability business within the meaning of this Act. (13) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company for an assurance licence to carry on fire insurance business only the Minister shall, subject to the provisions of this Act, grant such application if he is satisfied that such company is an association of owners or occupiers of buildings or other property and that the business which such company carries on or is about to carry on is, wholly or substantially, the mutual insurance of its members against damage by, or incidental to, fire caused to the buildings or other property owned or occupied by them. (14) Whenever an application is duly made in accordance with this Act by a syndicate for an assurance licence to carry on one or more than one class of assurance business other than life assurance business, industrial assurance, business, or bond investment business, the Minister shall not (without prejudice to any other power of refusal conferred on him by this Act) grant such application unless he is satisfied that— (a) such syndicate on the 31st day of October, 1935, carried on in Saorstát Eireann such one or more than one class of assurance business other than life assurance business, industrial assurance business or bond investment business, and (b) the members comprising such syndicate on the said date complied with the provisions of the Eighth Schedule to the Act of 1909, and (c) such syndicate has filed with the Registrar of Companies— (i) a list (certified by the Chairman of Lloyd's) of the names and the addresses of the members who form such syndicate, and (ii) the names, and the addresses of one or more persons resident in Saorstát Eireann who are authorised to accept on behalf of such syndicate service of any notices, documents, or legal process. Special provisions in relation to certain foreign companies. 13.—Whenever an application has been duly made in accordance with this Act by a foreign company which is a society, association, or other body incorporated or otherwise constituted under the law of a country other than Saorstát Eireann for an assurance licence to carry on life assurance business or industrial assurance business, or whenever an assurance licence has been granted to any such company to carry on either or both of such businesses, the following provisions shall have effect, that is to say:— (a) any alteration in the rules or other instrument defining the constitution of such company and filed with the Registrar of Companies shall be notified to such Registrar within the prescribed time, and (b) any notice, document or legal process may (save as may be otherwise required by or under any rules of court or an order of a court or judge) be served by being left with or sent by prepaid ordinary post to the persons resident in Saorstát Eireann at the addresses of such persons as specified by such company under this Part of this Act, and (c) the Registrar of Companies shall, if satisfied that such company has filed with him the matters required by this Part of this Act to be so filed by it, issue a certificate under his hand certifying that such company has so filed the matters which it is so required to file, and (d) every such certificate shall be prima facie evidence of the matters stated therein and it shall not be necessary to prove the signature of the Registrar of Companies or that he was in fact such Registrar, and (e) the Registrar of Companies shall, if required by any person and on payment to such Registrar by such person of whichever of the following fees is the lesser, that is to say, a fee of six pence for every folio of seventy-two words, or a fee of one pound, issue to such person copies (certified by such Registrar to be true copies) of any of the matters required by this Part of this Act to be filed with such Registrar by any such company and all such copies when so certified shall be prima facie evidence of the contents thereof and it shall not be necessary to prove the signature of such Registrar or that he was in fact such Registrar. Special provisions in relation to syndicates. 14.—Whenever an application has been duly made in accordance with this Act by a syndicate for an assurance licence to carry on one or more than one class of assurance business other than life assurance business, industrial assurance business, or bond investment business, or whenever an assurance licence has been granted to a syndicate to carry on one or more than one class of assurance business (other than as aforesaid), the following provisions shall have effect, that is to say:— (a) any alteration in the membership of such syndicate shall be notified by the Chairman of Lloyd's to the Registrar of Companies within the prescribed time, and (b) any notice, document or legal process may (save as may be otherwise required by or under any rules of court or an order of a court or judge) be served by being left with the persons resident in Saorstát Éireann specified for that purpose by such syndicate under this Part of this Act or by being sent by prepaid ordinary post to such persons at their addresses as so specified by such syndicate, and (c) the Registrar of Companies shall, if satisfied that such syndicate has filed with him the matters required by this Part of this Act to be so filed by it, issue a certificate under his hand certifying that such syndicate has so filed the matters which it is so required to file, and (d) every such certificate shall be prima facie evidence of the matters stated therein and it shall not be necessary to prove the signature of the Registrar of Companies or that he was in fact such Registrar, and (e) the Registrar of Companies shall if required by any person and on payment to such Registrar by such person of whichever of the following fees is the lesser, that is to say, a fee of sixpence for every folio of seventy-two words, or a fee of one pound, issue to such person a copy (certified by such Registrar to be a true copy) of any of the matters required by this Part of this Act to be filed with such Registrar by such syndicate and every such copy when so certified shall be prima facie evidence of the contents thereof and it shall not be necessary to prove the signature of such Registrar or that he was in fact such Registrar. Restrictions on grant of assurance licences. 15.—(1) Whenever an application is duly made in accordance with this Act by an assurance company or a syndicate for an assurance licence, the Minister may (without prejudice to any other power of refusal conferred on him by this Act) refuse such application— (a) if such company or the Committee of Lloyd's (as the case may be) has not complied with the provisions of this Part of this Act relating to the deposit of moneys with the Accountant of the Courts of Justice, or (b) if it appears to the Minister that there is reasonable ground for believing that such company is insolvent. (2) Whenever the Minister grants to an assurance company an assurance licence to carry on life assurance business or industrial assurance business or both those businesses, the Minister shall, while such licence continues in force, refuse every application by such company for an assurance licence to carry on any other class of assurance business, save where the grant of the licence so applied for is expressly authorised by another section of this Part of this Act. (3) Whenever the Minister grants to a foreign company an assurance licence to carry on one or more than one class of assurance business (other than life assurance business or industrial assurance business) the Minister shall (without prejudice to any other power of refusal conferred on him by this Act) refuse every application by such company for an assurance licence to carry on any other such class of assurance business unless such company on the 31st day of October, 1935, carried on in Saorstát Eireann that other class of assurance business. (4) Whenever the Minister grants to an assurance company an assurance licence to carry on any class of assurance business other than life assurance business or industrial assurance business the Minister shall, while such licence continues in force, refuse every application by such company for an assurance licence to carry on life assurance business or industrial assurance business, save where the grant of the licence so applied for is expressly authorised by another section of this Part of this Act. Appeal against refusal of application for assurance licence. 16.—Where the Minister refuses to grant an application for an assurance licence the following provisions shall have effect, that is to say:— (a) the applicant for such licence may, within one month after such refusal, apply in a summary manner to the High Court for a declaration that such licence should be granted to him; (b) the Minister shall be named as respondent in any application to the High Court under the next preceding paragraph of this section; (c) the High Court, if it is satisfied that such applicant has complied or will in due course comply with the provisions of the Act of 1909 and this Act and that, having regard to all the circumstances of the case, it is just and equitable that such licence should be granted to such applicant, may make an order declaring that such licence should be granted to such applicant; (d) whenever the High Court makes an order under this section declaring that an assurance licence should be granted to an applicant therefor, the Minister shall, as soon as conveniently may be, grant, under and in accordance with this Act, such licence to such applicant. Form, etc., of assurance licence. 17.—Every assurance licence shall— (a) be in the prescribed form, and (b) if granted to an assurance company, state the name of such assurance company, and if granted to a syndicate, state the names and the addresses of the members constituting such syndicate, and (c) state the class or classes of assurance business which may be carried on by such assurance company or syndicate (as the case may be), and (d) be expressed and operate to authorise such assurance company or syndicate (as the case may be) to carry on the class or classes of assurance business stated in such licence, and (e) be and be expressed to be granted subject to the provisions of this Act. Transfer of assurance licences. 18.—(1) An assurance licence shall not be transferable by the licensee thereunder or by operation of law to any company or other person. (2) Whenever the ownership of an assurance business has been transferred, whether by act of the parties or operation of law, from the licensee under the assurance licence relating to such business to another assurance company, the Minister may, if he thinks proper so to do on the application of such other person or company, transfer the said assurance licence to such other assurance company, and for that purpose amend the said assurance licence by substituting therein (by correction or endorsement) the name of such other assurance company as the licensee thereunder. (3) Whenever a syndicate, which is the holder of an assurance licence for the time being in force, ceases to carry on in Saorstát Éireann the class of assurance business to which such assurance licence relates the Minister may, in his absolute discretion, on the application of some other syndicate, transfer the said assurance licence to such other syndicate, and for that purpose amend the said assurance licence by substituting therein (by correction or endorsement) such other syndicate as the licensee thereunder. (4) The provisions of this Act in relation to an application for and the grant of an assurance licence shall apply, so far as applicable, in relation to applications for and grants of transfers of assurance licences. Forfeiture of assurance licence. 19.—Whenever— (a) an assurance licence is granted to a Saorstát Eireann company under a provision of this Act whereby the Minister is required to grant such licence if, but only if, certain conditions are complied with by such company, and (b) one of those conditions is that the issued shares of such company are, to an extent not less than two-thirds (in nominal value) thereof and carrying voting rights (whether immediate or to arise in certain future circumstances), in the beneficial ownership of a person who is or of two or more persons all of whom are citizens of Saorstát Eireann, then and in every such case the condition set forth in the foregoing paragraph (b) shall be deemed to be a continuing condition attached to such licence, and, if such company ceases at any time while such licence remains in force to comply with the said condition, such licence shall forthwith become and be forfeited and void. Revocation, etc., of assurance licences. 20.—(1) The Minister may, at any time, alter or revoke an assurance licence upon the application in writing in the prescribed form and manner of the licensee under such licence. (2) Whenever it appears to the Minister that an assurance licence should be suspended or revoked on all or any of the following grounds, that is to say:— (a) that the licensee thereunder has failed to comply with the provisions of the Act of 1909 or of this Act, or (b) that, by reason of the insufficiency of the assets of the licensee thereunder, the carrying on by such licensee of the assurance business in respect of which such licence was granted is not justified, or (c) that such licensee has failed to pay, within one month after a claim on an insurance policy with such licensee is admitted, decided, or adjudged to be due, the amount of such claim to the person entitled thereto, or (d) in the case of a syndicate, that the constitution of the syndicate is varied by such an increase in the membership of such syndicate as in the opinion of the Minister is unreasonable having regard to the number of the members constituting such syndicate at the date of the issue of the assurance licence to such syndicate, the Minister may give to such licensee notice in writing of his intention to consider the suspension or revocation of such licence and the grounds on which he intends to consider such suspension or revocation (as the case may be). (3) Whenever the Minister gives under this section to the licensee under an assurance licence notice of his intention to consider the suspension or revocation of such licence, the following provisions shall have effect, that is to say:— (a) such licensee may, within twenty-one days, or such longer time as the Minister shall allow, after the giving of such notice, make representations to the Minister in relation to such suspension or revocation; (b) at any time after the expiration of the time limited by the next preceding paragraph of this sub-section for the making of such representations as are mentioned in that paragraph and after consideration by the Minister of such representations (if any), the Minister may, if he so thinks proper, by notice given to such licensee suspend for such time as he thinks proper and specifies in such notice, or wholly revoke, such licence; (c) save as is otherwise provided by this sub-section, such suspension or revocation (as the case may be) shall take effect as on and from the fifteenth day after the giving of the notice effecting such suspension or revocation; (d) at any time after the giving of such notice of suspension or revocation (as the case may be) and before such suspension or revocation takes effect, such licensee may apply in a summary manner to the High Court for the annulment of such suspension or revocation, and on such application the High Court, if it is satisfied that such licensee has complied with the provisions of the Act of 1909 and this Act and that, having regard to all the circumstances of the case, it is just and equitable that such suspension or revocation (as the case may be) should be annulled, may annul such suspension or revocation; (e) the Minister shall be named as respondent in any application to the High Court under the next preceding paragraph of this sub-section; (f) when an application is made to the High Court under the preceding paragraph of this sub-section, the suspension or revocation which is the subject of such application shall not take effect unless or until the High Court shall have refused to annul such suspension or revocation, but subject to the right of the High Court further to postpone such taking effect pending an appeal to the Supreme Court. Register of licences. 21.—(1) The Minister shall cause a register of licences (in this section referred to as the register of licences) to be kept of all assurance licences. (2) Whenever an assurance licence is granted, the Minister shall cause to be entered forthwith in the register of licences the following particulars, that is to say:— (a) the grant of such licence, and (b) the date on which such licence was granted, and (c) in the case of an assurance company the name and the address of the registered office or other principal place of business in Saorstát Éireann of the assurance company to which such licence was granted, and, in the case of a syndicate, the names and the addresses of the members of such syndicate together with the names and the addresses of the person or persons resident in Saorstát Eireann who are authorised on behalf of such syndicate to accept service of any notices, documents or legal process, and (d) such other particulars of or relating to such licence as the Minister shall from time to time direct. (3) Whenever an assurance licence is altered, revoked, or transferred, or becomes forfeited, there shall be entered forthwith in the register of licences such particulars as the Minister shall from time to time direct of such alteration, revocation, transfer, or forfeiture, as the case may be. (4) The register of licences shall be in such form and shall be kept at such place in the county borough of Dublin as the Minister shall from time to time direct. (5) Any person may inspect at such times as the Minister may appoint the register of licences on payment of such fee not exceeding one shilling as the Minister with the consent of the Minister for Finance shall from time to time direct. (6) All fees payable under this section shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance shall direct. (7) The Public Offices Fees Act, 1879, shall not apply in respect of any fees payable under this section. Obligation of assurance companies to deposit moneys with Accountant of Courts of Justice. 22.—(1) Subject to the provisions of this section, every assurance company which carries on or proposes to carry on assurance business in Saorstát Eireann shall deposit and shall (while such company so carries on the class of assurance business to which any sum deposited under this section relates) keep deposited with the Accountant of the Courts of Justice such one or more of the following sums as is or are applicable to the class or classes of assurance business so carried on by such company, that is to say:— (a) the sum of twenty thousand pounds in respect of each of the following classes of assurance business, that is to say, life assurance business and industrial assurance business, and (b) the sum of twenty thousand pounds in respect of any one or more than one class of assurance business other than life assurance business, industrial assurance business, mechanically propelled vehicle insurance business and glass insurance business, and (c) the sum of fifteen thousand pounds in respect of mechanically propelled vehicle insurance business. (2) Section 2 (which relates to deposits) of the Act of 1909, as amended or varied by this section, shall apply to every sum which an assurance company is required by this section to deposit and keep deposited in like manner as the said section 2 applies to the sum which an assurance company is required to deposit and keep deposited under that section. (3) This section shall not apply to any of the following, that is to say:— (a) a Saorstát Eireann company which is an association of employers and in respect of which the Minister is satisfied that the business which such company carries on or is about to carry on is, wholly or substantially, the mutual insurance of its members against liability to pay compensation or damages to workmen employed by such members, either alone or in conjunction with insurance against any other risk incidental to the trade, industry or business carried on by such members, or (b) a Saorstát Eireann company which is an association of owners or occupiers of buildings or other property and in respect of which the Minister is satisfied that the business which such company carries on or is about to carry on is, wholly or substantially, the mutual insurance of its members against damage by, or incidental to, fire caused to the buildings or other property owned or occupied by them, or (c) a company in respect of which the Minister is satisfied that it complies with the provisions of section 2 of the Local Authorities (Mutual Assurance) Act, 1926 (No. 34 of 1926), or (d) an assurance company which on the 31st day of October, 1935, carried on in Saorstát Eireann assurance business other than life assurance business or industrial assurance business and which is not required by the Act of 1909 to make a deposit and in respect of which the Minister is satisfied that the business which such company carries on is wholly or substantially the effecting of insurances against loss of or damage to or in respect of property belonging to, or held in trust for, or used or occupied by or on behalf of a religious organisation or body, including liability to pay compensation or damages to workmen employed by trustees, committees, stewards …