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Constitution of the Military Forces (International Arrangements) Insurance Fund.
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14.—(1) There shall be constituted under the control and management of the Insurance Commissioners a Special Fund to be known as the Military Forces (International Arrangements) Insurance Fund, the membership of which shall, on and after the 1st day of July, 1923, consist of:—
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(a) persons who were resident in Saorstát Eireann on the 1st day of July, 1923, and were, immediately before that date, members of the British Navy and Army Insurance Fund;
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(b) such persons, if any, as may be agreed upon between the Insurance Commissioners and the Joint Committee under any mutual arrangements made under this Act for securing the continuity of insurance of persons who, having served in the Naval, Military or Air Forces of Great Britain, are or become at any time after the 1st day of July, 1923, resident in Saorstát Eireann;
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(c) persons serving in the armed forces of Saorstát Eireann who, immediately prior to enlistment, were resident in Great Britain and were members of Irish or British Approved Societies;
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(d) persons serving in the armed forces of Saorstát Eireann who elect under the provisions of Section 20 (1) (b) of this Act, to become and become, members of the Fund.
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(2) Regulations made by the Insurance Commissioners may prescribe the conditions under which a member of the Military Forces (International Arrangements) Insurance Fund may continue to be a member of that Fund.
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(3) There shall be transferred to the credit of the Military Forces (International Arrangements) Insurance Fund by the Insurance Commissioners the equivalent of such sum as on the apportionment of the British Navy and Army Insurance Fund is found to be, as at the 1st day of July, 1923, appropriate to the members of that Fund who are under this section transferred to the Military Forces (International Arrangements) Insurance Fund.
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(4) For the purposes of such provisions of the Acts as may be prescribed by regulations made by the Insurance Commissioners, the Military Forces (International Arrangements) Insurance Fund shall be deemed to be an Approved Society, and the members of that Fund shall be deemed to be members of an Approved Society, and the provisions of the Acts relating to Societies and to members and membership of and transfer to and from Societies, and relating to persons lapsing from insurance, shall apply to members of the Military Forces (International Arrangements) Insurance Fund, subject to such modifications as may be prescribed by such regulations.
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(5) All members of the British Navy and Army Insurance Fund who are under sub-section 1 (a) of this Section transferred to the Military Forces (International Arrangements) Insurance Fund shall, on and after such transfer, have the same rights against and obligations to the Military Forces (International Arrangements) Insurance Fund as immediately before such transfer they had against and to the British Navy and Army Insurance Fund.
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(6) There shall be credited to the Military Forces (International Arrangements) Insurance Fund all contributions paid by or in respect of members of that Fund, and the proper proportion of the sums required for providing benefits for members of the Fund, and for the expenses of the administration of such benefits, together with such further sums as may from time to time be required for securing the solvency of the Fund, shall be paid out of moneys provided by the Oireachtas.
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