Road Traffic Act, 1933
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Amendment of the Assurance Companies Act, 1909. |
76.—(1) Section 1 of the Assurance Companies Act, 1909 , as adapted by or under the Adaptation of Enactments Act, 1922 (No. 2 of 1922), shall have effect as if after paragraph (e) thereof the following paragraph were added:— | |
“(f) mechanically propelled vehicle insurance business, that is to say, 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.” | ||
(2) Where an assurance company within the meaning of the Assurance Companies Act, 1909 , as so adapted carries on mechanically propelled vehicle insurance business, that Act shall apply with respect to that business, subject to the following modifications, that is to say:— | ||
(a) the sum to be deposited and kept deposited by the company under section 2 of the said Act in respect of the said business shall be the sum of fifteen thousand pounds only; | ||
(b) the making or having made any other deposit under the said section 2 shall not relieve the company from so depositing and keeping deposited the said sum of fifteen thousand pounds nor shall the depositing such sum of fifteen thousand pounds relieve the company either wholly or partially against the making of any other deposit under the said Act; | ||
(c) sections 5 and 6 of the said Act shall not apply to the company; | ||
(d) the company shall annually prepare a statement of its mechanically propelled vehicle insurance business in such form as shall from time to time be directed by the Minister for Industry and Commerce and such statement shall be printed, signed, and deposited with the said Minister in accordance with section 7 of the said Act and that section shall apply accordingly; | ||
(e) paragraphs (d), (e), (f), and (g) of section 32 of the said Act shall apply to the company as if those paragraphs were here set out with the substitution of the expression “mechanically propelled vehicle insurance business” for the expression “accident insurance business” wherever that expression occurs in those paragraphs. |