Insurance Act, 1936

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Rejection of valuation by Minister.

56.—(1) Whenever the Minister is satisfied that the provisions of this Part of this Act in relation to any industrial assurance valuation have not been complied with, or that the industrial assurance fund of any industrial assurance company as stated in a valuation balance sheet of such company is greater than the value of the assets available for the liabilities of such fund, due regard being had to the other liabilities of such company and to the said provisions of this Part of this Act, the Minister may, subject to the provisions of the next following sub-section of this section, reject such valuation and may, subject as aforesaid, direct such company to make such alterations therein as may be necessary to secure compliance with the said provisions.

(2) Whenever the Minister rejects an industrial assurance valuation and gives a direction to an industrial assurance company under the foregoing sub-section of this section, the following provisions shall have effect, that is to say:—

(a) such company may, within one month after such rejection and direction, apply to the High Court for a declaration that such valuation complies with the provisions of this Part of this Act;

(b) the High Court, if it is satisfied that such valuation complies with the provisions of this Act (including this section) relating to such valuations, may make a declaration that such valuation so complies with the said provisions;

(c) whenever the High Court makes a declaration under this sub-section that an industrial assurance valuation complies with the provisions of this Act (including this section) relating to such valuations, such valuation shall, notwithstanding such rejection and the said direction by the Minister, be deemed to comply with the said provisions (including this section).