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S.I. No. 76/1940 - Industrial Assurance (Contents of Policies) Order, 1940.

STATUTORY RULES AND ORDERS. 1940. No. 76.

INDUSTRIAL ASSURANCE (CONTENTS OF POLICIES) ORDER, 1940.

WHEREAS it is enacted by subsection (1) of section 62 of the Insurance Act, 1936 (No. 45 of 1936), that every policy of industrial assurance issued after the commencement of Part V of the said Act shall, subject to the provisions of the said section, contain a copy of such of the provisions of the said Act as shall from time to time be prescribed by orders made by the Minister under the said subsection:

AND WHEREAS it is enacted by subsection (2) of the said section 62 that the Minister for Industry and Commerce may, if he thinks fit, grant permission to an industrial assurance company to insert and every such company shall thereupon insert in every such policy effected after the commencement of the said Part V a statement setting forth the effect of the provisions of the said Act for the time being prescribed by order made under the said subsection (1) and that such insertion shall be in lieu of and be deemed to be a compliance with the obligation imposed on every such company by the said subsection (1):

NOW, the Minister for Industry and Commerce, in exercise of the powers conferred on him by section 62 of the Insurance Act, 1936 (No. 45 of 1936), and of every and any other power him in this behalf enabling, hereby orders as follows:—

1. This Order may be cited as the Industrial Assurance (Contents of Policies) Order, 1940.

2. The Interpretation Act, 1937 (No. 38 of 1937), applies to this Order.

3. Every policy of industrial assurance issued after the commencement of Part V of the Insurance Act, 1936 (No. 45 of 1936), shall contain a copy of the following provisions of the said Act, that is to say, subsections (4), (5) and (6) of section 61 (which relates to contents of proposals for policies of industrial assurance), subsections (1), (2) and (3) of section 64 (which relates to the admission by industrial assurance companies of the age of the person whose life is assured), section 65 (which relates to the taking possession and the return by industrial assurance companies of policies, premium receipt books, or other documents issued by such company), section 66 (which relates to forfeiture for non-payment of premium), section 67 (which relates to the rights of a person entitled to a policy of industrial assurance when such policy becomes forfeited after the 31st day of December, 1937, by reason of the non-payment of a premium payable thereunder), section 69 (which relates to conditions to be observed by an industrial assurance company when such company pays a claim arising under a policy of industrial assurance), section 70 (which relates to ascertainment of the value or the cash surrender value of a policy of industrial assurance), section 72 (which relates to the decision of disputes between industrial assurance companies and other persons mentioned in the said section), section 73 (which relates to dispute or doubt whether a person on whose life a policy of industrial assurance was effected is alive), section 76 (which relates to service of any notice which is required by Part V of the said Act to be served by an industrial assurance company on any person who has effected a policy of industrial assurance with such company).

4. Whenever the Minister for Industry and Commerce grants, under subsection (2) of section 62 of the Insurance Act, 1936 , permission to an industrial assurance company to insert in the policies of industrial assurance mentioned in the said subsection a statement setting forth the effect of the provisions of the said Act mentioned in the next preceding paragraph of this Order in lieu of the copy of the provisions of the said Act mentioned in the said paragraph, such company shall set forth in every such policy a statement so setting forth the provisions of the said Act together with a further statement that such first-mentioned statement is inserted by permission of the said Minister.

GIVEN under the Official Seal of the Minister for Industry and Commerce, this 21st day of February, 1940.

R. C. FERGUSON, Secretary,

Department of Industry and Commerce.