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Application to accident insurance companies.
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32. Where a company carries on accident insurance business, this Act shall apply with respect to that business, subject to the following modifications:—
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(a) In lieu of the provisions of sections five and six of this Act the following provisions shall be substituted:—
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“The company shall annually prepare a statement of its accident insurance business in the form set forth in the Fourth Schedule to this Act and applicable to accident insurance business, and the statement shall be printed, signed, and deposited at the Board of Trade in accordance with section seven of this Act”:
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(b) Such of the provisions of this Act as relate to deposits to be made under this Act shall not apply with respect to the accident insurance business carried on by the company if the company has commenced to carry on that business in the United Kingdom before the passing of this Act:
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(c) It shall not be necessary to make or keep a deposit in respect of accident insurance business where the company has made a deposit in respect of any other class of assurance business, and, where a company, having made a deposit in respect of accident insurance business, commences to carry on life assurance business or employers’ liability insurance business, the company may transfer the deposit so made to the account of that other business, and after such transfer the deposit shall be treated as if it had been made in respect of such other business:
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(d) So much of this Act as requires an assurance company transacting other business besides assurance business, or more than one class of assurance business, to keep separate funds into which all receipts in respect of the assurance business or of each class of assurance business are to be paid shall not apply as respects accident insurance business:
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(e) The provisions of this Act with respect to the amalgamation of companies shall not apply where the only classes of assurance business carried on by both of the companies are accident insurance business, or accident insurance business and fire insurance business, and the provisions of this Act with respect to the transfer of assurance business from one company to another shall not apply to accident insurance business:
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(f) The expression “policy” includes any policy under which there is for the time being an existing liability already accrued, or under which a liability may accrue:
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(g) Where a sum is due, or a weekly or other periodical payment is payable, under any policy, the expression “policy holder” includes the person to whom the sum is due or the weekly or other periodical payment payable.
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