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Application to employers’ liability insurance companies.
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33.—(1) Where a company carries on employers’ liability insurance business, this Act shall apply with respect to that business, subject to the following modifications:—
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(a) This Act shall not apply where the company is an association of employers which satisfies the Board of Trade that it is carrying on, or is about to carry on, business wholly or mainly for the purpose of the mutual insurance of its members against liability to pay compensation or damages to workmen employed by them, either alone or in conjunction with insurance against any other risk incident to their trade or industry:
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(b) This Act shall not apply where the company carries on the employers’ liability insurance business as incidental only to the business of marine insurance by issuing marine policies, or policies in the form of marine policies, covering liability to pay compensation or damages to workmen as well as losses incident to marine adventure or adventure analogous thereto:
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(c) 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 employers’ liability insurance business in the form set forth in the Fourth Schedule to this Act and applicable to employers’ liability insurance business, and shall cause an investigation of its estimated liabilities to be made by an actuary so far as may be necessary to enable the provisions of that form to be complied with, 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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(d) Such of the provisions of this Act as relate to deposits to be made under this Act shall not apply with respect to the employers’ liability insurance business carried on by a company where the company had commenced to carry on that business within the United Kingdom before the twenty-eighth day of August nineteen hundred and seven:
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(e) As soon as the employers’ liability fund set apart and secured for the satisfaction of the claims of policy holders of that class amounts to forty thousand pounds, the Paymaster-General shall, if the company has made a deposit in respect of any other class of assurance business, return to the company the money deposited in respect of its employers’ liability insurance business, and it shall not thereafter be necessary for the company to keep any sum deposited in respect of that business, so long as the sum deposited in respect of any other class of assurance business is kept deposited:
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(f) Where money is paid into a county court under the provisions of the Eighth Schedule to this Act, the court shall (unless the court for special reason sees fit to direct otherwise) order the lump sum to be invested or applied in the purchase of an annuity or otherwise, in such manner that the duration of the benefit thereof may, as far as possible, correspond with the probable duration of the incapacity:
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(g) The expression “policy” includes any policy under which there is for the time being an existing liability already accrued, or under which any liability may accrue:
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(h) Where any sum is due, or a weekly payment is payable, under any policy, the expression “policy holder” includes the person to whom the sum is due or the weekly payment payable:
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(i) If the company carries on employers’ liability insurance business outside the United Kingdom, that business shall not be treated as part of the employers’ liability insurance business carried on by the company for the purposes of this Act.
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(2) In the application of this section to Scotland the expression “county court” means sheriff court.
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