Insurance Act, 1936

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Definitions.

3.—In this Act—

the expression “the Minister” means the Minister for Industry and Commerce;

the word “prescribed” means (save where otherwise expressly stated) prescribed by regulations made by the Minister under this Act;

the expression “assurance business” means any of the following classes of business, that is to say:—

(a) life assurance business,

(b) industrial assurance business,

(c) fire insurance business,

(d) accident insurance business,

(e) bond investment business,

(f) employers' liability insurance business,

(g) mechanically propelled vehicle insurance business,

(h) public liability insurance business,

(i) engineering insurance business,

(j) glass insurance business,

(k) guarantee insurance business,

(l) burglary insurance business;

the expression “life assurance business” does not include any business which is industrial assurance business, but subject to that over-riding limitation the said expression means the business of effecting contracts of assurance upon human life, including the payment of money on death (except on death by accident only) and including contracts of assurance the premiums in respect of which are payable for a term dependent on human life, and also including contracts for the granting of annuities on or with reference to human life (other than superannuation allowances and annuities payable out of any funds applicable solely to the relief and maintenance of persons engaged or who have been engaged in a particular profession, trade or employment or of the dependants of such persons) and also including contracts which are attached to or dependent on contracts of assurance on human life and under which the assurer has no right of cancellation and which provide for the payment of moneys in case of fatal or other accident to or disease of the assured;

the expression “industrial assurance business” means the business of effecting assurances upon human life where the premiums in respect of such assurances are payable at intervals of less than two months and are collected by means of collectors, (including contracts which are attached to or dependent on such assurances and under which the assurer has no right of cancellation and which provide for the payment of moneys in case of fatal or other accident to or disease of the assured) but the said expression does not include the business of effecting any of the following assurances, that is to say:—

(a) assurances effected, whether before or after the passing of this Act, by an assurance company which was carrying on assurance business before the date of the passing of this Act and which at that date had no assurances outstanding the premiums on which were payable at intervals of less than one month, so long as such company continues not to effect any such assurances, and

(b) assurances effected before the date of the passing of this Act, the premiums in respect of which are payable at intervals of one month or upwards, and which have up to the commencement of the Part of this Act relating to industrial assurance business been treated as part of the business transacted by a branch other than the industrial assurance branch of the company which effects such assurances, and

(c) assurances for twenty-five pounds and upwards effected after the passing of this Act, the premiums in respect of which are payable at intervals of one month or upwards, but of less than two months, and which are treated as part of the business transacted by a branch other than the industrial assurance branch of an assurance company, in cases where the Minister certifies that the terms and conditions of such assurances are on the whole not less favourable to the assured than the terms and conditions imposed by this Act;

the expression “fire insurance business” means the business of effecting contracts of insurance against loss by or incidental to fire;

the expression “accident insurance business” means the business of effecting contracts of insurance against or otherwise in relation to personal accidents, whether fatal or not, disease or sickness, or any class of personal accidents, disease or sickness, except any contracts which are attached to or dependent on contracts of life assurance business or industrial assurance business and which confer benefits on the assured in case of fatal or other accident to or disease of the assured and under which the assurer has no right of cancellation;

the expression “bond investment business” does not include life assurance business, industrial assurance business, or sinking fund or capital redemption business, but subject to that overriding limitation the said expression means the business of issuing bonds or endowment certificates by which the company carrying on such business, in return for subscriptions payable at periodical intervals of less than six months, contracts to pay the holder of such bond or certificate a sum of money at a future date;

the expression “employers' liability insurance business” means the business of effecting with employers contracts of insurance against liability to pay compensation or damages to workmen in their employment;

the expression “mechanically propelled vehicle insurance business” means 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;

the expression “public liability insurance business” means the following and no other classes of assurance business, that is to say, the business of effecting contracts of insurance indemnifying the insured against liability to pay compensation or damages to any person in respect of personal injury, loss, or damage sustained by such person through the negligence of the insured or of his servant or agent acting within the scope of his employment or authority as such servant or agent (as the case may be) and the business of effecting contracts of insurance indemnifying the insured against liability to pay compensation or damages arising out of or in connection with the negligent use or condition of the property, whether real or personal, of the insured;

the expression “engineering insurance business” means the following and no other class of assurance business, that is to say, the business of effecting contracts of insurance against loss arising from damage or injury to any boiler or other apparatus containing gas, vapour or liquid under pressure or any mechanical apparatus or other machinery or arising in any other way from or in connection with the use of any such apparatus or machinery, including liability to pay compensation to third parties in relation to such apparatus or machinery;

the expression “glass insurance business” means the business of effecting contracts of insurance against loss by or incidental to the breakage of glass;

the expression “guarantee insurance business” means the business of effecting contracts of insurance with employers against loss by or incidental to fraud, embezzlement, misappropriation, forgery, theft, or larceny by employees and the business of issuing bonds or contracts of suretyship;

the expression “burglary insurance business” does not include guarantee insurance business, but subject to that overriding limitation the said expression means the business of effecting contracts of insurance against loss by or incidental to burglary, housebreaking, theft, or larceny;

the expression “sinking fund or capital redemption business” means the business of effecting contracts of insurance (otherwise than upon human life) whereby the insurer in consideration of the payment to him of one premium, or of two or more premiums paid at intervals of not less than two months, agrees to pay to the insured at a future date or on future dates one sum or a series of sums;

the word “policy” means any document or other writing by which any contract of assurance is made or agreed to be made or which is evidence of any such contract;

the word “premium” means any money or money's worth payable or paid to any person who carries on an assurance business and who in consideration of such money or money's worth undertakes any liability under any policy, bond or certificate;

the expression “assurance company” means a company (whether registered in Saorstát Eireann under the Companies Acts, 1908 to 1924, or incorporated under the law of some country other than Saorstát Eireann) which carries on any assurance business, and the said expression unless the context otherwise requires, includes a society, association, or other body which is incorporated or otherwise constituted under the law of a country other than Saorstát Eireann and carries on assurance business;

the expression “Saorstát Eireann company” means an assurance company registered in Saorstát Eireann under the Companies Acts, 1908 to 1924;

the expression “foreign company” means an assurance company which is incorporated under the law of a country other than Saorstát Eireann, and the said expression, unless the context otherwise requires, includes a society, association or other body which is incorporated or otherwise constituted under the law of a country other than Saorstát Eireann;

the word “syndicate” means any group of underwriters who are members of Lloyd's and who are certified by the Chairman of the Committee of Lloyd's to be a syndicate for the purposes of this Act;

the word “actuary” means an actuary who possesses the prescribed qualifications;

the expression “the Act of 1908” means the Companies (Consolidation) Act, 1908 ;

the expression “the Act of 1909” means the Assurance Companies Act, 1909 , as adapted by or under the Adaptation of Enactments Act, 1922 (No. 2 of 1922), and as amended or extended by any other enactment.