Industrial Assurance Act 1923 (repealed )

Industrial Assurance BusinessE+W+S

1 Industrial assurance business.E+W+S

(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1, where an industrial assurance company carries on both industrial assurance business and other business, nothing in this Act shall, save as otherwise expressly provided, apply to any of the business of the company other than the industrial assurance business.

[F2(1A)In this Act—

• “collecting society” means an incorporated friendly society or registered friendly society which carries on industrial assurance business; and

• “industrial assurance company” means a body corporate which carries on such business other than an incorporated friendly society.]

(2)For the purposes of this Act, “industrial assurance business means the business of effecting assurances upon human life premiums in respect of which are received by means of collectors:

(a)assurances the premiums in respect of which are payable at intervals of two months or more;

(b)assurances effected whether before or after the passing of this Act by a society or company established before the date of the passing of this Act which at that date had no assurances outstanding the premiums on which were payable at intervals of less than one month so long as the society or company continues not to effect any such assurances;

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

(d)assurances for twenty-five pounds or upwards effected after the passing of this Act, premiums in respect of which are payable at intervals of one month or upwards, and which are treated as part of the business transacted by a branch other than the industrial branch of the society or company, in cases where [F3the relevant authority certifies] that the terms and conditions of such assurances are on the whole not less favourable to the assured than those imposed by this Act.

(3)When a society or company has ceased to effect industrial assurances, it shall, so long as it continues liable on the assurances previously effected, be deemed to carry on industrial assurance business.

F42 Industrial Assurance Commissioner.E+W+S

(1)The Chief Registrar of Friendly Societies shall be the authority charged with such powers and duties in relation to industrial assurance as are conferred and imposed upon him by this Act, and in that capacity and in the exercise and performance of the powers and duties of the Chief Registrar of Friendly Societies under the M1Friendly Societies Acts 1896 and M21908 in relation to collecting societies he shall, as from the passing of this Act, be known as and styled the Industrial Assurance Commissioner, and is in this Act referred to as the Commissioner, F4. . .

(2)Anything which under this Act is required or authorised to be done by, to or before the Commissioner may be done by, to or before such person as he may appoint for the purpose.

3 Purposes for which policies may be issued.E+W+S

[F5Subject to the provisions [F6of sections 72 and 73 of the M3Friendly Societies Act 1974 as they apply to collecting societies and] of sections one and two of the Industrial Assurance and Friendly Societies Act 1948 [F7as amended by the M4Industrial Assurance and Friendly Societies Act 1948 M5 (Amendment) Act 1958]] amongst the purposes for which collecting societies and industrial assurance companies may issue policies of assurance there shall be included insuring money to be paid for the funeral expenses of a parent, child, grandparent, grandchild, brother, or sister, and the issuing of such policies shall be treated as part of the industrial assurance business of the society or company.

F84. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S

5 Prohibition on issue of illegal policies. E+W+S

(1)Any collecting society or industrial assurance company which issues policies of industrial assurance which are illegal or are not within the legal powers of the society or company shall be held to have made default in complying with the provisions of this Act, and, where any such policy has been issued, the society or company shall, without prejudice to any other penalty, be liable to pay to the owner of the policy a sum equal to the surrender value of the policy (to be ascertained in manner hereinafter provided), or, if the policy was issued after the commencement of this Act, a sum equal to the amount of the premiums paid, unless it is proved that owing to any false representation on the part of the proposer, the society or company did not know that the policy was illegal or beyond their legal powers.

(2)No collector of, or person employed by, a society or company shall knowingly assist in effecting a policy of industrial assurance which is illegal or not within the legal powers of the society or company.