(1) Notwithstanding anything contained in the Life Assurance Act, 1774, as extended by the Life Insurance (Ireland) Act, 1866, it shall be lawful for an industrial assurance company to issue policies of industrial assurance on the life of a child under the age of ten years if, but only if, such policies are issued to a parent, grandparent, step-parent, brother, or sister of such child or to an uncle or aunt of such child if such child resides with such uncle or aunt at the time when the policy is effected.
(2) Subject to this section, an industrial assurance company may not pay or undertake liability (by the issue of a policy or otherwise) to pay, on the death of a child who is under 10 years of age any sum of money that, when added to the amount or the total of the amounts payable on the death of the child by one or more other industrial companies (exclusive of bonus or free paid-up policies) exceeds -
(a) €1.00, or
(b) if the Bank by order prescribes some other sum for the purposes
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