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Insurance Act, 1936 (No. 45)Introductory TextActs Referred toPart I Preliminary and General (ss. 1-7)1. Short title and citation.2. Commencement of this Act.3. Definitions.4. Expenses incurred in administering this Act.5. Regulations.6. Restriction on operation of this Act.7. Repeals.Part II Assurance Licences (ss. 8-27)8. Prohibition of unlicensed assurance business.9. Prohibition of insuring with unlicensed insurer.10. Transactions deemed to be assurance business in Saorstát Eireann.11. Applications for assurance licences.12. Grant of assurance licences.13. Special provisions in relation to certain foreign companies.14. Special provisions in relation to syndicates.15. Restrictions on grant of assurance licences.16. Appeal against refusal of application for assurance licence.17. Form, etc., of assurance licence.18. Transfer of assurance licences.19. Forfeiture of assurance licence.20. Revocation, etc., of assurance licences.21. Register of licences.22. Obligation of assurance companies to deposit moneys with Accountant of Courts of Justice.23. Obligation of the Committee of Lloyd's to make deposits.24. Transfer of existing deposits under the Act of 1909.25. Payment of judgment debts out of deposits.26. Release of deposits.27. Release of deposits made by the Committee of Lloyd's.Part III Amalgamation and Transfer of Certain Assurance Businesses (ss. 28-43)28. Submission to Minister of scheme for amalgamation of assurance companies.29. Investigation of amalgamation scheme by the Minister.30. Approval of scheme by the Minister.31. Confirmation and sanction of amalgamation scheme by the High Court.32. Effect of confirmation and sanction of amalgamation scheme.33. Rights of amalgamated company for purposes of Part II.34. Restriction on application of section 13 of the Act of 1909.35. Restriction on issue of share capital by an amalgamated company.36. Underwriting of and subscription for shares of amalgamated companies by Minister for Finance.37. Issue of moneys from the Central Fund.38. Disposal of dividends, etc., received by the Minister for Finance.39. Exercise by the Minister for Finance of powers of shareholder.40. Power of Minister for Finance to hold and sell shares.41. Consultation by Minister for Finance with Minister.42. Alteration of memorandum and articles of association of amalgamated company.43. Obligation of amalgamated company to furnish balance sheets, etc.Part IV Winding up and Inspection of Insolvent Assurance Companies (ss. 44-47)44. Definition of insolvency.45. Power of Minister to petition for winding up of assurance company.46. Powers in cases of assurance companies of doubtful solvency.47. Evidence of inability to pay debts.Part V Industrial Assurance Business (ss. 48-76)48. Definitions in this Part.49. Application of this Part of this Act in certain cases.50. Additional purposes for which industrial assurance policies may be issued.51. Assurances on lives of children under the age of ten years.52. Validation of certain policies.53. Prohibition of issue of illegal policies.54. Application of Act of 1909 to industrial assurance.55. Industrial assurance valuations.56. Rejection of valuation by Minister.57. Requisition of additional particulars by the Minister.58. Time for making first industrial assurance valuation.59. Time for deposit of valuation by certain companies.60. General meetings of industrial assurance companies.61. Contents of proposals for industrial assurance policies.62. Contents of industrial assurance policies.63. Industrial assurance proposals and policies.64. Admission of age of life assured.65. Return of policies, etc., after inspection.66. Forfeiture for non-payment of premium.67. Rights of holder of policy forfeited for non-payment of premium.68. Assured persons transferring from one company to another company.69. Payment of claims.70. Value of industrial assurance policies.71. Saving for certain policies issued before 3rd December, 1909.72. Decision of disputes between industrial assurance companies and others.73. Disputes as to continuance of assured life.74. Certain restrictions in relation to collectors.75. Restriction on employment of persons to procure new business.76. Service or notices.Part VI The Re-Insurance Company of Ireland, Limited (ss. 77-90)77. Formation and registration of Re-Insurance Company of Ireland, Limited.78. Loan to the Company to pay expenses of formation.79. Issue of share capital of the Company.80. Underwriting by the Minister for Finance of issue of shares.81. Charge of moneys on the Central Fund.82. Payment of dividends, etc., into the Exchequer.83. Powers of the Minister for Finance as shareholder.84. Powers of Minister for Finance in respect of shares held by him.85. Alteration of memorandum and articles of association of the Company.86. Obligation of the Company to furnish balance sheets, etc.87. Inspection by Minister of books, etc., of the Company.88. Statistics and returns to be made by the Company.89. Obligation to re-insure with the Company.90. State guarantee of re-insurance contracts.Part VII Miscellaneous (ss. 91-110)91. Extension of bond investment business.92. Prohibition of borrowing on security of assurance fund.93. Place of payment of sum assured.94. Issue of policies, etc., in Saorstát Eireann.95. Amendment of Fifth Schedule to Act of 1909.96. Alteration of Schedules to Act of 1909 and this Act.97. Returns, etc., by foreign companies.98. Returns by assurance companies of re-insurance business.99. Accounts and statements to be provided by syndicates.100. Additional contents of revenue account.101. Additional contents of balance sheet.102. Additional statement to be furnished by certain foreign companies.103. Additional statement in respect of mechanically-propelled vehicle insurance business.104. Application of Act of 1909 to certain classes of assurance business.105. Application of moneys received by assurance companies.106. Re-insurance (prohibition) order.107. Rates of premiums order.108. Issue of policies in the Irish language.109. Contravention, etc., of Act by assurance company or syndicate.110. Time limit for prosecution of offences.First Schedule Conditions Affecting Amalgamated Companies Under Part III of this ActSecond Schedule Additional Particulars of Industrial Assurance ValuationsThird Schedule Rules for Ascertaining the Amount of a Free Paid-up Policy and the Cash Surrender Value of any Policy of Industrial AssuranceThird Schedule, Part I General RulesThird Schedule, Part II Policies of Industrial Assurance for the Whole Term of LifeThird Schedule, Part III Endowment and Endowment Assurance PoliciesThird Schedule, Part IV Basis of computation when Parts I, II and III of this Schedule do not applyFourth Schedule Limitations on rights on forfeiture for non-payment of premiumFourth Schedule, Part I Policies of Whole Life AssuranceFourth Schedule, Part II Endowment or Endowment Assurance Policies, where the Original Term of the Policy is not less than 16 YearsFourth Schedule, Part III Endowment or Endowment Assurance Policies, where the Original Term of the Policy is less than 16 YearsFifth Schedule Conditions to which the Company is to ConformSixth Schedule Form applicable to mechanically propelled vehicle insurance business
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 May 2003 - onwards
Version 3 of 3

58. Time for making first industrial assurance valuation.

Notwithstanding anything contained in section 5 of the Act of 1909, the first industrial assurance valuation of an industrial assurance company shall be made within two years after the commencement of this Part of this Act or within such longer period after such commencement as the Bank shall in any particular case appoint.

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