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INSURANCE COMPANIES ACT (NORTHERN IRELAND) 1968

INSURANCE COMPANIES ACT (NORTHERN IRELAND) 1968 - LONG TITLE

An Act to amend and consolidate the Assurance Companies Acts
(Northern Ireland) 1909 to 1947 and otherwise to amend the law
relating to insurance companies and to the carrying on of insurance
business.
[4th April 1968]
Part I (ss.1,2) rep. by 1974 c.52 s.25 sch.5; 1976 NI 3 art.95(2)
sch.2

S.42 rep. by 1973 c.58 s.54 schs.3,5; 1976 NI3 art.95(2) sch.2.
S.43 rep. by 1976 NI3 art.95(2) sch.2

INSURANCE COMPANIES ACT (NORTHERN IRELAND) 1968 - SECT 44
Supplemental provisions as to winding up.

44.Subs.(1) rep. by 1976 NI3 art.95(2) sch.2

[(2) Where an insurance company to which this Act applies is being
wound up by the court, or subject to the supervision of the court,
or voluntarily, the value of a policy of any class or of a
liability under such a policy requiring to be valued in the winding
up shall be estimated in the manner applicable to policies and
liabilities of that class provided by Schedule 3.

(3) The rules in Schedules 3 and 4 shall be of the same force,
and may be revoked or amended, as if they were rules made in
pursuance of section 21 of the Interpretation Act (Northern Ireland)
1954 (which confers power on a rule-making authority to make rules
regulating the practice and procedure of a court in certain cases);
and rules may be made under that section for the purpose of
carrying into effect the provisions of this Act with respect to the
winding up of insurance companies.]

S.45 rep. by 1976 NI3 art.95(2) sch.2

Part VII (ss.4653) rep. by 1976 NI3 art.95(2) sch.2; 1979 NI13
art.55 sch.10; 1980 c.25 s.4(3) sch.5

Ss.5472 rep. by 1969 c.48 s.137 sch.8 Pt.I; 1973 c.58 s.54
schs.3,5; 1976 NI3 art.95(2) sch.2; 1978 c.23 s.122(2) sch.7 Pt.II;
1980 c.25 s.4(3) sch.5

INSURANCE COMPANIES ACT (NORTHERN IRELAND) 1968 - SECT 74
Short title.

74. This Act may be cited as the Insurance Companies Act (Northern
Ireland) 1968.

Schedule 1 rep. by 1976 NI3 art.95(2) sch.2. Schedule 2 rep. by
1973 c.58 s.54 schs.3,5; 1976 NI3 art.95(2) sch.2

1.(1) The value of a life policy shall be the difference between
the present value of the reversion in the sum assured according to
the contingency upon which it is payable, including any bonus or
addition thereto made before the commencement of the winding up, and
the present value of the future annual premiums.

(2) In calculating such present values interest shall be assumed at
such rate, and the rate of mortality according to such tables, as
the court may direct.

(3) The premium to be calculated shall be such premium as according
to the said rate of interest and rate of mortality is sufficient
to provide for the risk incurred by the office in issuing the
policy, exclusive of any addition thereto for office expenses and
other charges.

2. An annuity shall be valued according to the tables used by the
company which granted the annuity at the time of granting it, or,
where those tables cannot be ascertained or adopted to the
satisfaction of the court, according to such rate of interest and
table of mortality as the court may direct.

3.(1) The value of a capital redemption policy shall be the
difference between the present value of the sum assured according to
the date at which it is payable, including any bonus or addition
thereto made before the commencement of the winding up, and the
present value of the future annual premiums.

(2) In calculating such present values, interest shall be assumed at
such rate as the court may direct.

(3) The premium to be calculated shall be such premium as,
according to the said rate of interest, is sufficient to provide
for the sum assured by the policy, exclusive of any addition
thereto for office expenses and other charges.

4. The value of a current policy of any kind other than a life
policy or a capital redemption policy shall be such portion of the
last premium paid as is proportionate to the unexpired portion of
the period in respect of which the premium was paid: but this rule
shall not apply to a policy of insurance upon goods, merchandise or
property on board of a vessel or aircraft, or a policy of
insurance against transit risks or risks incidental to transit, but
any such policy shall be valued in like manner as it would have
been valued if this Act had not passed.

5. The present value of a periodic payment under a policy, being a
payment in respect of personal injury or disease shall in the case
of total permanent incapacity, be such an amount as would, if
invested in [the purchase under the Government Annuities Act 1929 of
a savings bank annuity], purchase an annuity equal to seventy-five
per cent. of the annual value of the periodic payment, and, in any
other case, shall be such proportion of that amount as may, under
the circumstances of the case, be proper.]

Where an insurance company to which this Act applies is being wound
up by the court or subject to the supervision of the court, the
liquidator, in the case of all persons appearing by the books of
the company to be entitled to or interested in policies granted by
the company, shall

(a)ascertain the value of the liability of the company to each such
person, and

(b)give notice of that value to such persons in such manner as the
court may direct,

Schedule 5 rep. by 1978 c.23 s.122(2) sch.7 Pt.II; 1979 NI 13
art.55 sch.10