- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/02/1991)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/01/1994
Point in time view as at 01/02/1991.
There are currently no known outstanding effects for the Industrial Assurance and Friendly Societies Act 1929 (repealed 1.1.1994).
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An Act to permit the issue by Friendly Societies and Industrial Assurance Companies of policies of assurance on the duration of certain lives for a specified period, to validate certain endowment policies issued by such societies and companies, to exclude repayments of premiums under endowment policies from the computation of the maximum sums which may be paid on death by such societies and companies, and to make provision as to the rights of owners of certain endowment policies upon the surrender thereof.
[10th May 1929]
Extent Information
E1Act extends to Great Britain, the Isle of Man and the Channel Islands see s. 5(4).
Modifications etc. (not altering text)
C1Power to modify Act conferred by Reserve and Auxiliary Forces (Protection of Civil Interests) Act 1951 (c. 65), s. 56(5)
C2Power to exclude Act (N.I.) conferred by Companies Act 1967 (c. 81), s. 96(1)
Commencement Information
I1Act wholly in force at Royal Assent.
(1)[F1Subject to the provisions of sections one and two of the M1Industrial Assurance and Friendly Societies Act 1948][F2as amended by the M2Industrial Assurance and Friendly Societies Act 1948 (Amendment) Act 1958] amongst the purposes for which . . . F3 industrial assurance companies may issue policies of assurance, there shall be included insuring money to be paid to the . . . F3 person assured on the duration for a specified period of the life of his parent, child, grand-parent, grandchild, brother or sister either with or without provision for the payment of money in the event of the death of any such person before the expiration of the period:
Provided that no such . . . F3 company shall insure or pay on the death of any person under such a policy as aforesaid, issued after the commencement of this Act, any sum of money exceeding a reasonable amount for funeral expenses.
(2)The issuing of such policies by . . . F3 an industrial assurance company shall, unless the premiums in respect thereof are payable at intervals of two months or more, be treated as part of the industrial assurance business of the . . . F3 company.
(3). . . . . F4
Textual Amendments
F1Words inserted by Industrial Assurance and Friendly Societies Act 1948 (c. 39), Sch. 2
F2Words inserted by Industrial Assurance and Friendly Societies Act 1948 (Amendment) Act 1958 (c. 27), s. 1(2)
F3Words repealed by Friendly Societies Act 1974 (c. 46), Sch. 11
F4Ss. 1(3), 3(4) repealed by Friendly Societies Act 1974 (c. 46), Sch. 11
Modifications etc. (not altering text)
C4S. 1(1) amended by Companies Act 1967 (c. 81), s. 86(1)(c)
Marginal Citations
For the purpose of calculating the maximum sum which may be insured or paid under the last foregoing section or under section sixty-two of the M3Friendly Societies Act 1896, no account shall be taken of any repayment of the whole or any part of the premiums paid in respect of any endowment policy, and sections sixty-three to sixty-six of that Act and subsection (2) of section four of the M4Industrial Assurance Act 1923 shall not apply as respects any such repayment.
(1)Where under any policy to which this section applies not less than one year’s premiums have been paid, the owner of the policy shall be entitled at any time within one year from the date on which the last premium was paid or, if no premium has been paid since the date of the commencement of this Act, within one year from that date, to surrender the policy and to claim either—
(a)a free paid-up policy in conformity with the rules contained in the Schedule to this Act; or
(b)payment of a surrender value equal to ninety per cent. of the value of the sum or sums payable under such a free paid-up policy as aforesaid, calculated in accordance with the last four rules contained in the Fourth Schedule to the Industrial Assurance Act 1923,
. . . . . F5
(2)This section applies to any policy issued, or deemed under this Act to have been issued, in accordance with the provisions of section one of this Act and to any other endowment policy issued on the life of a child under ten years of age, being in either case a policy in force at some time after the thirty-first day of December, nineteen hundred and twenty-three.
(3). . . . . F6 every premium receipt book in respect of such a policy, being a. . . . . F6 book issued after the thirtieth day of September, nineteen hundred and twenty-nine, by. . . . . F7 an industrial assurance company, shall set out the provisions of this section, and of the Schedule to this Act, printed in distinctive type, or, if the Industrial Assurance Commissioner consents, a statement in lieu thereof which, in the opinion of the Commissioner, sufficiently sets forth the effect of those provisions;. . . . . F7
(4). . . . . F8
(5). . . . . F9
Textual Amendments
F5Words repealed by Companies Act 1967 (c. 81), Sch. 8 Pt. II and Friendly Societies Act 1974 (c. 46), Sch. 11
F6Words repealed by Industrial Assurance and Friendly Societies Act 1948 (c. 39), Sch. 6 Pt. II
F7Words repealed by Friendly Societies Act 1974 (c. 46), Sch. 11
F8Ss. 1(3), 3(4) repealed by Friendly Societies Act 1974 (c. 46), Sch. 11
F9S. 3(5) repealed by Companies Act 1967 (c. 81), Sch. 7
Modifications etc. (not altering text)
C5S. 3(1) amended by Companies Act 1967 (c. 81), s. 86(1)(d)(4)
C6S. 3(3) amended by Companies Act 1967 (c. 81), s. 86(1)(e)
Any endowment policy issued before the first day of January, nineteen hundred and twenty-four, which would have been in force on that date if this Act had been in operation on and from the date on which the policy was issued shall be deemed for the purposes of this Act to have been in force on the said first day of January and, in the case of a policy of the description mentioned in section one of this Act, to have been issued in accordance with the provisions of that section, and as respects any endowment policy in force on, or issued since, that date, this Act shall be deemed to have been in operation on and from the date on which the policy was issued.
(1)This Act may be cited as the M5Industrial Assurance and Friendly Societies Act 1929 and this Act and the M6Industrial Assurance Acts 1923 and M71926 may be cited together as the Industrial Assurance Acts 1923 to 1929 . . . F10
(2)For the purposes of this Act—
“Policy” includes any contract of assurance and the date of the making of any such contract shall be deemed to be the date of the issue of a policy; and
“Endowment policy” means a policy issued or deemed under this Act to have been issued in accordance with the provisions of section one of this Act, or a policy insuring money to be paid on the duration for a specified period of the life of the member or person assured, either with or without provision for the payment of money in the event of the death of that person before the expiration of the period [F11and either with or without provision for the payment of money before the expiration of that period and during the life of that person in the event of the marriage of that person or otherwise.]
(3)References in this Act . . . F10 to the M8Industrial Assurance Act 1923, shall be construed as references to those Acts as amended or applied by any subsequent enactment, and this Act in its application to . . . F10 industrial assurance companies shall be construed as one with the M9Industrial Assurance Acts 1923 and M101926, . . . F10
(4)This Act shall extend to Great Britain, the Isle of Man and the Channel Islands.
Textual Amendments
F10Words repealed by Friendly Societies Act 1974 (c. 46), Sch. 11
F11Words added by Friendly Societies Act 1955 (4 & 5 Eliz. 2 c. 19), s. 3(3)
Marginal Citations
Section 3.
Modifications etc. (not altering text)
C7Sch. modified by S.I. 1977/1143, Sch. 3 paras. 1–3; 1977/1144, Sch. 3 paras. 3–5; 1980/1947, Sch. paras. 1, 2 and by 1980/1948, Sch. paras. 3, 4
1The free paid-up policy shall assure payment on the events on which the sums assured by the surrendered policy were payable, of sums bearing the same proportion to those sums (including any addition by way of bonus) as the amount of the premiums actually paid under the surrendered policy bears to the amount of the premiums which would have been payable under the surrendered policy had the full number of premiums become payable thereunder:
Provided that, where any sum has been paid by the society or company under the surrendered policy, before the surrender thereof, the sums assured by the free paid-up policy shall be computed on such basis as may be approved by the Industrial Assurance Commissioner.
2Where the surrendered policy provided for payment of a sum by way of return of premium on any event, the free paid-up policy shall provide that on that event such part of the premiums actually paid under the surrendered policy shall be repaid as would have been repayable on that event if the surrendered policy had remained in force.
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