Restriction of Advertisement (War Risks Insurance) Act 1939

2 Requirements as to carrying on business where permission granted under s. 1.

(1) Where the Board of Trade grant any such permission as is mentioned in subsection (1) of the preceding section, they may, in addition to imposing conditions in relation to the distribution or appearance of the circular or advertisement in question, at the same time by order specify requirements which, if the persons to whom the permission is granted avail themselves thereof, are to be complied with in the carrying on of the business in connection with which the circulars are to be distributed or the advertisements are to appear, being requirements designed to secure that any representations made in the circulars or advertisements are complied with, including, if the Board of Trade think fit,—

(a) requirements as to the total or partial separation of the funds respectively available for the payment of claims and the payment of expenses;

(b) requirements as to the proportion of the premiums or other similar payments which is to be allocated to the payment of claims;

(c) requirements as to the manner in which any fund available for the payment of claims is to be maintained and dealt with;

(d) requirements as to the keeping, drawing-up, auditing and publication of accounts.

(2) If the persons to whom permission is granted as aforesaid avail themselves thereof, every person thereafter concerned in carrying on the business shall comply with any requirements specified as aforesaid except so far as the Board of Trade may dispense with compliance therewith, and any person who contravenes the provisions of this subsection shall be guilty of an offence under this Act.