Regulation 11
1. Subsection (1) of section 23 of the Industrial Assurance Act 1923, as it applies to an industrial assurance contract to which the amended prescribed scheme, or an amended approved scheme which provides for payment of the amended net premium, applies, shall have effect as if for the words “the amount due” there were substituted the words “the amount of the amended net premiums, as defined in the Industrial Assurance (Life Assurance Premium Relief) (Change of Rate) Regulations 1980, due”, and where any part of the amount is due in the period 6th April 1979 to 5th April 1981, both dates inclusive, paragraph 1 of Schedule 3 to the 1977 Regulations shall apply in addition to this paragraph.
2. In its application to the valuation of a policy of which the sum assured or guaranteed has been increased under regulation 5 or 6 of the 1977 Regulations and the increase has been amended under regulation 5 or 7, Schedule 4 to the Industrial Assurance Act 1923 shall have effect subject to the following modification—
The value of the policy shall be computed and approved by an actuary in accordance with principles which take account of changes in the authorised percentage and which are approved by the Industrial Assurance Commissioner.
3. In the Schedule to the Industrial Assurance and Friendly Societies Act 1929 the words “premiums actually paid” in their application to a policy in respect of which, under the prescribed scheme or an approved scheme, payment of any premium due has been discharged by payment of the net premium or the amended net premium
4. In its application to a policy of which the sum assured or guaranteed has been increased under regulation 5 or 6 of the 1977 Regulations and the increase has been amended under regulation 5 or 7, paragraph 1 of the said Schedule shall have effect subject to the following modification—
The amount assured by the free paid-up policy shall be computed and approved by an actuary in accordance with principles which take account of changes in the authorised percentage and which are approved by the Industrial Assurance Commissioner.
5. For the purpose of subsection (2) of section 2 of the Industrial Assurance and Friendly Societies Act 1948 (power to insure life of parent or grandparent for not more than £30) there shall be excluded so much of any sum insured to be paid, or paid, on the death of any one of a person's parents or grandparents as represents any increase in any sum assured or guaranteed effected under regulation 5 or 6 of the 1977 Regulations and amended under regulation 5 or 7.
6. In applying the limits imposed by section 64 of the Friendly Societies Act 1974 (limits on amounts which a member, or person claiming through a member, of a registered friendly society is entitled to receive from one or more such societies) there shall be disregarded any increase in any sum assured or guaranteed which is effected under regulation 5 or 6 of the 1977 Regulations and amended under regulation 5 or 7.
7. For the purpose of section 72 of the Friendly Societies Act 1974 (power of registered friendly society to insure life of parent or grandparent for not more than £30) there shall be excluded so much of any sum insured to be paid, or paid, on the death of any one of a person's parents or grandparents as represents any increase in any sum assured or guaranteed which is effected under regulation 5 or 6 of the 1977 Regulations and amended under regulation 5 or 7.
1929 c. 28.