INDUSTRIAL ASSURANCE (NORTHERN IRELAND) ORDER 1979

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INDUSTRIAL ASSURANCE (NORTHERN IRELAND) ORDER 1979 - SECT 29



29.(1) A forfeiture shall not be incurred by any member or person assured in a
collecting society or industrial assurance company by reason of any default in
paying any premium until after

(a)notice stating the amount due from him, and informing him that in case of
default of payment by him within 28 days and at a place to be specified in the
notice his interest or benefit will be forfeited, has been served upon him by
or on behalf of the society or company; and

(b)default has been made by him in paying any premium in accordance with that
notice.

(2) In the application of this Article to an industrial assurance contract to
which the prescribed scheme, or an approved scheme which provides for payment
of net premiums, applies, paragraph (1) shall have effect as if for the words
"the amount due" there were substituted the words "the amount of the net
premiums due".

(3) In paragraph (2)

"industrial assurance contract" means a contract made by a collecting society
with a member of the society in the course of its industrial assurance
business in Northern Ireland, whether contained in the rules of the society or
not, or a contract of assurance made by an industrial assurance company in the
course of its industrial assurance business in Northern Ireland;

"the prescribed scheme" means the scheme prescribed in Schedule 1 to the
Industrial Assurance (Life Assurance Premium Relief) Regulations (Northern
Ireland) 1978;

"an approved scheme" means a special scheme approved by the Commissioner in
the circumstances provided for in regulation 8 of those Regulations;

"net premium" means a sum equal to [82 per cent.] of the amount of the premium
payable under the contract, except that where that sum is not a multiple of
one halfpenny it shall be rounded off to the nearer halfpenny or where it is a
multiple of one half of one halfpenny it shall be rounded off to the nearer
penny.

(4) This Article extends to contracts of assurance effected by a collecting
society before 1st January 1925 which are not contracts of industrial
assurance within the meaning of this Order and in relation to such contracts
the definition of "net premium" in paragraph (3) shall have effect as if for
the words from "except that" onwards there were substituted the words "except
that where that sum is not a multiple of one penny it shall be rounded off to
the nearer penny, or where it is a multiple of one halfpenny it shall be
rounded off to the nearer even penny".

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Northern Irish Legislation

INDUSTRIAL ASSURANCE (NORTHERN IRELAND) ORDER 1979 - SECT 29