INDUSTRIAL ASSURANCE (NORTHERN IRELAND) ORDER 1979

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INDUSTRIAL ASSURANCE (NORTHERN IRELAND) ORDER 1979 - SECT 35



35.(1) This Article applies to

(a)any policy issued, or deemed under paragraph 5 of Schedule 9 to have been
issued, by a registered friendly society or an industrial assurance company in
accordance with paragraph 1(1)(b) of that Schedule (endowment policy on life
of parent, child, grandparent, grandchild, brother or sister); and

(b)any other endowment policy issued by a registered friendly society or an
industrial assurance company on the life of a child under the age of 10 years.

(2) Where, under any policy to which this Article 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 to
surrender the policy and to claim either

(a)a free paid-up policy in conformity with the rules contained in Schedule 7;
or

(b)payment of a surrender value equal to 90 per cent. of the value of the sum
or sums payable under such a free paid-up policy calculated in accordance with
the rules contained in Schedule 6, Part III;

(3) In every premium receipt book in respect of a policy to which this Article
applies, being a book issued after 30th September 1929 by a collecting society
or an industrial assurance company, the society or company shall set out the
provisions of this Article, and of Schedule 7, printed in distinctive type,
or, if the Commissioner consents, a statement in lieu thereof which, in the
opinion of the Commissioner, sufficiently sets forth the effect of those
provisions; and a registered friendly society shall not issue any policy to
which this Article applies unless the rules of the society contain a rule
which, in the opinion of the Registrar, sufficiently sets forth the effect of
those provisions.

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Northern Irish Legislation

INDUSTRIAL ASSURANCE (NORTHERN IRELAND) ORDER 1979 - SECT 35