Disclosure Duties
Insurance Act 1936 (Industrial Insurance)
Contents of proposals for industrial assurance policies.
61.—(1) Every proposal for an industrial assurance policy shall, unless—
(a) such policy is proposed to be effected on the life and on behalf of a child under the age of sixteen years, or
(b) the person whose life is proposed to be assured under such policy is a person in whom the proposer has an insurable interest,
contain a declaration by the person whose life is proposed to be assured under such policy that such policy is proposed to be taken out by him and that the premiums thereon will be paid by him.
(2) Where the person whose life is proposed to be assured under an industrial assurance policy is a person in whom the proposer has an insurable interest, the proposal for such policy shall contain a statement of the nature of such interest.
(3) Every industrial assurance company which fails to comply with or to observe the foregoing provisions of this section shall be deemed to have failed to comply with the provisions of this Act and every collector or agent of such company who takes part or is concerned in such failure shall be guilty of an offence under this sub-section and shall be liable on summary conviction thereof to a fine not exceeding five pounds.
(4) Whenever a proposal for an industrial assurance policy contains a statement, which is not true in fact, that the person in respect of whose life such proposal has been made is not at the time of making such proposal a person on whose life any other policy has been issued by the industrial assurance company to which such proposal is made, and a policy of assurance on the life of such person is issued by such company in pursuance of such proposal, such company shall, notwithstanding that such statement is not true and that the truth of such statement is made a condition of such policy, not be relieved because such statement is not true from liability on foot of such policy.
(5) Whenever a proposal for an industrial assurance policy consists of a form of proposal filled in, wholly or partly, by a person employed by the industrial assurance company to which such proposal is made and a misstatement which is not fraudulent has been made in some material particular by the proposer and embodied in such proposal, the following provisions shall have effect, that is to say:—
(a) where such proposal has been filled in wholly by any person so employed, such company shall not be entitled to question the validity of the policy founded on such proposal on the ground of such misstatement so made by the proposer and embodied in such proposal, and
(b) where such proposal has been filled in partly by any person so employed, such company shall not be entitled to question the validity of the policy founded on such proposal on the ground of such misstatement so made by the proposer and embodied in such proposal unless such statement occurs in some part of such proposal which has not been filled in by any person so employed.
(6) Where, but for the provisions of the next preceding sub-section of this section, the validity of a policy issued by an industrial assurance company could have been questioned on the grounds of a misstatement in the proposal for such policy relating to the state of health at the date of such proposal of the person upon whose life such policy is proposed to be taken out, nothing in the said next preceding sub-section shall prevent such question being raised by such company within two years from the date of issue of such policy.
(7) Notwithstanding the provisions of this section, whenever a proposal for a policy of industrial assurance which was effected before the commencement of this Part of this Act contains an incorrect statement of the age of the person whose life is assured under such policy, the industrial assurance company which issued such policy may so adjust the terms of the policy, or of any policy which may be issued in lieu thereof, that such terms shall conform to the terms which would have been applicable if the true age of such person had been inserted in such proposal, and accordingly no industrial assurance policy issued before the commencement of this Part of this Act shall be invalidated on the ground that the age of the person in respect of whose life such policy was issued was incorrectly stated in such policy or in the proposal for such policy.
Contents of industrial assurance policies.
62.—(1) Every policy of industrial assurance issued after the commencement of this Part of this Act shall, subject to the provisions of this section, contain a copy of such of the provisions of this Act as shall from time to time be prescribed by orders made by the Minister under this sub-section.
(2) The Minister may, if he thinks fit, grant permission to an industrial assurance company to insert and every such company shall thereupon insert in every policy of industrial assurance effected by such company after the commencement of this Part of this Act a statement setting forth the effect of the provisions of this Act for the time being prescribed by order made under the next preceding sub-section of this section, and such insertion shall be in lieu of and be deemed to be a compliance with the obligation imposed on every such company by the said next preceding sub-section.
(3) Every industrial assurance company which, after the commencement of this Part of this Act, issues a policy of industrial assurance which does not comply with whichever of the foregoing sub-sections of this section is applicable to such company shall be deemed to have failed to comply with the provisions of this Act, and shall, without prejudice to the liability incurred in respect of such failure, either (at the election of the person who has paid the premiums due on foot of such policy) rectify such policy or pay to such person a sum equal to the amount of the premiums so paid, but such company shall not be liable further or otherwise to such person, and such premiums may be recovered by such person from such company in any court of competent jurisdiction.
Industrial assurance proposals and policies.
63.—(1) The Minister may, if and whenever he so thinks proper, by notice in writing left in the case of an industrial assurance company which is registered in Saorstát Eireann, at the registered office of such company in Saorstát Eireann, and in the case of an industrial assurance company which is not registered in Saorstát Eireann, at the principal office of such company in Saorstát Eireann, require such company to delete or amend any term, condition, question, or provision contained in any form of proposal for a policy of industrial assurance issued by such company on or after the date specified in that behalf in such notice.
(2) The Minister may, if and whenever he so thinks proper, by notice in writing left in the case of an industrial assurance company which is registered in Saorstát Eireann, at the registered office of such company in Saorstát Eireann, and in the case of an industrial assurance company which is not registered in Saorstát Eireann, at the principal office of such company in Saorstát Eireann, require such company to delete or amend any term, condition, or provision contained in any form of policy of industrial assurance proposed to be issued by such company on or after the date specified in that behalf in such notice.
(3) Every industrial assurance company to which a notice is given by the Minister under this section shall forthwith comply with such notice and, for that purpose, do all such things as such company is required by such notice to do.
(4) Nothing in this section shall authorise or empower the Minister to require an industrial assurance company to alter either the premium payable under or the sum assured by or the date of maturity of a policy of industrial assurance.