HC Deb 30 November 1911 vol 32 cc738-40

(1) The Insurance Commissioners shall cause tables to be prepared showing, in cases in which such provision is necessary the capital sums (in this Part of the Act referred to as "reserve values" which it is necessary to provide in respect of members entering into insurance at ages above the age of sixteen to meet the estimated loss (if any) arising through the acceptance of such persons as members upon the terms and conditions as regards contributions and benefits prescribed by this Act.

(2) On a person above the age of sixteen joining an approved society there shall be credited to the society the reserve value (if any) appropriate to such persons in accordance with such tables.

The sums so credited to a society in respect of reserve values shall carry interest at the rate of three per centum per annum.

(3) Out of each weekly contribution paid by or in respect of an insured person who is a member of an approved society in the preceding three months there shall be retained by the Insurance Commissioners the sum of one penny and five-ninths (or in the case of women one penny halfpenny), and the amounts so retained shall, together with any other moneys available for the purpose, be applied in manner provided by this Act towards discharging the liabilities of the Insurance Commissioners to approved societies in respect of the reserve values created by this Section.

(4) The Insurance Commissioners shall periodically apportion amongst the several societies the sums retained by them, and the sums, if any, otherwise available for the discharge of such liabilities as aforesaid in proportion to the amount of reserve values for the time being credited to the several societies, and shall credit to each society the amount so apportioned, and any balance of the sums so credited to a society, after providing for interest on the reserve values for the time being credited to the society, shall be written off the amount of the reserve values so credited.

Amendments made: In Sub-section (1) leave out the word "above" ["at ages above the age of sixteen"], and insert instead thereof the word "over."

Leave out the word "acceptance" ["through the acceptance of such persons"], and insert the words "by an approved society."

In Sub-section (2), leave out the word "above" ["on a person above the age"], and insert instead thereof the word "over."

After the word "society" ["as approved society"], insert the words, "for the purpose of this Part of this Act."

Leave out the word "persons," and insert instead thereof the word "person."

In Sub-section (3), after the word "society" ["member of an approved society"], insert the words, "other than a voluntary contributor who entered into insurance within six months after the commencement of this Act and at the date of that entry was of the age of forty-five years or upwards."

Leave out the words "in the preceding three months."

In Sub-section (4), after the word "societies" ["amongst the several societies"], insert the words, "including the Army and Navy Insurance Fund."

At end of Sub-section (4) add, (5) If any person is convicted of the offence of knowingly making any false statement as to his age in any declaration made for the purpose of obtaining a reserve value to be credited to an approved society in respect of him, the reserve value shall be cancelled, and the member of the society in respect of whom it was credited shall be treated as if he had entered into insurance after the expiration of one year from the commencement of this Act.—[Mr. Lloyd George.]

Insurance Commissioners: Advisory Committee.