LIFE INSURANCE COMPANIES. No. 11 of 1907.
be as absolutely the security of the life policy and annuity holders as though it belonged to a company carrying on no other business than that of life insurance, and shall not be liable for any contracts of the company for which it would not have been liable had the business of the company been only that of life insurance: and in respect to all existing companies, the exemption of the life insurance fund from liability for other obligations than to its life policy holders shall have reference only to the contracts entered into after the commencement of this Ordinance, unless by the constitution of the company such exemption already exists; but this Ordinance shall not diminish the liability of any life insurance fund for any contracts of such company entered into before the commencement of this Ordinance: Provided always that this section shall not apply to any contracts made by any life insurance company existing at the commencement of this Ordinance by the terms of whose deed of settlement the whole of the profits of all the business are paid exclusively to the life policy holders, and on the face of which contracts the liability of the insured distinctly appears.
by com-
1693
12. Every company shall, at the expiration of each financial year of such company, prepare a statement of its revenue account for such year, and of its balance sheet at the close of such year, in the forms respectively contained in the First and Second Schedules.
33 & 34 Vict. c. 61, s. 5. First and Second Schedules.
business.
13. Every company which, concurrently with the granting of policies of insurance or annuities on human life, transacts any other kind of insurance or other business, shall at the expiration of each such financial year as aforesaid prepare statements of its revenue account for such year, and of its balance sheet at the close of such year, in the forms respectively contained in the Third and Fourth Schedules.
33 & 34 Vict. c. 61, s. 6. Third and Fourth Schedules.
abstract.
c. 61, s. 7.
14. Every company shall, once in every five years if established after the commencement of this Ordinance, and once in every ten years if established before the commencement of this Ordinance, or at such shorter intervals as may be prescribed by the instrument constituting such company, or by its regulations or by-laws, cause an investigation to be made into its financial condition by an actuary and shall cause an abstract of the report of such actuary to be made in the form in the Fifth Schedule.
Fifth Schedule.
LIFE INSURANCE COMPANIES. No. 11 of 1907.
be as absolutely the security of the life policy and annuity holders as though it belonged to a company carrying on no other business than that of life insurance, and shall not be liable for any contracts of the company for which it would not have been liable had the business of the company been only that of life insurance: and in respect to all existing companies, the exemption of the life insurance fund from liability for other obligations than to its life policy holders shall have reference only to the contracts entered into after the commencement of this Ordinance, unless by the con- stitution of the company such exemption already exists; but this Ordinance shall not diminish the liability of any life insurance fund for any contracts of such company entered into before the commencement of this Ordinance: Provided always that this section shall not apply to any contracts made by any life insurance company existing at the com- mencement of this Ordinance by the terms of whose deed of settlement the whole of the profits of all the business are paid exclusively to the life policy holders, and on the face of which contracts the liability of the insured distinctly appears.
by com-
1693
12. Every company shall, at the expiration of each Statements financial year of such company, prepare a statement of its to be made revenue account for such year, and of its balance sheet at the panies. close of such year, in the forms respectively contained in the 33 & 34 Vict. First and Second Schedules.
c. 61, s. 5. First and Second Schedules.
business.
13. Every company which, concurrently with the granting Statements of policies of insurance or annuities on human life, transacts by company doing other any other kind of insurance or other business, shall at the than life expiration of each such financial year as aforesaid prepare 33 & 34 Vict. statements of its revenue account for such year, and of its c. 61, s. 6. balance sheet at the close of such year, in the forms respec- Third and tively contained in the Third and Fourth Schedules.
Fourth Schedules.
abstract.
c. 61, s. 7.
14. Every company shall, once in every five years if Actuarial established after the commencement of this Ordinance, and report and once in every ten years if established before the commence- 33 & 34 Vict. ment of this Ordinance, or at such shorter intervals as may be prescribed by the instrument constituting such company, or by its regulations or by-laws, cause an investigation to be made into its financial condition by an actuary and shall cause an abstract of the report of such actuary to be made in the form in the Fifth Schedule.
Fifth
Schedule.
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