ABSTRACT
BE it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:
This Act may be cited as “The Life Assurance Companies Act, 1869.”
Short title.
In this Act—
The term “company” means any person or persons, corporate or incorporate, not being registered under the Acts relating to friendly societies, who grant policies of assurance or annuities upon human life within the United Kingdom:
The term “chairman” means the person for the time being presiding over the court or board of directors of the company:
The term “financial year” means each period of twelve months at the end of which the balance of the accounts of the company is struck, or if no such balance is struck, then each period of twelve months ending with the thirty-first day of December.
Interpretation of terms.
Every company shall, at the expiration of each financial year, prepare a statement of its income and expenditure for the past financial year, and of its balance sheet at the close of such year, in the forms respectively contained in the first and second schedules to this Act.
Statements to be made by companies.
Every company which, concurrently with the granting of policies of assurance or annuities on human life, transacts any other kind of assurance or other business shall, at the expiration of each financial year, prepare statements of its income and expenditure for the past financial year, and of its balance sheet at the close of such year, in the forms respectively contained in the third and fourth schedules to this Act.
Statements by company doing other than life business.
Every company shall, once in every five years if established after the passing of this Act, and once in every ten years if established before the passing of this Act, or at such shorter intervals as may be prescribed by the instrument constituting the company, or by its regulations or bye-laws, cause an investigation to be made into its financial position by an actuary, and shall cause an abstract of the report of such actuary to be made in the form prescribed in the fifth schedule to this Act.
Actuarial report and abstract.
Every company shall, within two years after the passing of this Act, and thereafter within six months of the date of each such investigation as aforesaid into its financial condition, prepare a statement of its life and annuity business in the form contained in the sixth schedule to this Act.
Statement of life and annuity business.
The Board of Trade, with the consent of a company, may alter the forms contained in the schedules to this Act, for the purpose of adapting them to the circumstances of such company, or of better carrying into effect the objects of this Act.
Forms may be altered.
Every statement, report, or abstract herein-before required to be made shall be signed by the chairman of the company and by the principal officer managing the life business, and, if the company has a managing director, by such managing director, and shall be printed; and the original, so signed as aforesaid, together with three printed copies thereof, shall be deposited at the Board of Trade within sixty days of the dates respectively herein-before prescribed as the dates at which the same are to be prepared. And every annual statement shall be accompanied by a printed copy of the actuarial report and abstract last previously made.
Statements, &c. to be signed and printed and deposited with Board of Trade.
A printed copy of every statement, abstract, or other document by this Act required to be printed shall be delivered by the company, on application, to every shareholder, life-policy holder, or annuity holder of the company.
Copies of statements to be given to shareholders, &c.
When an amalgamation takes place between any companies, or when the business of one company is transferred to another company, the combined company or the purchasing company, as the case may ho, shall, within ten days from the date of the completion of the amalgamation or transfer, deposit with the Board of Trade certified copies of statements of the assets and liabilities of the companies concerned in such amalgamation or transfer, together with a statement of the nature and terms of the amalgamation or transfer, and a certified copy of the agreement or deed under which such amalgamation or transfer is effected, and certified copies of the actuarial or other reports upon which such agreement or deed is founded; and the statement and agreement or deed of amalgamation or transfer shall be accompanied by a declaration under the hand of the chairman of each company and the principal managing officer of each company, that every payment made or to be made to any person whatsoever on account of the said amalgamation or transfer is therein fully set forth, and that no other payments beyond those set forth have been made or are to be made either in money, policies, bonds, or other valuable securities, by or with the knowledge of any parties to the said amalgamation or transfer.
Statements in case of amalgamation or transfer.
The Board of Trade may direct any printed or other documents required by this Act, or certified copies thereof, to be kept by the registrar of Joint Stock Companies; and any person may inspect the same at his office, and procure copies thereof on payment of such fees as the Board of Trade may direct.
Documents may be transferred from Board of Trade to registry of joint stock companies.
Every statement, abstract, or other document deposited with the Board of Trade or with the registrar of Joint Stock Companies under this Act shall be receivable in evidence; and every such document, and every copy thereof purporting to be certified by one of the secretaries or assistant secretaries of the Board of Trade, or by the said registrar, shall, if produced out of the custody of the Board of Trade or of the said registrar, be deemed to be such document as aforesaid, or shall be received as evidence thereof, unless the contrary is proved.
Documents to be received in evidence.
Sections 56 to 61, both inclusive, of the Companies Act, 1862, shall be incorporated with this Act, and shall apply to every assurance company, whether registered or not registered under the Companies Act, 1862; and the Board of Trade may direct an examination into the affairs of a company under the said 56th and following sections of the Companies Act, 1862, upon the application of not less than twenty persons having held policies of the company for not less than three years, and representing in the aggregate an amount assured of not less than twenty thousand pounds.
Inspection of affairs of company.
Every company which makes default in complying with the requirements of this Act shall be liable to a penalty not exceeding fifty pounds for every day during which the default continues.
Penalty for non-compliance with Act.
If any statement, abstract, or other document required by this Act is false in any particular to the knowledge of any person who signs the same, such person shall be liable on conviction thereof on indictment to fine and imprisonment, or on summary conviction thereof to a penalty not exceeding fifty pounds.
Penalty for falsifying statements, &c.
Every penalty imposed by this Act shall be recovered and applied in the same manner as penalties imposed by the Companies Act, 1862, are recoverable and applicable.
Penalties how to be recovered and applied.
The Board of Trade shall lay annually before Parliament an abstract of the annual statements deposited with them under this 5 Act.
Abstracts of annual statements to be laid before Parliament.
