The Industrial Assurance (Decimal Currency) Regulations 1970

• Citation: S.I. 1970/931
• Sections: 19

Section 1

(1) These Regulations may be cited as the Industrial Assurance (Decimal Currency) Regulations 1970, and shall come into operation on 1st August 1970.

(2) In these Regulations—

“ industrial assurance company ”, “ industrial assurance business ” and “ collecting society ” have the meanings assigned by section 1 of the Industrial Assurance Act 1923 as amended by Schedule 6 to the Companies Act 1967;

“ industrial assurance contract ” means a contract of assurance made by an industrial assurance company in the course of its industrial assurance business in Great Britain or a contract made by a collecting society with a member of the society in the course of its industrial assurance business in Great Britain, whether contained in the rules of the society or not;

“ collecting society contract ” means a contract, other than an industrial assurance contract, made by a collecting society with a member of the society in the course of its business in Great Britain, whether contained in the rules of the society or not;

“ the new currency ” and “ the old currency ” have the meanings assigned by section 16(1) of the Decimal Currency Act 1969;

“ the prescribed scheme ” means the scheme prescribed in Schedule 4 to these Regulations;

“ approved scheme ” means a special scheme approved by the Industrial Assurance Commissioner in the circumstances provided for in regulation 6 of these Regulations;

“ actuary ” means an actuary having such qualifications as may be prescribed by Regulations made under section 16(1) of the Friendly and Industrial and Provident Societies Act 1968.

(3) The Interpretation Act 1889 shall apply to the interpretation of these Regulations as it applies to the interpretation of an Act of Parliament.

Section 2

(1) Subject to regulation 3, this regulation applies to payments payable under any industrial assurance or collecting society contract made before 15th February 1971 that fall due on or after that date.

(2) The amount payable in respect of any payment to which this regulation applies and which is payable by an industrial assurance company or collecting society shall be the amount in the new currency provided for in Schedule 1 to these Regulations.

(3) The amount payable in respect of any payment to which this regulation applies and which is payable to an industrial assurance company or collecting society shall be—

(a) if the payment is payable under a collecting society contract as one of a series of payments payable at intervals greater than two weeks, the amount in the new currency provided for in Schedule 1 to these Regulations,

(b) if the payment is payable under an industrial assurance contract as one of a series of payments payable at intervals greater than two weeks, the amount in the new currency provided for in Schedule 2 to these Regulations,

(c) if the payment is payable under an industrial assurance or collecting society contract as one of a series of payments payable weekly or fortnightly, the amount in the new currency provided for in Schedule 3 to these Regulations.

Section 3

Regulation 2 shall not apply to any payment payable under an industrial assurance or collecting society contract—

(a) which is contained in or by its terms subject to the rules of a collecting society and those rules provide for the amount in the new currency payable in respect of the payment, or

(b) to which the prescribed scheme or an approved scheme applies.

Section 4

(1) An industrial assurance company or a collecting society may by resolution of its board of directors or, as the case may be, of its committee of management, passed before 15th February 1971 adopt—

(a) the prescribed scheme, or

(b) an approved scheme, or

(c) both the prescribed scheme and an approved scheme

for the purpose of securing that under any industrial assurance or collecting society contract made before 15th February 1971 to which the prescribed scheme or an approved scheme applies no amount other than a new halfpenny or multiple thereof will be payable in respect of any payment that falls due on or after that date.

(2) Where an industrial assurance company or collecting society has so adopted any such scheme, the amount payable to or by the company or society in respect of a payment payable under any contract to which the scheme applies that falls due as aforesaid shall be the amount in the new currency provided for in the scheme.

(3) Written notice of a resolution adopting the prescribed or an approved scheme shall within fourteen days of the passing thereof be sent by the industrial assurance company or collecting society to the Industrial Assurance Commissioner.

Section 5

(1) Where payments payable to an industrial assurance company or collecting society which has adopted the prescribed scheme are increased by virtue of paragraph 3 of the scheme, the company or society shall on being requested so to do by the person by whom the increased payments are payable notify him in writing of the corresponding increase in the benefit payable by virtue of paragraph 8 of the scheme.

(2) Any person by whom payments so increased are payable may, within six months of first receiving written notification from the company or society of the increase in the benefit, appeal to the Industrial Assurance Commissioner on the ground that the increase in the benefit is not fair in relation to the increased payments payable by him.

(3) If on such appeal, and after giving the appellant and the company or society an opportunity of being heard, the Industrial Assurance Commissioner is satisfied that the increase in benefit is not fair, he may direct the company or society to make such increase as he may consider appropriate in the benefit to which the appeal relates and in like benefits payable under other like contracts.

Section 6

The Industrial Assurance Commissioner may before 15th February 1971 approve a special scheme intended to be adopted by an industrial assurance company or collecting society for the purpose mentioned in regulation 4 if—

(a) in his opinion regulation 2 or the prescribed scheme cannot be made to apply to payments under the contracts to which the special scheme applies without difficulty or inconvenience having regard to the times or method of their payment or to any other relevant matter, and

(b) where by virtue of the scheme any payments payable to the company or society are increased, an actuary has certified that the scheme provides where actuarially appropriate for suitable adjustments to the benefits for which those payments are payable.

Section 7

Notwithstanding anything contained in the rules of a collecting society which has adopted the prescribed scheme or an approved scheme, the committee of management of the society may by resolution passed before 15th February 1972 make amendments to the rules of the society in connection with the adoption by the society of any such scheme.

Section 1

The amount in the new currency payable in respect of a payment referred to in paragraph (3)(c) of regulation 2 which is payable weekly and which falls due on or after the relevant date shall be the amount corresponding to the amount in the old currency payable under the contract or, if that amount would apart from the Industrial Assurance (Halfpenny) Regulations 1969 be or include a halfpenny, to the amount in the old currency payable under the contract apart from those Regulations, calculated as follows—

(a) for any whole shilling or multiple thereof the corresponding amount in the new currency is five new pence or that multiple thereof; and

(b) for any amount or remaining amount of less than one shilling shown in column 1 of the following table the corresponding amount in the new currency is, in relation to any one of four successive weekly payments in a series beginning with the payment first falling due on or after the relevant date, the amount (if any) in new pence shown opposite that amount under the appropriate weekly payment in columns 2 to 5 of that table and an amount or remaining amount of one penny or a halfpenny shall be disregarded in relation to the weekly payment under which no amount in new pence is so shown.

Section 2

The amount in the new currency payable in respect of a payment referred to in paragraph (3)(c) of regulation 2 which is payable fortnightly and which falls due on or after the relevant date shall be the amount corresponding to the amount in the old currency payable under the contract or, if that amount would apart from the Industrial Assurance (Halfpenny) Regulations 1969 be or include a halfpenny, to the amount in the old currency payable under the contract apart from those Regulations, calculated as follows—

(a) for any whole shilling or multiple thereof the corresponding amount in the new currency is five new pence or that multiple thereof; and

(b) for any amount or remaining amount of less than one shilling shown in column 1 of the following table the corresponding amount in the new currency is, in relation to any one of two successive fortnightly payments in a series beginning with the payment first falling due on or after the relevant date, the amount (if any) in new pence shown opposite that amount under the appropriate fortnightly payment in columns 2 and 3 of that table and an amount or remaining amount of a halfpenny shall be disregarded in relation to the first of every two successive fortnightly payments.

Section 3

“ Relevant date ” in paragraphs 1 and 2 of this Schedule means —

(a) 15th February 1971, or

(b) 22nd February 1971 in relation to any payment payable to an industrial assurance company or collecting society which before 15th February 1971 has determined that 22nd February 1971 shall be the relevant date.

Section 4

Where an industrial assurance company or collecting society has determined as mentioned in subparagraph (b) of the preceding paragraph, the amount in the new currency payable in respect of a payment referred to in paragraph (3)(c) of regulation 2 which is payable to the company or society and which falls due before 22nd February 1971 shall be the amount corresponding to the amount in the old currency (being in the case of an amount reduced or increased by one halfpenny by virtue of the Industrial Assurance (Halfpenny) Regulations 1969 the amount so reduced or increased) payable under the contract calculated as follows—

(a) for any whole shilling or multiple thereof the corresponding amount in the new currency is five new pence or that multiple thereof; and

(b) for any amount or remaining amount of less than one shilling shown in column 1 of the following table the corresponding amount in the new currency is the amount in new pence shown opposite that amount in column 2 of that table.

Section 1

The scheme applies to any industrial assurance or collecting society contract made before 15th February 1971 under which a series of weekly or fortnightly payments are payable to the industrial assurance company or collecting society which has adopted the scheme in accordance with regulation 4 of these Regulations.

Section 2

The amount in the new currency of a payment payable under a contract to which the scheme applies and falling due on or after 15th February 1971 shall be the amount herein provided.

Section 3

In the case of a payment payable as one of a series to the company or society in respect of which the amount in the old currency payable does not exceed, if a weekly payment, one shilling or, if a fortnightly payment, two shillings, and which falls due on or after the relevant date, the amount in the new currency shall be the amount corresponding to the amount in the old currency payable under the contract or, if that amount would apart from the Industrial Assurance (Halfpenny) Regulations 1969 be or include a halfpenny, to the amount in the old currency payable under the contract apart from those Regulations, calculated as follows—

(a) for any whole shilling or two shillings the corresponding amount in the new currency is respectively five new pence and ten new pence, and

(b) for any amount or remaining amount of less than one shilling shown in column 1 of the following table the corresponding amount in the new currency is the amount in new pence shown opposite that amount in column 2 of that table.

Section 4

“ Relevant date ” in paragraph 3 of the scheme means —

(a) 15th February 1971, or

(b) 22nd February 1971 if the company or society on adopting the scheme has determined that that date shall be the relevant date.

Section 5

Where the company or society has determined as mentioned in subparagraph (b) of the preceding paragraph, the amount in the new currency of a payment falling due before 22nd February 1971 which would otherwise fall to be determined under paragraph 3 shall be the amount corresponding to the amount in the old currency (being in the case of an amount reduced or increased by one halfpenny by virtue of the Industrial Assurance (Halfpenny) Regulations 1969 the amount so reduced or increased) payable under the contract calculated as follows—

(a) for any whole shilling or two shillings the corresponding amount in the new currency is respectively five new pence and ten new pence; and

(b) for any amount or remaining amount of less than one shilling shown in column 1 of the following table the corresponding amount in the new currency is the amount in new pence shown opposite that amount in column 2 of that table.

Section 6

In the case of a weekly or fortnightly payment payable as one of a series to the company or society in respect of which the amount in the old currency payable exceeds the amount referred to in paragraph 3, the amount in the new currency shall be the amount corresponding to the amount in the old currency payable under the contract or, if that amount would apart from the Industrial Assurance (Halfpenny) Regulations 1969 include a halfpenny, to the amount in the old currency payable under the contract apart from those Regulations, calculated in accordance with sub-paragraphs (a) to (c) of Schedule 2 to these Regulations.

Section 7

Subject to paragraph 8 the amount in the new currency payable by the company or society in respect of a benefit shall be the amount corresponding to the amount in the old currency payable under the contract calculated in accordance with sub-paragraphs (a) to (c) of Schedule 1 to these Regulations.

Section 8

Where by virtue of paragraph 3 the payments payable under a contract are increased, the benefit payable by the company or society under the contract shall also be increased and shall be of such amount in the new currency as an actuary shall certify to be fair in relation to the increased payments payable.