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INDUSTRIAL ASSURANCE (NORTHERN IRELAND) ORDER 1979 - SECT 31



31.(1) Where the owner of an industrial assurance policy agrees to accept a
new policy in substitution therefor, the collecting society or industrial
assurance company shall pay to the owner of the policy the surrender value (to
be ascertained in the manner provided by Article 34 and Schedule 6) of the old
policy or shall issue to him a free paid-up policy of equivalent value, unless
the value of the substituted policy, calculated in accordance with the rules
set out in Schedule 6, at the date of the substitution is equal to or exceeds
such surrender value.

(2) In any such case, the society or company shall furnish to the owner of the
policy, with the new policy and new premium receipt book, a statement setting
forth the rights of the owner under this Article, and containing an account
certified by the secretary of the collecting society or industrial assurance
company, or other officer appointed for the purpose, showing the surrender
value of the old policy and the value of the new policy.

(3) Where a substituted policy is so issued and the value thereof is equal to
or exceeds the surrender value of the old policy, then, for the purpose of
determining whether the owner is entitled to a free paid-up policy or
surrender value under Article 30, the substituted policy shall be deemed to
have been issued at the date at which the old policy was issued, and premiums
shall be deemed to have been paid on the substituted policy in respect of the
period between that date and the date at which the substituted policy was
actually issued.



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© 1979 Crown Copyright

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