98+

Appheation
to fire
Msuranee
COonypane

Ch. 31. No. 19.) Assurance Companies.

(c) in the case of a mutual company whose profits
are allocated to members wholly or mainly by annual
abatements of premium, the abstract of the report
of the actuary on the financial condition of the com-
pany, prepared in accordance with section 7, may,
notwithstanding anything in section 7, be made and
returned at intervals not exe ceeding five years: Pro-
vided that, where such return is not made annually,
it shall include particulars as to the rate of abatement
of premiums applicable to different classes or series
of assurances allowed in each year during the period
which has ckipsed since the previous return under
section 7

31. Where a company carries on fire insurance business,
this Ordinance shall apply with respect to that business,
subject to the following modifications

(a) it shall not be necessary for the company to
prepare any statement: of its fire insurance business
in accordance with sections 7 and 8;

(6) such of the previsions of this Ordinance as
relate to deposits to be made under this Ordinance
shall not apply where the company is an association
of owners or eceupters of buildings or other property
which satisfies the Registrar General that it is carrying
on, oris about te carry on, business wholly or mainly
for the purpose of the mutual insurance of its members
against damage by or incidental to fire caused to the
houses or other property owned or occupied by them;

(c) it shall not be necessary to make a deposit in
respect of fire insurance business where the company
has made a deposit in respect of any other class of
assurance busine. and, where a company, having
made a deposit in respect of fire insurance business,
commence. to carry on life assurance business or
employers’ liability insurance busine. , the company
may transfer the deposit so made to the account of
that other business, and after such transfer the deposit
shall be treated as if it had been made in respect of
such other business ;

(27) so much of this Ordinance as requires an
assuranee company transacting other business besides