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Published online by Cambridge University Press: 11 August 2014
These remarks were set down in 1958 before the Insurance Companies Act 1958 was enacted. The new Act is a consolidating Act and, apart from a few alterations to achieve greater clarity, makes no alteration to the law as it affects Life Assurance business.
The new Act does not, however, include the former Schedules 1 to 5 of the Assurance Companies Act 1909 but leaves the Board of Trade to prescribe them. (Reference is made in these remarks to the powers previously available to the Board of Trade.) The Act required the Board of Trade to prescribe appropriate Schedules without delay and, in fact, the original 1909 Act Schedules have been prescribed without change.
It is understood that this is essentially a temporary measure, as the time available was not sufficient to allow adequate consideration to be given to any possible changes. It is, however, expected that the Schedules will be revised in the relatively near future.
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