Insurance Act, 1953

• Jurisdiction: Ireland
• Citation: IR No. 7/1953
• Year: 1953

Number 7 of 1953.
INSURANCE ACT, 1953.
ARRANGEMENT OF SECTIONS
Section 1. Interpretation. 2. Export guarantees. 3. Accounts and returns. 4. Grant of assurance licences to foreign companies under reciprocal arrangements. 5. Short title and collective citation.
Acts Referred to Insurance Act, 1936 No. 45 of 1936
Number 7 of 1953.
INSURANCE ACT, 1953.
AN ACT TO ENABLE THE MINISTER FOR INDUSTRY AND COMMERCE TO GIVE GUARANTEES WITH RESPECT TO THE INSURANCE OF RISKS IN CONNECTION WITH EXTERNAL TRADE AND TO AMEND THE LAW RELATING TO THE CARRYING ON OF ASSURANCE BUSINESS. [24th March, 1953.]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—
	Interpretation.	1.—(1) In this Act—
	“the Act of 1936” means the Insurance Act, 1936 (No. 45 of 1936);
	“guarantee” includes a contract to indemnify, whether wholly or in part, against loss of any description;
	“the Minister” means the Minister for Industry and Commerce.
	(2) This Act shall be construed as one with the Act of 1936.
	Export guarantees.	2.—(1) For the purpose of encouraging exports, the Minister, with the consent of the Minister for Finance, may make arrangements for giving to, or for the benefit of, persons carrying on a business or profession in the State guarantees in connection with the export, manufacture, treatment or distribution of goods, the rendering of services or any other matter which appears to the Minister conducive to that purpose.
	(2) Arrangements under this section may include agreements with assurance companies for the re-insurance of guarantees given by them.
	(3) The aggregate amount of the liability at any time of the Minister for principal moneys in respect of arrangements under this section shall not exceed two million pounds.
	(4) Any amount required to meet a liability incurred by the Minister under this section shall be advanced out of the Central Fund or the growing produce thereof and shall be repaid to the Central Fund out of moneys provided by the Oireachtas.
	(5) For the purpose of providing money for any advance under this section the Minister for Finance may borrow from any person any sum or sums, and for the purpose of such borrowing he may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit, and shall pay the moneys so borrowed into the Exchequer.
	(6) The principal of or any interest on...