society, but also among the humbler classes, to whom it has recently been very considerably applied; and that it is therefore very important that no check or impediment should be placed in the way of the further extension of this enterprise, not absolutely needful for the security of the public. On the other hand, the committee are of opinion that in the interest of the companies themselves, as well as in that of the public, it is desirable to interpose such checks as will give a reasonable guarantee as to the bona fide intentions of the promoters of such companies. To this extent only the committee are of opinion that any interference at this stage is desirable. With this view, in addition to such regulations as may be considered needful for the purposes of registration, the committee are of opinion that no new company should be admitted to complete registration until a capital shall have been subscribed, and actually paid up, of at least 10,0007., and which shall be invested in the public funds, under such regulations as Parliament may deem fit to enact; to be considered in the double light of a test of bona fide intentions on the part of the promotors, and of a security for the liabilities of the company at its early stage of existence.

5th. No part of the subject submitted to your committee has received more attention than that of the publication of periodical accounts. Hitherto those accounts, as published, have been of a most unsatisfactory character. Your committee have carefully considered whether it would be practicable to prescribe such a form of account as would accomplish the objects of the Legislature; but after the most careful consideration, they are led to the conclusion that no fixed form could be made applicable to all cases, which would not be exposed to much evasion, or which would practically afford any real security.

Your committee, therefore, would recommend that it shall be imperative upon each company to make a complete investigation into its affairs at least once in five years, as is usually prescribed by their deeds of settlement, and at such times so prescribed, which shall show a complete valuation of their risks and liabilities, and of their assets to meet the same; and that all such valuation accounts, which may be made for the information and use of their proprietors, shareholders, or *mem[*450] bers, shall be registered in the office of the registrar; and that in each intermediate year between such periodical balance-sheets or valuations, there shall also be registered a statement containing authentic information on the following particulars :—

The amount of receipts during the year for premiums on policies.
The amount of expenses during the year.

The number and amount of new policies issued.

The total number and amount of liabilities on all current policies.

The total amount of premiums receivable on the same.

The whole amount of capital; distinguishing the manner in which invested.

How much in cash.

How much in Government securities.

How much in mortgage upon real estate.

How much in other securities; specifying their nature.

The average rate of interest received upon each class of invest

ments.

The amount of such investment, if any, on which the payment

of interest is in arrears.

The table of mortality, and the rate of interest used in calculating the premiums.

XIII. The evidence which your committee has obtained, leads them to believe that some such general statement would be of much greater utility in enabling the public to come to a correct judgment as to the condition of the office, than any form of account that could be adopted. In addition to the above, in the case of proprietary companies, the amount of subscribed capital should be stated, and also the amount actually paid up, and how invested.

XIV. It has been brought to the attention of your committee, that the business of assurance offices is becoming every year of a more varied

character.

XV. This your committee regard as the necessary result of the advancement of the science on which it is based; but there is a class of business which some offices have undertaken, viz., that of receiving deposits of money at interest, which appears to your committee totally inconsistent with the business of life assurance.

XVI. Your committee will conclude their report by calling attention to a part of the evidence which advocates the formation of an incorporated society of actuaries, with a view to the advancement of that important science, and also with a view to issue diplomas or certificates to persons qualified to practice as actuaries. If any effort should be made. to induce Parliament to grant such an incorporation, the committee are of opinion, that it will be worthy of consideration; but that further investigation would be needful before such measures should be adopted, as considerable difference of opinion prevails on the subject among actuaries themselves.

16th August, 1853.

*53 GEO. III. c. 141.

[*451]

An Act to repeal an Act of the Seventeenth Year of the Reign of his present majesty, intituled "An Act for registering the Grants of Life Annuities, and for the better Protection of Infants against such Grants ;" and to substitute other Provisions in lieu thereof.

WHEREAS it is expedient that an act passed in the seventeenth year of his present majesty, intituled "An Act for registering the grants of life annuities, and for the better protection of infants against such grants,"

should be repealed, and other provisions substituted in lieu thereof: May it therefore please your majesty that it may be enacted; and be it enacted by the king's most excellent majesty, by and with the advice and consent of the lords spiritual and temporal, and commons, in this present parliament assembled, and by the authority of the same, that the said recited act shall be, and the same is hereby repealed, save and except so far as regards any annuities or rent-charges which have been granted before the passing of this act.

II. And be it further enacted, that within thirty days after the execution of every deed, bond, instrument, or other assurance, whereby any annuity or rent-charge shall, from and after the passing of this act, be granted for one or more life or lives, or for any term of years or greater estate determinable on one or more life or lives, a memorial of the date of every such deed, bond, instrument, or other assurance, of the names of all the parties and of all the witnesses thereto, and of the person or persons for whose life or lives such annuity or rent-charge shall be granted, and of the person or persons by whom the same is to be beneficially received, the pecuniary consideration or considerations for granting the same, and the annual sum or sums to be paid, shall be enrolled in the High Court of Chancery, in the form or to the effect following, with such alterations therein as the nature and circumstances of any particular case may reasonably require:

[See Table next page.]

otherwise every such deed, bond, instrument, or other assurance, shall be null and void to all intents and purposes.

III. Provided always, and be it further eacted, that if any such annuity shall be granted by or to or for the benefit of any company exceed ing in number ten persons, which company shall be formed for the purpose of granting or purchasing annuities, it shall be sufficient in any such memorial to describe such company by the usual firm or name of trade.

IV. And be it further enacted, that in every deed, bond, instrument, or other assurance, whereby any annuity or rent-charge shall, from and after the passing of this act, be granted or attempted to be granted, for one or more life or lives, or for any term of years or greater estate determinable on one or more life or lives, where the person or persons to whom such annuity shall be granted or secured to be paid, shall not be entitled thereto beneficially, the name or names of the person or [*453] persons who is or are intended to take the annuity *beneficially shall be described in such or the like manner as is herein before required in the enrolment, otherwise every such deed, instrument, or other assu rance shall be null and void.

V. And be it further enacted, that in case any person or persons by whom any annuity or rent-charge, of which such particulars as aforesaid are hereby required to be enrolled, shall for the time being be payable, shall be desirous of obtaining a copy of every or any deed, bond instru

bond.

ment, or other assurance, whereby such annuity or rent-charge was granted, and of such his, her, or their desire shall give twenty-one days notice in writing to the person or persons for the time being entitled to such annuity or rent-charge, such person or persons shall, on or before the expiration of such twenty-one days, unless prevented by fire or other inevitable accident, and in that case if the assurances shall not be destroyed by such accident, then as soon after as such impediment shall be removed, send or deliver to the person or persons requiring the same a copy of every deed, bond, instrument, or other assurance, whereby such annuity or rent-charge was granted, or of such of the assurances as in such notice shall be required; and such last-mentioned person or persons shall, at the time of receiving the same, pay to the person or persons furnishing the same a sum after the rate of sixpence for every one hundred words contained in every such copy, and also the reasonable costs of sending or delivering the same; and the person or persons holding the original instruments by which such annuity or rent charge shall be secured shall suffer the person or persons to whom such copies shall be delivered or sent to examine the same with the originals; and in case such copies shall not be sent or delivered, or the person or persons holding the original instruments shall refuse to suffer such copies to be examined therewith according to the direction in this Act, it shall be lawful for the person or persons by whom the annuity or rent-charge is payable to take out a summons from any of his Majesty's justices of his courts of King's Bench and Common Pleas, requiring the person or persons neglecting to send or deliver such copies, or refusing to suffer the same to be examined with the original instrument as aforesaid, to appear before such judge, and shew cause in the premises; and it shall and may be lawful for the judge before whom such person or persons shall be summoned to make such order for the production of the instruments by which such annuity or rent-charge shall be secured, and for suffering the complainant to take copies thereof, and examine the same, or the copies delivered with the original instruments, and otherwise in the premises, as to such judge shall seem meet.

VI. And be it further enacted, that if any part of the consideration for the purposes of any such annuity or rent charge shall be returned to the person advancing the same, or in case such consideration or any part of it shall be paid in notes, if any of the notes with the privity or consent of the person advancing the same, shall not be paid when due, or shall be cancelled or destroyed without being first paid; or if such consideration is expressed to be paid in money, but the same or any part of it shall be paid in goods; or if the consideration or any part of shall be retained on pretence of answering the future payments of the annuity or rent-charge, or any other pretence; in all and every the aforesaid cases it shall be lawful for the person by *whom the [*454] annuity or rent-charge is made payable, or whose property is liable to be charged or affected thereby, to apply to the court in which any action shall be brought for payment of the annuity or rent-charge, or judgment entered, by motion, to stay proceedings on the action or judg