Returned Soldiers’ Insurance Regulations

Regulations Respecting Returned Soldiers’ Insurance These Regulations may be cited as the Returned Soldiers’ Insurance Regulations. In these Regulations, Act means the Returned Soldiers’ Insurance Act; (Loi) policy means a valid contract of insurance entered into under the Act; (police) reserve means the net premium value of the policy computed on the basis of the British Offices Life Tables, 1893, Om (5), with interest at four per cent per annum; (réserve) Superintendent means the Superintendent of Veterans’ Insurance. (surintendant) Any other word or phrase that is defined in the Act and used in these Regulations shall, for the purposes of these Regulations, have the same meaning as that given to it in the Act. Where under any term or condition of a policy issued under the Act any power or authority is to be exercised or anything is to be done by the Board of Pension Commissioners for Canada or Board, such power or authority shall be exercised or such thing shall be done by the Superintendent. All moneys due under any policy are payable in the City of Ottawa, in the Province of Ontario. Premiums under any policy are due and payable monthly and the due date of all monthly premiums is the first day of the month. Premiums may be paid quarterly, semi-annually or annually in advance and where so paid are respectively three, six and 12 times the monthly premium. Where the insured dies during any period for which a premium has been paid, there shall be refunded in the settlement of the policy the portion of the premium paid for the unexpired portion of that period calculated from the end of the calendar month in which the insured dies. Where during any period for which a premium has been paid the policy is surrendered, there shall be refunded in the settlement of the policy the cash surrender value of that policy and that portion of the premium paid for the unexpired portion of the period, calculated from the beginning of the calendar month in which the policy is surrendered, or the end of the calendar month in which the policy is surrendered whichever calculation produces the greater amount. Where the insured does not pay, within the prescribed period of grace, a premium due under the policy and applies in writing, within three months from the date on which the premium fell due, for paid-up insurance, he is entitled to paid-up insurance for a reduced amount. The amount of such paid-up insurance is, in the case of a policy requiring that premiums be payable for 20 years, that proportion of the original amount of insurance that the total premiums paid is to the total of premiums originally payable; and in all other policies, an amount that the reserve on the policy at the date of application will provide when applied as a single net premium, computed on the same basis as the reserve, at the attained age of the insured. Paid-up insurance is payable on the same conditions as the original insurance. A cash surrender value based on the reserve on the paid-up insurance to which the insured would have been entitled under section 5 is, where the Superintendent is satisfied as to the circumstances of the case, payable to the insured where a written application therefor is made to the Superintendent by the insured, and by the beneficiary or beneficiaries, except where his or their whereabouts is unknown or cannot be ascertained by the insured after a search satisfactory to the Superintendent; and the policy is returned to the Superintendent for cancellation or retention. Where the insured does not pay, within the prescribed period of grace, a premium due under the policy and no proper application has been made for paid-up insurance or a cash surrender value, the policy shall be automatically continued in force for the full amount of insurance for the extension period, disregarding fractional parts of a month, that the cash surrender value at the date on which the premium fell due will provide if applied as a net single premium at the attained age of the insured. Where the insured applies for any benefit provided by section 9 of the Act, he shall, if required by the Superintendent, furnish the report of a competent physician on an examination form provided by the Superintendent. Each claim shall be referred to a medical referee appointed by the Superintendent and the referee’s decision is final. The fees of the physician shall be paid by the insured. Where a disability is caused by the mental derangement of the insured, the disability benefit may be paid to such person or persons on his behalf as the Superintendent may deem fit. Where the insured does not pay a premium by the end of the period of grace and the policy has not been changed to provide paid-up insurance, has not been surrendered for its cash surrender value or the automatic extension period has not expired, the insured may, with the consent of the Superintendent, and after such medical examination and other evidence of insurability as the Superintendent may deem necessary, restore the policy to a premium-paying basis at any time within five years from the due date of the first premium in default by payment of the arrears of premiums together with interest thereon at six per cent per annum compounded annually. The age, identity, existence or death of persons shall be proved by such documents or other evidence as the Minister of Veterans Affairs may require. Where proof of age is furnished during the lifetime of the insured, the age may be admitted by an authorized endorsement on the policy. There shall be an account in the Consolidated Revenue Fund to be called the Returned Soldiers’ Insurance Fund (in this section referred to as the Fund) to which shall be credited all moneys received and to which shall be charged all moneys paid under the Act. At the end of each fiscal year, the liability outstanding arising out of contracts entered into under the Act shall be calculated by the Superintendent. If the liability calculated under subsection (2) is greater than the balance of the Fund at the date of such calculation, there shall be credited to the Fund an amount equal to the excess of the liability over the balance of the Fund. If the liability calculated under subsection (2) is less than the balance of the Fund at the date of such calculation, there shall be charged to the Fund an amount equal to the amount by which the balance of the Fund exceeds the liability. In this section, Superintendent has the same meaning as in the Department of Insurance Act.