The Act encouraged friendly societies to register with the Registrar of Friendly Societies by granting them the legal right to own land and property in the name of their trustees and the power to take out legal proceedings, in return for registration. Registered societies were subject to regulation: for example they were required to submit returns to the Registrar every five years which gave details of their financial affairs and in-force business which could be used by the Registrar to evaluate their assets against their liabilities under life assurance, annuity and sickness business.[5]
Friendly societies paid de facto old-age pensions in the form of sickness benefit, and the Act defined "old age" as 50 and above. Although a court ruled that "natural decay" was not "sickness" the majority of friendly societies did not accept this ruling as they were in competition with each other, and wanted to continue paying pensions to attract new members.[6]
The Act allowed friendly societies considerable self-management "but insured the adoption of sound rules, effective audit, and rates of payment sufficient to maintain solvency. It established the friendly societies, and with them the people's savings on a satisfactory basis".[7]
In 1889 Mr Braxton Hicks, the London coroner, wrote a letter to The Times about the dangers of child life insurance. He wrote that the insurances act as a temptation to the parents to neglect them, or to feed them with improper food, and sometimes even to kill them, as in the excessively numerous cases of "over-laying" or suffocating in bed.[8]
Referencesedit
William Andrews Holdsworth. The Friendly Societies Act, 1875. With Explanatory Introduction and Notes; an Appendix containing the Clauses of other Acts affecting Friendly Societies and an Index. George Routledge and Sons. The Broadway, Ludgate, London. 1875. Google Books.
^The citation of this Act by this short title was authorised by section 1 of this Act.
^William Flavelle Monypenny and George Earle Buckle, The Life of Benjamin Disraeli, Earl of Beaconsfield. Volume II. 1860–1881 (London: John Murray, 1929), pp. 704-5.
^"Infantile Insurance". Times [London, England]. 14 February 1889. p. 13 – via The Times Digital Archive.
January 01, 1970
friendly, societies, 1875, vict, parliament, united, kingdom, passed, benjamin, disraeli, conservative, government, following, publication, royal, commission, friendly, societies, final, report, parliamentparliament, united, kingdomlong, titlean, consolidate, . The Friendly Societies Act 1875 38 amp 39 Vict c 60 was an Act of the Parliament of the United Kingdom passed by Benjamin Disraeli s Conservative government following the publication of the Royal Commission on Friendly Societies Final Report Friendly Societies Act 1875 1 Act of ParliamentParliament of the United KingdomLong titleAn Act to consolidate and amend the Law relating to Friendly and other Societies Citation38 amp 39 Vict c 60Territorial extent Great Britain and Ireland the Channel Islands and the Isle of Man 2 DatesRoyal assent11 August 1875CommencementSections 10 37 and 38 came into force on 11 August 1875 The remainder of the Act came into force on 1 January 1876 3 Text of statute as originally enacted It was one of the Friendly Societies Acts 1875 to 1895 4 The Act encouraged friendly societies to register with the Registrar of Friendly Societies by granting them the legal right to own land and property in the name of their trustees and the power to take out legal proceedings in return for registration Registered societies were subject to regulation for example they were required to submit returns to the Registrar every five years which gave details of their financial affairs and in force business which could be used by the Registrar to evaluate their assets against their liabilities under life assurance annuity and sickness business 5 Friendly societies paid de facto old age pensions in the form of sickness benefit and the Act defined old age as 50 and above Although a court ruled that natural decay was not sickness the majority of friendly societies did not accept this ruling as they were in competition with each other and wanted to continue paying pensions to attract new members 6 The Act allowed friendly societies considerable self management but insured the adoption of sound rules effective audit and rates of payment sufficient to maintain solvency It established the friendly societies and with them the people s savings on a satisfactory basis 7 In 1889 Mr Braxton Hicks the London coroner wrote a letter to The Times about the dangers of child life insurance He wrote that the insurances act as a temptation to the parents to neglect them or to feed them with improper food and sometimes even to kill them as in the excessively numerous cases of over laying or suffocating in bed 8 References editWilliam Andrews Holdsworth The Friendly Societies Act 1875 With Explanatory Introduction and Notes an Appendix containing the Clauses of other Acts affecting Friendly Societies and an Index George Routledge and Sons The Broadway Ludgate London 1875 Google Books The citation of this Act by this short title was authorised by section 1 of this Act The Friendly Societies Act 1875 section 3 The Friendly Societies Act 1875 section 2 The Short Titles Act 1896 section 2 1 and Schedule 2 John Macnicol The Politics of Retirement in Britain 1878 1948 Cambridge University Press 2002 p 114 Macnicol p 118 William Flavelle Monypenny and George Earle Buckle The Life of Benjamin Disraeli Earl of Beaconsfield Volume II 1860 1881 London John Murray 1929 pp 704 5 Infantile Insurance Times London England 14 February 1889 p 13 via The Times Digital Archive Retrieved from https en wikipedia org w index php title Friendly Societies Act 1875 amp oldid 1199081631, wikipedia, wiki, book, books, library,
