I hereby give My Sanction to the Law concerning the partial amendment of the Postal Savings Law and others, approved by the Imperial Diet, and cause the same to be promulgated.
Signed:HIROHITO, Seal of the Emperor
This twenty-fourth day of the eighth month of the twenty-first year of Showa (August 24, 1946)
Countersigned: Prime Minister YOSHIDA Shigeru
Minister of Communications HITOTSUMATSU Sadayoshi
Article 1. The following amendment is made to the Postal Savings Law.
In the first paragraph of Article 3, "50 sen" and "5,000 yen" shall read respectively "1 yen" and "10,000 yen."
Article 2. The following amendment is made to the Post Office Life Insurance Law.
Art.4 "2,000 yen" in Paragraph 1 shall read "5,000 yen" and the proviso there is to be deleted.
Art.4 (2) In the case of death of an insured child before the attainment of the age of 6 years a portion of the sum insured may not be paid in accordance with the provisions as may be determined by Imperial Ordinance.
In Art.8 and Paragraph 2, of Article 23, "1 year and half" shall read "2 years."
Art.26 The following Paragraph shall be added thereto.
In case a policy-holder fails to repay a loan, the Government may, at the expiration of the period provided by Ordinance, reduce the amount of insurance in lieu of repayment of such loan in accordance with the provisions as may be determined by Ordinance.
Art.28 "The amount of insurance or" shall read "the amount of insurance," and "the sum to be refunded" shall be followed by "or a loan to a policy-holder."
Art.28 (2) In the case of the revision of the provisions pertaining to the terms of insurance, the Government may, if it is deemed necessary in view of the operating conditions of the post office life insurance business or in view of changed circumstances, cause the terms of insurance to be applied in the future to the insurance policy existing at the time of the said revision, with the concurrence of the Committee of the Post Office Life Insurance and Post Office Annuity.
Details relating to the Post Officc Life Insurance and Life Annuities Committee shall be provided by Imperial Ordinance.
Article 3. The following amendment is made to the Post Office Life Annuities Law.
In Art.3 "3,600 yen" shall read "6,000 yen."
Art.6 (2) If, in the case of death of an annuitant or a successive annuitant, there exists any unpaid annuity due to such a person, such annuity shall be paid to a surviving family member of such an annuitant or a successive annuitant in accordance with the provisions as may be determined by Imperial Ordinance.
Art.8 "250 yen" shall read "600 yen."
In Art.10 "The preceding paragraph" in Paragraph 2 shall read "the preceding two paragraphs," and Paragraph I shall be immediately followed by the following paragraph.
A person entitled to an annuity (a successive annuitant in the case of death of such a person) may rescind a ploicy after the commencement of annuity payment.
In Art.18 "And the person entitled to the special refund-money mentioned in the preceding paragraph" and "or the special refund-money" shall be deleted.
In Art.19 the provisions of Paragraph 1 shall be amended as follows.
If so applied for by a policy-holder, person entitled to an annuity or a successive annuitant, the Government shall grant a loan to such a person in accordance with the provisions as may be determined by Ordinance, not exceeding the amount to be refunded in the case of policy being rescinded.
In Art.22 "Special refund-money or" shall be deleted and "instalment to be refunded" shall be followed by"or a loan mentioned in Paragraph 1 of Art.19.
Art.22 (2) In the case of revision of the provisions pertaining to the terms of insurance the Government may, if it is deemed necessary in view of the operating conditions of the post office life annuity business or in view of changed circumstances, cause the terms of annuities to be applied in the future to the annuity policy existing at the time of the said revision, with the concurrence of the Committee of the Post Office Life Insurance and Post Office Annuity.
In Art.23 "Refund-money and special refundmoney" shall read "and refund-money."
In Art.24 "The person entitled to the refundmoney or the person entitled to the special refundmoney" shall read "the person entitled to the refund-money."
Supplementary Provisions:
The date of enforcement of the present Law shall be fixed by Imperial Ordinance,but the provisions of Article 1 shall come into force as from the day of promulgation.
Irrespective of the amended provisions of Arts.4 (2), 8 and Paragraph 2, of Art.23 of Post Office Life Insurance Law, insurance policies issued before the coming into force of the present Law shall be subject to the provisions hitherto in force.
Irrespective of the amended provisions of Arts.8, 17, 18, 22, 23 and 24 of Post Office Life Annuities Law, annuity policies issued before the coming into force of the present Law shall,excepting the case of a loan mentioned in Paragraph 1 of Art.19, of the said Law, be subject to the provisions hitherto in force.