I hereby promulgate the Law concerning the Covering of Losses caused by the Payment of Insurances due to the Death by the War Danger in the Post Office Life Insurance Enterprise.
Signed:HIROHITO, Seal of the Emperor
This sixth day of the seventh month of the twenty-third year of Showa (July 6, 1948)
Prima Minister ASHIDA Hitoshi
Law concerning the Covering of Losses caused by the Payment of Insurances due to the Death by the War Danger in the Post Office Life Insurance Enterprise
Article 1. The Government is authorized to cover, on burden of the General Account, losses caused by the payment of insurances due to the death by the last war in the post office life insurance enterprise.
Article 2. The amount of losses to be covered in accordance with the provisions of the preceding Article shall be limited to the amount equivalent to the total insurances paid due to the death by the war mentioned in the preceding Article minus the accumulated amount for the insured, for the insurance contract which is the basis of the payment concerned, in accordance with Article 3, Paragraph 2 of the Post Office Life Insurance Law (Law No.42, 1916).
Article 3. The loss covering under the provisions of two preceding Articles shall be made by delivery of public bonds, or transfer from the General Account, to the Special Account for Post Office Life Insurance and Postal Annuity;provided, that the amount of loss covering by delivery of public bonds shall be limited to 473,240,000 yen.
The delivery value, redemption term and interest rate of the public bond to be delivered in accordance with the provisions of the preceding paragraph shall be as follows:
1. Delivery value 100 yen in face value
2. Redemption term within 10 years
3. Interest rate 4.5% a year
The public bonds delivered to the Special Account for Post Office Life Insurance and Postal Annuity under the provisions of Paragraph 1 shall be put into the accumulated fund of the Insurance sub-account of the Special Account.
In case public bonds have been made belong to the Insurance sub-account of the Special Account for Post Office Life Insurance and Postal Annuity in accordance with the provisions of the preceding paragraph, the accumulated fund of the sub-account shall be regarded as increased by the amount equivalent to the value (value calculated by the delivery value) of the public bonds concerned, and the accumulated fund of the sub-account shall be deemed as invested in the public bonds concerned.
Article 4. The Government is authorized to issue public bonds, not larger than the amount prescribed in the proviso to Paragraph 1 of the preceding Article, to deliver public bonds under the provisions of the said paragraph.
Article 5. The extent of the losses to be covered in accordance with the provisions of Article 1 and the time of the covering shall be prescribed by the Minister of Finance through concurrence with the Minister of Communications.
Supplementary Provision:
This Law shall come into force as from the day of its promulgation.
Minister of Finance KITAMURA Tokutaro
Minister of Communications TOMIYOSHI Eiji
Prime Minister ASHIDA Hitoshi