I hereby promulgate the Law for Partial Amendments to the Fishing Boat Reinsurance Special Account Law.
Signed:HIROHITO, Seal of the Emperor
This thirty-first day of the third month of the twenty-seventh year of Showa (March 31, 1952)
Prime Minister YOSHIDA Shigeru
Law for Partial Amendments to the Fishing Boat Reinsurance Special Account Law
The Fishing Boat Reinsurance Special Account Law (Law No.24 of 1937) shall be partially amended as follows:
In Article 1, "the Fishing Boat Insurance Law" shall be amended as "the Fishing Boat Damage Compensation Law (hereinafter referred to as" the Law").
Article 2 and Article 3 shall be amended as follows:
Article 2. This Account shall be divided into the Ordinary Insurance Sub-account, the Special Insurance Sub-account and the Management Subaccount.
Article 3. In the Ordinary Insurance Sub-account, the annual revenues shall be reinsurance premiums on the management of the reinsurance enterprise relating to the ordinary insurance, transfer from the General Account under the provision of Article 139 paragraph 2 of the Law, receipts arising from the accumulated fund, borrowings and accessory sundry receipts, and the annual expenditures shall be reinsurances on the management of the enterprise concerned, grants under the provision of Article 140 paragraph 1 of the Law, refund of the reinsurance premiums, redemptions of and interests on borrowings, interests on temporary borrowings, and the other miscellaneous expenses.
Article 3-(2). In the Special Insurance Sub-account, the annual revenues shall be reinsurance premiums on the management of the reinsurance enterprise relating to the special insurance, receipts arising from the accumulated fund, borrowings and accessory sundry receipts, and the annual expenditures shall be reinsurance on the management of the enterprise concerned, refunds of reinsurance premiums, redemptions of and interests on borrowings, interests on temporary borrowings and the other miscellaneous expenses.
Article 3-(3). In the Management Sub-account, the annual revenues shall be transfers from the General Account under the provisions of Article 141 paragraph 2 and Article 143 of the Law and accessory sundry receipts and the annual expenditures shall be expenses for execution of the business of the reinsurance enterprises and the other miscellaneous expenses.
Article 3-(4). In cases where surplus arises on settlement in the Ordinary Insurance Sub-account or the Special Insurance Sub-account, it shall be accumulated as the accumulated fund of the sub-account concerned, as prescribed by Cabinet Order.
In cases where deficit arises on settlement in the Ordinary Insurance Sub-account or the Special Insurance Sub-account, it shall be covered by the accumulated fund of the sub-account concerned.
In cases where surplus arises on settlement in the Management Sub-account, it shall be transferred into the annual revenues of the following fiscal year.
In Article 4 paragraph 1, "to this Account" shall be amended as "to the Ordinary Insurance Sub-account or the Special Insurance Sub-account" and "on its own account" shall be amended as "on the responsibility of the sub-account concerned" ;and in paragraph 2 of the same Article, "the reinsurance payment and refunds of reinsurance premiums with net reinsurance premiums" shall be amended as "the reinsurance and refunds of reinsurance premiums with reinsurance premiums in the Ordinary Insurance Sub-account or the Special Insurance Sub-account" .
In Article 5, "this Account" shall be amended as "each sub-account" .
In Article 6 paragraph 1, "In this Account" shall be amended as "In the Ordinary Insurance Sub-account or the Special Insurance Sub-account" , "on its own account" shall be amended as "on the responsibility of the sub-account concerned" .
In Article 7, "this Account" shall be amended as "the Ordinary Insurance Sub-account and the Special Insurance Sub-account" .
Article 8 shall be amended as follows:
Article 8. Every fiscal year the Cabinet shall prepare the budget of revenues and appropriations of this Account, and present it before the Diet together with that of General Account.
In Article 9, "this Account" shall be amended as "the Ordinary Insurance Sub-account or the Special Sub-account" , and "work expenses" shall be deleted.
In Article 10, "an Imperial Ordinance" shall be amended as "Cabinet Order" .
Paragraph 2 of the Supplementary Provisions shall be deleted.
Supplementary Provisions:
1 This Law shall come into force as from April 1, 1952, and shall apply to the budget for the fiscal year 1952-53 and thereafter.
2 As regards the budget of revenues and appropriations and the settlement of accounts of the fiscal year 1951-52 and the revenues and expenditures for the same fiscal year, the old provisions shall still prevail.
3 Reinsurance premiums receivable and reserves for payment belonging to this Account at the time of the enforcement of this Law, relating to the reinsurance of the insurance under the special contract under Article 17-(2) paragraph 1 of the former Fishing Boat Insurance Law (Law No.23 of 1937)(hereinafter referred to as "the Former Special Insurance" ) shall belong to the Special Insurance Sub-account, and reinsurance premiums receivable and reserves for payment relating to reinsurance of the insurance under the same Law except the Former Special Insurance (hereinafter referred to as "the Former Ordinary Insurance" ) shall belong to the Ordinary Insurance Sub-account.
4 Other than those provided for in the preceding paragraph, the rights and liabilities belonging to the reinsurance enterprise of the Former Special Insurance or the Former Ordinary Insurance shall belong, as prescribed by Cabinet Order, respectively to the Special Insurance Subaccount, the Ordinary Insurance Sub-account and the Management Sub-account.
5 The accounts relating to the rights and liabilities concerning the reinsurance enterprise of the Former Special Insurance or the Former Ordinary Insurance shall be administered respectively in the Special Insurance Sub-account, the Ordinary Insurance Sub-account or the Management Sub-account of the Fishing Boat Reinsurance Special Account.
Minister of Finance IKEDA Hayato
Minister of Agriculture and Forestry HIROKAWA Kozen
Prime Minister YOSHIDA Shigeru