Reprint as at 1 January 2018

Life Insurance Act 1908

Public Act
 
1908 No 105
Date of assent
 
4 August 1908
 
Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this reprint. See the notes at the end of this reprint for further details.

This Act is administered by the Ministry of Business, Innovation, and Employment.

Contents

Title
1Short Title
[Repealed]
2Interpretation [Repealed]
[Repealed]
3Companies to make deposits [Repealed]
3ADeposits by holding companies or subsidiaries in certain cases [Repealed]
4Voluntary deposits [Repealed]
4ACompensation for lost deposits [Repealed]
5Income from deposits [Repealed]
5ASecurities may be disclosed in balance sheet of company making deposit [Repealed]
6Deposits may be withdrawn and others substituted [Repealed]
6AIncrease of deposits where securities have depreciated [Repealed]
7Value of approved securities [Repealed]
8Securities to be held in trust for policy holders in New Zealand [Repealed]
8AApplication of securities by Public Trust [Repealed]
9Public Trustee to make periodical report, showing as to each company the value of the securities deposited, and the present value of policies charged thereon [Repealed]
10Certificate of incorporation not to be given to companies till deposit made [Repealed]
11Withdrawal of voluntary deposits [Repealed]
12Withdrawal of compulsory deposits [Repealed]
13After notice given of withdrawal of compulsory deposit, company not to carry on business [Repealed]
13ARemuneration of Public Trust [Repealed]
[Repealed]
14Deposits by foreign companies [Repealed]
[Repealed]
15Life funds separate [Repealed]
16Statements to be made by companies [Repealed]
17Statements by company doing other than life business [Repealed]
17AStatements to be audited [Repealed]
18Actuarial report and abstract [Repealed]
19Statement of life and annuity business [Repealed]
20Forms may be altered [Repealed]
21Requirements as to statements and abstracts [Repealed]
22Statements and abstracts to be examined by chief executive [Repealed]
23Copy of statement to be given to shareholders, etc [Repealed]
24List of shareholders [Repealed]
25Deed of settlement to be printed [Repealed]
26Documents may be inspected [Repealed]
27Documents to be received in evidence [Repealed]
28Non-compliance with this Part of Act [Repealed]
29Falsifying statements, etc [Repealed]
30Liquidation [Repealed]
30AATransitional provisions applying to winding up of companies [Repealed]
30ALiquidator to value policies in liquidation [Repealed]
30BLiquidator to make distribution to policyholders [Repealed]
31Power of court to reduce contracts [Repealed]
32Notices to policyholders [Repealed]
33Statements, etc, to be laid before Parliament [Repealed]
[Repealed]
34General agent to be appointed [Repealed]
34APersons authorised to accept service on behalf of overseas companies [Repealed]
35Policy to contain certain statements [Repealed]
36Penalty for non-compliance [Repealed]
36AOverseas business [Repealed]
37When contracts valid [Repealed]
[Repealed]
38Companies may be prohibited from transacting business in certain cases [Repealed]
39Fines, how to be recovered [Repealed]
40Exception [Repealed]
[Repealed]
40ACourt may appoint judicial manager [Repealed]
40BMoratorium [Repealed]
40CProhibition against removal of assets [Repealed]
40DManagement of company to vest in judicial manager [Repealed]
40ERevocation of order appointing judicial manager [Repealed]
40FFunctions of judicial manager [Repealed]
40GPowers of judicial manager [Repealed]
40HReport of judicial manager to be filed [Repealed]
40ITransfer of business pursuant to scheme of transfer [Repealed]
40JScheme of transfer may provide for reduction of policies [Repealed]
40KPublic Trust to transfer securities on approval of scheme [Repealed]
40LJudicial manager may apply to have company put into liquidation [Repealed]
40MProvisions applying to recommendation by judicial manager that business of company be continued [Repealed]
40NJudicial manager may apply to court for directions [Repealed]
40OIndemnity [Repealed]
40PExpenses of judicial management [Repealed]
40QTermination of judicial management [Repealed]
41Interpretation
41AInterest payable from 91st day after date of death
42Company not affected by notice of trust
43Registration of ordinary transfer of policy
44Form of mortgages
45Covenants, etc, implied in mortgages
46Several mortgages may be registered
47Registration of mortgage after advances by the company
48Mortgagee when selling may execute assignment
49Company or purchaser not affected by notice of improper sale, etc
50How mortgages discharged
51How discharges registered
52How title to policy acquired by bankruptcy, etc, registered
53Provisions as to registration, etc, of assignment of policies to apply to mortgages
54Secretary before registering may require proof of signatures
55Registration may be ordered by court
56What is date of registration
57Secretary to keep record of registrations
58Notice of unregistered dealings not to affect company or purchasers
59Provision for lost or destroyed policies or instruments
60Courts may enforce equities
61Fee for registration
62Reversion of assigned policy in certain case [Repealed]
63Company not prevented from applying surrender value to keep policy in force
64Policies to be kept in force by surrender value
65Certain policies absolutely protected from bankruptcy, etc [Repealed]
66Policies protected [Repealed]
66AInsurance by minor who is under the age of 10 years
66BInsurance by minor who is of or over the age of 10 years
66CDealings by minors with policies
66DPresumption in respect of policies issued and dispositions made
[Repealed]
67Insurance on life of minor who is under the age of 16 years
67AEndowment insurances on lives of minors
67BLimitation on total amount of payments where deceased minor under the age of 10 years
67CLimitation on persons to whom payments may be made where deceased minor under the age of 16 years
67DCompany to supply statement in respect of limitations
67EOffences
68Certain policies excluded from the operation of last preceding section [Repealed]
69Moneys payable to minors or persons incapable of giving discharges may be made to Public Trust
70Powers of Public Trust receiving moneys
71Trustee may apply money of minors, etc, for their maintenance, etc
72Payment to trustee a valid discharge to company
73How insurance moneys received by trustee may be invested
74Income of minor, etc, not required for maintenance, etc, shall be capitalised
[Repealed]
75Insurances by minors and dealings by minors with policies [Repealed]
75AWife may insure her own or her husband’s life for her own benefit
76Conditions on which payments may be made without requiring probate or administration [Repealed]
77Provisions as to settlement policies
78Company to furnish annual statements of all its policies [Repealed]
78AMinister may alter form [Repealed]
79Company to furnish separate statements of New Zealand business [Repealed]
79AChief Executive of the Ministry of Economic Development may require further information [Repealed]
80Penalty for non-compliance with Act
[Repealed]
[Repealed]
[Repealed]
[Repealed]
[Repealed]
[Repealed]
[Repealed]
[Repealed]
[Repealed]
Reprint notes

An Act to consolidate certain enactments of the General Assembly relating to life insurance