New Zealand Legislation: Acts
Acts are laws made by Parliament
Reprint as at 1 May 2011
| Public Act | 1908 No 105 |
| Date of assent | 4 August 1908 |
Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.
A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.
This Act is administered in the Department of Justice
Part 1
Life insurance companies
3A Deposits by holding companies or subsidiaries in certain cases
4A Compensation for lost deposits
5A Securities may be disclosed in statement of financial position of company making deposit
6 Deposits may be withdrawn and others substituted
6A Increase of deposits where securities have depreciated
7 Value of approved securities
8 Securities to be held in trust for policyholders in New Zealand
8A Application of Securities by Public Trust
9 Public 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showing as to each company the value of the securities deposited, and the present value of policies charged thereon [Repealed]
10 Certificate of incorporation not to be given to companies till deposit made
11 Withdrawal of voluntary deposits
12 Withdrawal of compulsory deposits
13 After notice given of withdrawal of compulsory deposit, company not to carry on business
13A Remuneration of Public Trust
14 Deposits by foreign companies [Repealed]
16 Statements to be made by companies
17 Statements by company doing other than life business
18 Actuarial report and abstract
19 Statement of life and annuity business
21 Requirements as to statements and abstracts
22 Statements and abstracts to be examined by chief executive
23 Copy of statement to be given to shareholders, etc
25 Deed of settlement to be printed
27 Documents to be received in evidence
28 Non-compliance with this Part of Act
30AA Transitional provisions applying to winding up of companies
30A Liquidator to value policies in liquidation
30B Liquidator to make distribution to policyholders
31 Power of Court to reduce contracts
33 Statements, etc, to be laid before Parliament
34 General agent to be appointed
34A Persons authorised to accept service on behalf of overseas companies
35 Policy to contain certain statements
38 Companies may be prohibited from transacting business in certain cases
Part 1A
Judicial management of companies
40A Court may appoint judicial manager
40C Prohibition against removal of assets
40D Management of company to vest in judicial manager
40E Revocation of order appointing judicial manager
40F Functions of judicial manager
40G Powers of judicial manager
40H Report of judicial manager to be filed
40I Transfer of business pursuant to scheme of transfer
40J Scheme of transfer may provide for reduction of policies
40K Public Trust to transfer securities on approval of scheme
40L Judicial manager may apply to have company put into liquidation
40M Provisions applying to recommendation by judicial manager that business of company be continued
40N Judicial manager may apply to Court for directions
40P Expenses of judicial management
40Q Termination of judicial management
41A Interest payable from 91st day after date of death
Assignments and mortgages of policies
42 Company not affected by notice of trust
43 Registration of transfer of policy
44 Form and registration of mortgages
45 Covenants, etc, implied in mortgages
46 Several mortgages may be registered
47 Registration of mortgage after advances by the company
48 Mortgagee when selling may execute assignment
49 Company or purchaser not affected by notice of improper sale, etc
52 How title to policy acquired by bankruptcy, etc, registered
53 Registration, etc, of assignment of mortgages
54 Secretary before registering may require proof of signatures
55 Registration may be ordered by Court
57 Secretary to keep record of registrations
58 Notice of unregistered dealings not to affect company or purchasers
59 Provision for lost or destroyed policies or instruments
60 Courts may enforce equities
62 Reversion of assigned policy in certain case [Repealed]
63 Applying surrender value to keep policy in force
64 Policies to be kept in force by surrender value
65 Policies protected from bankruptcy, etc. Policy money not liable for debts or legacies [Repealed]
66 Policies protected [Repealed]
66A Insurance by minor who is under the age of 10 years
66B Insurance by minor who is of or over the age of 10 years
66C Dealings by minors with policies
66D Presumption in respect of policies issued and dispositions made
67 Insurance on life of minor who is under the age of 16 years
67A Endowment insurances on lives of minors
Limitations on payments in respect of death of minors
67B Limitation on total amount of payments where deceased minor under the age of 10 years
67C Limitation on persons to whom payments may be made where deceased minor under the age of 16 years
67D Company to supply statement in respect of limitations
68 Certain policies excluded from the operation of last preceding section [Repealed]
Money payable under a policy for benefit of minors, etc
69 Money payable to Public Trust
70 Powers of Public Trust receiving money
71 Trustee may apply money of minors, etc, for their maintenance, etc
72 Payment to trustee a valid discharge to company
73 How insurance money received by trustee may be invested
74 Income not required for maintenance, etc, to be capitalised
75 Insurances by minors and dealings by minors with policies [Repealed]
75A Wife may insure her own or her husband's life for her own benefit
76 Conditions on which payments may be made without requiring probate or administration [Repealed]
Provisions as to settlement policies under repealed Acts
77 Provisions as to settlement policies
Annual statement, etc, by company
78 Company to furnish annual statements of all its policies
79 Separate statements of New Zealand business
79A Secretary of Commerce may require further information
80 Penalty for non-compliance with Act
Schedule 1
Enactments consolidated
Schedule 6
Statement respecting the valuation of the liabilities under life policies and annuities of the , to be made by the actuary
Schedule 7
Statement of the life assurance and annuity business of the , on the , 19
Schedule 9
Memorandum of registration of assignment
Schedule 10
Assignment by way of a surrender to the company liable under the policy
Schedule 12
Memorandum of registration of mortgage on policy
Schedule 13
Memorandum of registration of mortgage on mortgage
Schedule 14
Covenants, powers conditions, and agreements to be implied in mortgages not being mortgages to the company liable under the policy mortgaged
Schedule 15
Covenants, powers, conditions, and agreements to be implied in mortgages to the company liable under the policy mortgaged
Schedule 16
Memorandum of discharge of mortgage
Schedule 17
Memorandum of registration of discharge of mortgage on a policy
Schedule 18
Memorandum of registration of discharge of mortgage on mortgage
Schedule 19
Memorandum of registration on policy of title otherwise than by way of assignment
Schedule 20
Statement of policies of [Name of company] as at year ended 19
Schedule 21
Memorandum of assignment of policy otherwise than by way of ordinary transfer to be endorsed on policy
Schedule 22
Memorandum of mortgage of policy to be endorsed on policy
Schedule 23
Memorandum of discharge of mortgage or policy to be endorsed on policy
Schedule 24
Table of deposits required of companies carrying on business in New Zealand on 26 July 1974
An Act to consolidate certain enactments of the General Assembly relating to life insurance
