Life Insurance Act 1908

Reprint
as at 1 July 2013

Life Insurance Act 1908

Public Act1908 No 105
Date of assent4 August 1908

Note

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 by the Ministry of Justice.


Contents

Title

1 Short Title, etc

Part 1
Life insurance companies

[Repealed]

2 Interpretation [Repealed]

3 Companies to make deposits [Repealed]

3A Deposits by holding companies or subsidiaries in certain cases [Repealed]

4 Voluntary deposits [Repealed]

4A Compensation for lost deposits [Repealed]

5 Income from deposits [Repealed]

5A Securities may be disclosed in statement of financial position of company making deposit [Repealed]

6 Deposits may be withdrawn and others substituted [Repealed]

6A Increase of deposits where securities have depreciated [Repealed]

7 Value of approved securities [Repealed]

8 Securities to be held in trust for policyholders in New Zealand [Repealed]

8A Application of Securities by Public Trust [Repealed]

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showing as to each company the value of the securities deposited, and the present value of policies charged thereon [Repealed]

10 Certificate of incorporation not to be given to companies till deposit made [Repealed]

11 Withdrawal of voluntary deposits [Repealed]

12 Withdrawal of compulsory deposits [Repealed]

13 After notice given of withdrawal of compulsory deposit, company not to carry on business [Repealed]

13A Remuneration of Public Trust [Repealed]

14 Deposits by foreign companies [Repealed]

15 Life funds separate [Repealed]

16 Statements to be made by companies [Repealed]

17 Statements by company doing other than life business [Repealed]

17A Statements to be audited [Repealed]

18 Actuarial report and abstract [Repealed]

19 Statement of life and annuity business [Repealed]

20 Forms may be altered [Repealed]

21 Requirements as to statements and abstracts [Repealed]

22 Statements and abstracts to be examined by chief executive [Repealed]

23 Copy of statement to be given to shareholders, etc [Repealed]

24 List of shareholders [Repealed]

25 Deed of settlement to be printed [Repealed]

26 Documents may be inspected [Repealed]

27 Documents to be received in evidence [Repealed]

28 Non-compliance with this Part of Act [Repealed]

29 Falsifying statements, etc [Repealed]

30 Liquidation [Repealed]

30AA Transitional provisions applying to winding up of companies [Repealed]

30A Liquidator to value policies in liquidation [Repealed]

30B Liquidator to make distribution to policyholders [Repealed]

31 Power of Court to reduce contracts [Repealed]

32 Notices to policyholders [Repealed]

33 Statements, etc, to be laid before Parliament [Repealed]

34 General agent to be appointed [Repealed]

34A Persons authorised to accept service on behalf of overseas companies [Repealed]

35 Policy to contain certain statements [Repealed]

36 Penalty for non-compliance [Repealed]

36A Overseas business [Repealed]

37 When contracts valid [Repealed]

38 Companies may be prohibited from transacting business in certain cases [Repealed]

39 Fines, how to be recovered [Repealed]

40 Exception [Repealed]

Part 1A
Judicial management of companies

[Repealed]

40A Court may appoint judicial manager [Repealed]

40B Moratorium [Repealed]

40C Prohibition against removal of assets [Repealed]

40D Management of company to vest in judicial manager [Repealed]

40E Revocation of order appointing judicial manager [Repealed]

40F Functions of judicial manager [Repealed]

40G Powers of judicial manager [Repealed]

40H Report of judicial manager to be filed [Repealed]

40I Transfer of business pursuant to scheme of transfer [Repealed]

40J Scheme of transfer may provide for reduction of policies [Repealed]

40K Public Trust to transfer securities on approval of scheme [Repealed]

40L Judicial manager may apply to have company put into liquidation [Repealed]

40M Provisions applying to recommendation by judicial manager that business of company be continued [Repealed]

40N Judicial manager may apply to Court for directions [Repealed]

40O Indemnity [Repealed]

40P Expenses of judicial management [Repealed]

40Q Termination of judicial management [Repealed]

Part 2
Life insurance policies

41 Interpretation

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

50 How mortgages discharged

51 How discharges registered

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

56 Date of registration

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

61 Fee for registration

62 Reversion of assigned policy in certain case [Repealed]

63 Applying surrender value to keep policy in force

Protection of policies

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]

Insurance of minors

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

67E Offences

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

Insurances by minors

75 Insurances by minors and dealings by minors with policies [Repealed]

Insurances by married women

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 [Repealed]

78A Minister may alter form [Repealed]

79 Separate statements of New Zealand business [Repealed]

79A Secretary of Commerce may require further information [Repealed]

80 Penalty for non-compliance with Act

Schedule 1
Enactments consolidated

Schedule 2

[Repealed]

Schedule 3

[Repealed]

Schedule 4

[Repealed]

Schedule 5

[Repealed]

Schedule 6
Statement respecting the valuation of the liabilities under life policies and annuities of the   , to be made by the actuary

[Repealed]

Schedule 7
Statement of the life assurance and annuity business of the       , on the       , 19   

[Repealed]

Schedule 8
Ordinary transfer*

Schedule 9
Memorandum of registration of assignment

Schedule 10
Assignment by way of a surrender to the company liable under the policy

Schedule 11
Mortgage

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   

[Repealed]

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

[Repealed]


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

1 Short Title, etc
  • (1) The Short Title of this Act is the Life Insurance Act 1908.

    (2) This Act is a consolidation of the enactments mentioned in Schedule 1, and with respect to those enactments the following provisions shall apply:

    • (a) all deposits, offices, appointments, regulations, registers, registrations, records, instruments, and generally all acts of authority which originated under any of the said enactments or any enactment thereby repealed, and are subsisting or in force on the coming into operation of this Act, shall enure for the purposes of this Act as fully and effectually as if they had originated under the corresponding provisions of this Act, and accordingly shall, where necessary, be deemed to have so originated:

    • (b) all matters and proceedings commenced under any such enactment, and pending or in progress on the coming into operation of this Act, may be continued, completed, and enforced under this Act.

    (3) This Act is divided into Parts, as follows:

Part 1
Life insurance companies

[Repealed]

  • Part 1: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

2 Interpretation
  • [Repealed]

    Section 2: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

3 Companies to make deposits
  • [Repealed]

    Section 3: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

3A Deposits by holding companies or subsidiaries in certain cases
  • [Repealed]

    Section 3A: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

4 Voluntary deposits
  • [Repealed]

    Section 4: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

4A Compensation for lost deposits
  • [Repealed]

    Section 4A: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

5 Income from deposits
  • [Repealed]

    Section 5: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

5A Securities may be disclosed in statement of financial position of company making deposit
  • [Repealed]

    Section 5A: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

6 Deposits may be withdrawn and others substituted
  • [Repealed]

    Section 6: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

6A Increase of deposits where securities have depreciated
  • [Repealed]

    Section 6A: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

7 Value of approved securities
  • [Repealed]

    Section 7: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

8 Securities to be held in trust for policyholders in New Zealand
  • [Repealed]

    Section 8: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

8A Application of Securities by Public Trust
  • [Repealed]

    Section 8A: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

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]

    Section 9: repealed, on 16 September 1938, by section 34(2) of the Statutes Amendment Act 1938 (1938 No 20).

10 Certificate of incorporation not to be given to companies till deposit made
  • [Repealed]

    Section 10: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

11 Withdrawal of voluntary deposits
  • [Repealed]

    Section 11: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

12 Withdrawal of compulsory deposits
  • [Repealed]

    Section 12: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

13 After notice given of withdrawal of compulsory deposit, company not to carry on business
  • [Repealed]

    Section 13: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

13A Remuneration of Public Trust
  • [Repealed]

    Section 13A: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

14 Deposits by foreign companies
  • [Repealed]

    Section 14: repealed, on 30 January 1922 by section 2(1)(e) of the Life Insurance Amendment Act 1921-22 (1921-22 No 41).

15 Life funds separate
  • [Repealed]

    Section 15: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

16 Statements to be made by companies
  • [Repealed]

    Section 16: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

17 Statements by company doing other than life business
  • [Repealed]

    Section 17: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

17A Statements to be audited
  • [Repealed]

    Section 17A: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

18 Actuarial report and abstract
  • [Repealed]

    Section 18: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

19 Statement of life and annuity business
  • [Repealed]

    Section 19: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

20 Forms may be altered
  • [Repealed]

    Section 20: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

21 Requirements as to statements and abstracts
  • [Repealed]

    Section 21: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

22 Statements and abstracts to be examined by chief executive
  • [Repealed]

    Section 22: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

23 Copy of statement to be given to shareholders, etc
  • [Repealed]

    Section 23: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

24 List of shareholders
  • [Repealed]

    Section 24: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

25 Deed of settlement to be printed
  • [Repealed]

    Section 25: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

26 Documents may be inspected
  • [Repealed]

    Section 26: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

27 Documents to be received in evidence
  • [Repealed]

    Section 27: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

28 Non-compliance with this Part of Act
  • [Repealed]

    Section 28: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

29 Falsifying statements, etc
  • [Repealed]

    Section 29: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

30 Liquidation
  • [Repealed]

    Section 30: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

30AA Transitional provisions applying to winding up of companies
  • [Repealed]

    Section 30AA: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

30A Liquidator to value policies in liquidation
  • [Repealed]

    Section 30A: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

30B Liquidator to make distribution to policyholders
  • [Repealed]

    Section 30B: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

31 Power of Court to reduce contracts
  • [Repealed]

    Section 31: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

32 Notices to policyholders
  • [Repealed]

    Section 32: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

33 Statements, etc, to be laid before Parliament
  • [Repealed]

    Section 33: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

34 General agent to be appointed
  • [Repealed]

    Section 34: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

34A Persons authorised to accept service on behalf of overseas companies
  • [Repealed]

    Section 34A: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

35 Policy to contain certain statements
  • [Repealed]

    Section 35: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

36 Penalty for non-compliance
  • [Repealed]

    Section 36: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

36A Overseas business
  • [Repealed]

    Section 36A: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

37 When contracts valid
  • [Repealed]

    Section 37: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

38 Companies may be prohibited from transacting business in certain cases
  • [Repealed]

    Section 38: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

39 Fines, how to be recovered
  • [Repealed]

    Section 39: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

40 Exception
  • [Repealed]

    Section 40 was repealed, as from 1 October 1983, by section 33(1) Government Life Insurance Corporation Act 1983 (1983 No 15).

Part 1A
Judicial management of companies

[Repealed]

  • Part 1A: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

40A Court may appoint judicial manager
  • [Repealed]

    Section 40A: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

40B Moratorium
  • [Repealed]

    Section 40B: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

40C Prohibition against removal of assets
  • [Repealed]

    Section 40C: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

40D Management of company to vest in judicial manager
  • [Repealed]

    Section 40D: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

40E Revocation of order appointing judicial manager
  • [Repealed]

    Section 40E: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

40F Functions of judicial manager
  • [Repealed]

    Section 40F: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

40G Powers of judicial manager
  • [Repealed]

    Section 40G: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

40H Report of judicial manager to be filed

[Repealed]

  • [Repealed]

    Section 40H: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

40I Transfer of business pursuant to scheme of transfer
  • [Repealed]

    Section 40I: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

40J Scheme of transfer may provide for reduction of policies
  • [Repealed]

    Section 40J: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

40K Public Trust to transfer securities on approval of scheme
  • [Repealed]

    Section 40K: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

40L Judicial manager may apply to have company put into liquidation
  • [Repealed]

    Section 40L: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

40M Provisions applying to recommendation by judicial manager that business of company be continued
  • [Repealed]

    Section 40M: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

40N Judicial manager may apply to Court for directions
  • [Repealed]

    Section 40N: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

40O Indemnity
  • [Repealed]

    Section 40O: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

40P Expenses of judicial management
  • [Repealed]

    Section 40P: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

40Q Termination of judicial management
  • [Repealed]

    Section 40Q: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

Part 2
Life insurance policies

41 Interpretation
  • In this Part of this Act, if not inconsistent with the context,—

    assignment means an assignment of a policy made in accordance with the provisions of this Part of this Act otherwise than by way of mortgage as herein defined, and includes a surrender to the company issuing it

    company means any person or association, whether incorporated or otherwise, not being established under any Act relating to friendly societies, which issues or is liable under policies as herein defined; and includes companies now or hereafter established out of New Zealand as well as those now or hereafter established in New Zealand, and mutual associations as well as proprietary; and also includes the Tower Corporation under the Tower Corporation Act 1990 (P)

    Company: the reference to the Tower Corporation was substituted, as from 26 July 1990, for a reference to the Government Insurance Commissioner by section 31(5) Tower Corporation Act 1990 (1990 No 2(P)).

    mortgage means an instrument made in accordance with the provisions of this Act, and given as security over a policy for the payment, either certainly or contingently, of a sum of money, with or without interest thereon, or for the performance of any condition or agreement

    policy means any contract, so long as such contract remains in force, heretofore or hereafter lawfully entered into by a company, the terms of which are dependent upon the contingencies of human life

    policyholder, holder of a policy, and holder mean respectively the person for the time being legally entitled to a policy

    Secretary means the principal officer for the time being in New Zealand of a company, or any other officer whom the company appoints to act as secretary within the meaning of this Act; and, in respect of all matters under the Tower Corporation Act 1990 (P), means the Tower Corporation and any officer to whom the Commissioner delegates any of his powers, functions, or duties under this Act.

    Secretary: the reference to the Tower Corporation was substituted, as from 26 July 1990, for a reference to the Government Insurance Commissioner by section 31(5) Tower Corporation Act 1990 (1990 No 2(P)).

    Compare: 1884 No 31 s 2

    Company and secretary: references to the Government Life Insurance Act 1953 were substituted, as from 1 January 1954, for references to the Government Life Insurance Act 1908 by section 41(1) Government Life Insurance Act 1953 (1953 No 58). That reference was in turn substituted, as from 1 October 1983, by a reference to the Government Life Insurance Corporation Act 1983 by section 33(1) Government Life Insurance Corporation Act 1983 (1983 No 15). That reference was in turn substituted, as from 1 April 1987, by a reference to the Government Life Insurance Corporation Act 1987 (the name of which was altered to the Tower Corporation Act 1987, as from 1 October 1989, by 2(1) Tower Corporation Amendment Act 1989 (1989 No 60)) by section 34(1) Government Life Insurance Corporation Act 1987 (1987 No 70). That reference was in turn substituted, as from 20 August 1990, by section 31(1) Tower Corporation Act 1990 (1990 No 2(P)). See clause 2 Tower Corporation Act Commencement Order 1990 (SR 1990/195).

41A Interest payable from 91st day after date of death
  • (1) Where—

    • (a) any money becomes payable by a company under a policy as a result of the death, on or after 1 April 1986, of the person on whose life the policy was effected; and

    • (b) that money is not paid, within 90 days after the date of death, to the person entitled to that money,—

    the company shall, in addition to that money and at the same time as that money is paid to that person, pay to that person interest on that money in respect of the period beginning on the 91st day after the date of death and ending with the close of the day on which that money is paid to that person.

    (2) Notwithstanding anything in subsection (1), where—

    • (a) any money becomes payable by a company under a policy as a result of the death, on or after 1 April 1986, of the person on whose life the policy was effected; and

    • (b) the whole or part of the money that so becomes payable—

      • (i) is related to the value of identifiable assets of a fund named in the policy; and

      • (ii) is required by the policy to be calculated as at a date later than the date of death,—

    nothing in that subsection shall require the company to pay interest on the money so related and so required to be calculated (in this section called the assets related money) but if, after the claim requirements have been satisfied, the assets related money is not paid, within 14 days after the earliest possible date on which it could have been paid, to the person entitled to the assets related money, the company shall, in addition to the assets related money and at the same time as the assets related money is paid to that person, pay to that person interest on the assets related money in respect of the period beginning on the 15th day after that earliest possible date and ending with the close of the day on which the assets related money is paid to that person.

    (3) The interest payable pursuant to subsection (1) or subsection (2) shall be paid at the rate specified in the policy or at the rate from time to time prescribed for the purposes of section 87 of the Judicature Act 1908, whichever is the greater.

    (4) The provisions of this section shall have effect notwithstanding any provision to the contrary in any agreement or in any contract of insurance.

    Section 41A was inserted, as from 1 April 1986, by section 3 Insurance Law Reform Act 1985 (1985 No 117).

Assignments and mortgages of policies

42 Company not affected by notice of trust
  • No company shall be bound to receive, or be liable in any way to be affected by, express, implied, or constructive notice, however given, of any trust hereafter created affecting any policy.

    Compare: 1884 No 31 s 3

43 Registration of transfer of policy
  • (1) Every assignment of a policy by way of ordinary transfer shall be by transfer endorsed upon the policy, in the form or to the effect set forth in Schedule 8, and signed, or, in the case of a corporation, sealed, by the transferor and transferee; and shall be registered in a book to be provided by the secretary for that purpose, and the date of such registration shall be inserted in the form of transfer, which shall also be signed by the secretary, and thereafter such assignment shall have the effect of vesting the policy absolutely in the assignee, who shall thereupon become the holder of the policy and may thereafter sue in his own name on the policy assigned, and the receipt of such assignee shall be a valid discharge both at law and in equity for all money payable under the policy:

    provided that every transfer or assignment of a policy made before 1 September 1885 (being the date of the coming into operation of the Life Assurance Policies Act 1884 Amendment Act 1885), by separate deed or assignment shall be deemed to be valid.

    (2) Except in the case of assignments by way of ordinary transfer, an assignment shall be registered by leaving the same with the policy at the office of the company, whereupon the secretary shall, if in his opinion the assignment is in due form and properly executed, endorse on the policy a memorandum in the form or to the effect set forth in Schedule 9, and shall retain the assignment in the office of the company, and return the policy, with the said endorsement thereon, signed by himself, to the person leaving the same, unless the assignment is by way of surrender to the company liable under the policy, in which case he shall retain the policy.

    (3) No assignment shall be of any validity until registered as herein provided, but this requirement shall not apply to assignments to the company issuing the policy.

    (4) If any assignment is upon any trust, such trust shall be effected by way of declaration of trust by some separate instrument, and no notice of any such trust shall be inserted in the assignment or endorsed upon the policy.

    (5) If the assignment is by way of surrender to the company liable under the policy assigned, it shall be in the form or to the effect set forth in Schedule 10.

    (6) An assignment of a policy issued by a company that is established out of New Zealand and does not have a place of business in New Zealand need not be registered, but, subject to the provisions of subsection (7), shall take effect from the date thereof in the same manner as if it were registered.

    (7) No assignment otherwise than by way of ordinary transfer of a policy issued by a company that is established out of New Zealand and does not have a place of business in New Zealand shall be of any validity unless there is endorsed on the policy a memorandum in the form or to the effect set forth in Schedule 21, and signed, or, in the case of a corporation, sealed, by the assignor and assignee.

    Compare: 1884 No 31 ss 4, 6–9; 1885 No 20 s 3; 1903 No 63 s 3(3)

    Subsections (6) and (7) were inserted, as from 6 December 1962, by section 2(1) Life Insurance Amendment Act 1962 (1962 No 79).

44 Form and registration of mortgages
  • (1) Every mortgage made shall be in the form or to the effect set forth in Schedule 11 and executed by the mortgagor.

    (2) A mortgage, if not to the company liable under the policy, shall be registered by leaving the same, executed as aforesaid, with the policy and a certified copy of the mortgage, at the office of the company, whereupon the secretary shall, if the mortgage is in his opinion in due form and properly executed, endorse on such policy a memorandum, in the form or to the effect set forth in Schedule 12; and also shall endorse on the mortgage a memorandum of the same having been registered, in the form or to the effect set forth in Schedule 13; and shall retain the certified copy of the mortgage in the office of the company, and shall return the policy and the original mortgage, with the respective endorsements thereon signed by himself, to the person leaving the same.

    (3) No such mortgage shall be of any validity until registered as herein provided.

    (4) A mortgage of a policy to the company issuing the policy and a mortgage of a policy issued by a company that is established out of New Zealand and does not have a place of business in New Zealand need not be registered, but shall take effect from the date thereof in the same manner as if it were registered.

    (5) Notwithstanding anything in subsection (4), no mortgage of a policy issued by a company that is established out of New Zealand and does not have a place of business in New Zealand shall be of any validity unless there is endorsed on the policy a memorandum in the form or to the effect set forth in Schedule 22, and signed, or, in the case of a corporation, sealed, by the mortgagor and the mortgagee.

    Compare: 1884 No 31 ss 5, 6, 13; 1903 No 63 s 3(1), (3), (4)

    Subsection (1) was amended, as from 23 November 1953, by section 2 Life Insurance Amendment Act 1953 (1953 No 60) by omitting the words and by the mortgagee, unless the mortgage is to the company liable under the policy, in which case it shall be executed by the mortgagor only.

    Subsection (4) was amended, as from 6 December 1962, by section 3(1) Life Insurance Amendment Act 1962 (1962 No 79) by inserting the words and a mortgage of a policy issued by a company that is established out of New Zealand and does not have a place of business in New Zealand.

    Subsection (5) was inserted, as from 6 December 1962, by section 3(2) Life Insurance Amendment Act 1962 (1962 No 79).

45 Covenants, etc, implied in mortgages
  • (1) There shall be implied in every mortgage, not being a mortgage to the company liable under the policy mortgaged, the covenants, powers, conditions, and agreements set forth in Schedule 14, and such implied provisions shall have the like effect as if the same had respectively been set forth in such mortgage at length.

    (2) There shall be implied in every mortgage to the company liable under the policy mortgaged the covenants, powers, conditions, and agreements set forth in Schedule 15, and such implied provisions shall have the like effect as if the same had respectively been set forth in such mortgage at length.

    (3) All or any of the covenants, powers, provisos, conditions, and agreements set forth in Schedules 14 or 15 may, if so expressed in the mortgage, be negatived, modified, or altered, or others may be added to the same, in any way not inconsistent with the provisions of this Act.

    Compare: 1884 No 31 ss 10, 11, 12

46 Several mortgages may be registered
  • In the case of mortgages which require registration in order to be valid, any number of mortgages may be registered against the same policy, but they shall take effect and have priority according to priority of the date of registration.

    Compare: 1884 No 31 s 14

47 Registration of mortgage after advances by the company
  • Where the company issuing any policy has advanced money on the security of the policy, or has taken a mortgage thereover, and afterwards an instrument affecting such policy made to or in favour of any person other than the company is presented for registration, the secretary of the company shall be entitled to require as a condition precedent to registration that all persons claiming any interest under the instrument shall execute an acknowledgment, to be endorsed on such instrument, of the existence of such advance or mortgage by or to the company, and of the amount due to the company in respect thereof at the time of such acknowledgment.

    Compare: 1903 No 63 s 3(2)

48 Mortgagee when selling may execute assignment
  • A mortgagee, when he has sold a policy under the power of sale implied in his mortgage, may execute an assignment of the mortgaged policy, adding words in the assignment purporting that he has sold it in exercise of his power of sale as aforesaid; and thereupon all the provisions of this Act relating to the registration and effect of assignments shall apply to such assignment.

    Compare: 1884 No 31 s 15

49 Company or purchaser not affected by notice of improper sale, etc
  • No company whose secretary is required to register an assignment by a mortgagee, nor any purchaser from a mortgagee, shall be bound to inquire into the propriety or regularity of the sale, or be affected in any way by notice (express, implied, or constructive) that the same is in any way improper or irregular, or be bound or concerned to see to the application of the proceeds of a sale by a mortgagee.

    Compare: 1884 No 31 s 16

50 How mortgages discharged
  • (1) Where the sum secured by a mortgage has been paid off either wholly or in part, or where for any other reason the mortgagee has become bound to discharge the mortgage either wholly or partially he shall endorse on the mortgage held by him a memorandum of discharge in the form or to the effect set forth in Schedule 16, and the same, when registered, shall effectually release and discharge the policy from the mortgage to the extent specified in the memorandum of discharge.

    (2) If any one or more of such discharges are only partial, further discharges, as often as the case may require, may be executed in the like form and registered in the like manner as specified in the preceding subsection.

    (3) A memorandum of discharge or of partial discharge of a mortgage of a policy issued by a company that is established out of New Zealand and does not have a place of business in New Zealand need not be registered, but, subject to the provisions of subsection (4), shall take effect from the date thereof in the same manner as if it were registered.

    (4) No memorandum of discharge or of partial discharge of a mortgage of a policy issued by a company that is established out of New Zealand and does not have a place of business in New Zealand shall be of any validity unless there is endorsed on the policy a memorandum in the form or to the effect set forth in Schedule 23, and signed, or, in the case of a corporation, sealed, by the mortgagee.

    Compare: 1884 No 31 ss 17, 18

    Subsections (3) and (4) were inserted, as from 6 December 1962, by section 3(3) Life Insurance Amendment Act 1962 (1962 No 79).

51 How discharges registered
  • A memorandum of discharge shall be registered by leaving the mortgage, with such memorandum endorsed thereon, together with the policy, at the office of the company, whereupon the secretary shall, if the same is in his opinion in due form and properly executed, endorse on such policy a memorandum in the form or to the effect set forth in Schedule 17; and shall also endorse on the mortgage a memorandum of the same having been registered, in the form or to the effect set forth in Schedule 18; and shall return the mortgage and policy so endorsed to the person leaving the same, unless the mortgage is to the company, in which case the mortgage and policy shall be retained by the secretary.

    Compare: 1884 No 31 s 19

52 How title to policy acquired by bankruptcy, etc, registered
  • Where the right to a policy is acquired by bankruptcy, or under a will or intestacy, or under a writ of execution issued out of any Court whatsoever, the person so acquiring such right and desiring to have his title to the policy registered shall produce the policy to the secretary, with the evidence necessary to establish such right; and the secretary, if satisfied with the said evidence, or with such further evidence as he may call for, shall endorse on the policy a memorandum in the form or to the effect set forth in Schedule 19, signed by himself, and return the policy to the person so acquiring title thereto, and such endorsement shall vest the policy in such person as fully and effectually as if it had been assigned to him under the provisions hereof.

    Compare: 1884 No 31 s 20

53 Registration, etc, of assignment of mortgages
  • All the provisions of this Act as to assignment of policies, registration thereof, or otherwise registering title to a policy shall, mutatis mutandis, be read and construed as applicable to assignments of mortgages, registration thereof, and otherwise registering title to mortgages.

    Compare: 1884 No 31 s 21

54 Secretary before registering may require proof of signatures
  • Before being required to effect any registration hereunder the secretary may require such reasonable evidence as he thinks fit as to the authenticity of the signatures thereto, or as to any other matters which might in his opinion affect the validity of such document.

    Compare: 1884 No 31 s 22

55 Registration may be ordered by Court
  • (1) If the secretary refuses for any reason whatsoever to register any document or matter the registration whereof by him is hereby provided for, the person desiring to have such registration effected may call upon such secretary, by summons before a Judge of the High Court in Chambers, to show cause why such registration should not be effected, and, after hearing such evidence as is brought before him, either viva voce or upon affidavit, the Judge may make an order compelling such registration to be effected or otherwise as he thinks fit, and may make such order either with or without costs.

    (2) If the Judge orders such registration to be effected, the secretary shall forthwith effect the same, and any registration effected in pursuance of and in conformity with a Judge's order shall absolutely discharge the secretary and his company of and from any responsibility or liability whatsoever for the consequences of such registration.

    Compare: 1884 No 31 ss 23, 24

    The words High Court were substituted, as from 1 April 1980, for the words Supreme Court pursuant to section 12 Judicature Amendment Act 1979 (1979 No 124).

56 Date of registration
  • The date of registration to be placed by the secretary on any policy or instrument shall in all cases, and for all purposes of this Act, be deemed to be as nearly as possible the hour and day when such registration was first capable of being effected by the secretary.

    Compare: 1884 No 31 s 25

57 Secretary to keep record of registrations
  • The secretary shall keep a record of each registration effected by him, by entries in the books of the company, in such manner as he thinks fit.

    Compare: 1884 No 31 s 26

58 Notice of unregistered dealings not to affect company or purchasers
  • The secretary, the company, and all other persons whomsoever, in all transactions and dealings of any kind whatsoever about or in connection with any policy, shall not, except in the case of fraud, be affected by notice of any interest whatsoever in any policy which interest is not registered on the policy; and no registered dealings with the duly registered assignee or mortgagee of a policy shall, except in the case of fraud, be capable of being set aside or affected in any manner whatsoever by any such notice as aforesaid.

    Compare: 1884 No 31 s 27

59 Provision for lost or destroyed policies or instruments
  • (1) Where a policy is lost or destroyed, or where an instrument required to be registered or the production of which is in any way essential to any registration required to be effected hereunder is lost or destroyed, the secretary may, on such evidence and subject to such terms and conditions as he in his own discretion thinks fit, issue a certified copy of such policy, which shall thereafter for all the purposes of this Act take the place of the policy lost or destroyed, and thereafter be the sole evidence of the contract made by the policy; or he may effect any registration on any such terms and conditions as he thinks fit, notwithstanding the loss or destruction of any such instrument as aforesaid.

    (2) Where a certified copy of any policy has been issued under this section and is afterwards lost or destroyed, then another certified copy may in like manner be issued to take the place of the original policy, and so on as often as may be necessary.

    Compare: 1884 No 31 s 28; 1903 No 63 s 4

60 Courts may enforce equities
  • Notwithstanding the provisions of this Act as to registration, nothing herein shall operate to prevent any Court of competent jurisdiction from enforcing any equities which may exist as between the parties to any transaction or matter relating to any policy or any interest therein, or in any money payable thereunder.

    Compare: 1884 No 31 s 29

61 Fee for registration
  • A company may charge any fee not exceeding 50 cents for effecting any registration hereunder.

    Compare: 1884 No 31 s 30

    The expression 50 cents was substituted, as from 10 July 1967, for the expression two shillings and sixpence pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).

62 Reversion of assigned policy in certain case
  • [Repealed]

    Section 62 was repealed, as from 1 April 1921, by section 2(3) Life Insurance Amendment Act 1920 (1920 No 84).

63 Applying surrender value to keep policy in force
  • A company may, subject to any bylaws or regulations made by it or affecting it, and subject also to the terms and conditions of the policy, apply the surrender value of any policy, or any part of such surrender value, in payment of overdue premiums and interest thereon; and any money so applied, with accrued interest thereon, shall be a first charge on the money payable under such policy and on the surrender value thereof, and may be deducted therefrom as against any mortgagee or assignee whomsoever.

    Compare: 1884 No 31 s 31

Protection of policies

64 Policies to be kept in force by surrender value
  • No policy shall become void by non-payment of premiums so long as the premiums and interest in arrear are not in excess of the surrender value as declared by the company issuing the same.

    Compare: 1884 No 31 s 32

    Section 64: amended, on 1 February 2011, by section 241(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

65 Policies protected from bankruptcy, etc. Policy money not liable for debts or legacies
  • [Repealed]

    Sections 65 and 66 were repealed, as from 1 April 1986, by section 4(1)(a) Insurance Law Reform Act 1985 (1985 No 117).

66 Policies protected
  • [Repealed]

    Sections 65 and 66 were repealed, as from 1 April 1986, by section 4(1)(a) Insurance Law Reform Act 1985 (1985 No 117).

Insurance of minors

  • Section 67 and the preceding heading were substituted, and sections 66A to 66D and sections 67A to 67E were inserted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117). The previous heading read as follows: Insurances by Parents on Lives of Children.

66A Insurance by minor who is under the age of 10 years
  • A minor who is under the age of 10 years may effect a policy on the minor's own life only if the effecting of the policy is in accordance with a contract approved under section 9 of the Minors' Contracts Act 1969 by a District Court.

    Sections 66A to 66D were inserted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).

66B Insurance by minor who is of or over the age of 10 years
  • (1) A minor of or over the age of 10 years may do, execute, suffer, and perform all acts, deeds, matters, and things necessary or proper for the purpose of effecting a policy on the minor's own life.

    (2) Subsection (1) is,—

    • (a) in the case of a minor who has not attained the age of 16 years, subject to section 6 of the Minors' Contracts Act 1969; and

    • (b) in the case of a minor who has attained the age of 16 years, subject to section 5(2) of the Minors' Contracts Act 1969.

    (3) Subsection (1) is subject to sections 67A, 67C, 67D, and 67E.

    Sections 66A to 66D were inserted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).

66C Dealings by minors with policies
  • (1) Where any policy effected on the life of a minor is owned by the minor, the minor,—

    • (a) if of or over the age of 16 years, may—

      • (i) surrender the policy:

      • (ii) give discharges for the money payable under the policy:

      • (iii) dispose of the policy by will in accordance with section 9 or 10 of the Wills Act 2007 or section 2 of the Wills Amendment Act 1969 or section 6 of the Wills Amendment Act 1955:

      • (iv) dispose of the policy or interest therein or deal with the same in any manner authorised by this Act:

    • (b) if under the age of 16 years, may, with the approval of a District Court, do, in relation to the policy, any of the things mentioned in subparagraphs (i), (ii), and (iv) of paragraph (a).

    (2) Subsection (1) shall apply whether or not the policy was effected in the first place by the minor.

    (3) Subsection (1)(a) shall apply whether the policy has been effected before or after the minor attained the age of 16 years.

    (4) Where a minor of or over the age of 16 years—

    • (a) exercises the power conferred on the minor by subsection (1)(a)(i) or subsection (1)(a)(ii); or

    • (b) enters into a contract in relation to any policy to which subsection (1) applies—

    section 5(2) of the Minors' Contracts Act 1969 shall apply to the surrender or discharge and to every contract so entered into.

    (5) [Repealed]

    Sections 66A to 66D were inserted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).

    Section 66C(1)(a)(iii): substituted, on 1 November 2007, by section 41 of the Wills Act 2007 (2007 No 36).

    Subsection (5) was repealed, as from 26 April 2005, by section 4(2) Minors' Contracts Amendment Act 2005.

66D Presumption in respect of policies issued and dispositions made
  • (1) So far as concerns the company issuing any policy, and so far as concerns any person claiming under any disposition of a policy made bona fide and for valuable consideration, it shall be conclusively presumed, subject to subsection (2),—

    • (a) that the person who effected the policy was, at the time when that person effected the policy, of or over the age of 10 years; and

    • (b) that the person who disposed of the policy was, at the time when that person disposed of the policy, of or over the age of 16 years.

    (2) The presumption set out in subsection (1) shall not apply where the company issuing the policy, or the person claiming under any disposition of the policy made bona fide and for valuable consideration, had, at the time of the issue, actual knowledge that the person purporting to effect the policy was under the age of 10 years or had, at the time of the disposition, actual knowledge that the person purporting to dispose of the policy was under the age of 16 years.

    (3) Nothing in this section applies in respect of any policy effected in accordance with a contract approved under section 9 of the Minors' Contracts Act 1969.

    Sections 66A to 66D were inserted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).

67 Insurance on life of minor who is under the age of 16 years
  • (1) A policy on the life of a minor who is under the age of 16 years may be effected by any of the following persons:

    • (a) the parents or guardians of the minor, or one of them:

    • (b) a parent or guardian of the minor and the spouse of that parent or guardian, jointly:

    • (c) any person who has obtained the consent of a District Court to do so.

    (2) Except as provided in subsection (1) of this section or in section 66A or section 66B or section 67A of this Act or in section 9 of the Minors' Contracts Act 1969, no person may effect a policy on the life of a minor who is under the age of 16 years.

    (3) Subsection (1) is subject to sections 67B to 67E.

    In paragraph (b) the words or to any person to whom payment may be made under the provisions of subsection (2) of section 43B of the Administration Act 1952 were inserted, as from 1 January 1971, by section 4(5)(a) of the Administration Amendment Act 1964, and the words or such person were inserted by section 4(5)(b) of that Act. The reference to section 65 of the Administration Act 1969 was impliedly substituted, as from 3 November 1964, for section 43B of the Administration Act 1952 by the Administration Amendment Act 1964 (1964 No 24).

    Paragraph (c) was amended, as from 23 November 1967, by section 2 Life Insurance Amendment Act 1967 (1967 No 90) by omitting the words and the sum charged by the Registrar of Births and Deaths for each such certificate shall not exceed one shilling.

    Section 67 was substituted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).

67A Endowment insurances on lives of minors
  • It shall be lawful for any company to issue, on the life of a minor of any age, a policy that provides for the payment of money—

    • (a) on the expiration of a certain period; or

    • (b) on the attainment of a specified age by the minor in respect of whom the policy is issued.

    Sections 67A to 67E were inserted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).

Limitations on payments in respect of death of minors

  • This heading was substituted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).

67B Limitation on total amount of payments where deceased minor under the age of 10 years
  • (1) No company shall knowingly pay, on the death of a minor who is under the age of 10 years, any sum that is more than the total of the following amounts:

    • (a) the total amount of premiums paid under the policy issued by the company on the life of the minor, together with interest thereon (compounded annually) at the rate prescribed for the purposes of section 87 of the Judicature Act 1908 at the date of the death of the minor; and

    • (b) the amount that, when added to any other sum permitted by this paragraph to be paid by any other company or by any friendly society, equals $2,000 or such larger sum as may from time to time be specified by Order in Council for the purposes of this paragraph.

    (2) Nothing in subsection (1) limits section 41A and interests under that section may be paid in addition to the amounts required to be aggregated for the purposes of subsection (1) of this section and irrespective to the limit imposed by that subsection.

    Sections 67A to 67E were inserted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).

67C Limitation on persons to whom payments may be made where deceased minor under the age of 16 years
  • No company shall pay, on the death of a minor who is under the age of 16 years, any sum under any policy issued on or after 1 April 1986 to any person other than—

    • (b) an executor or administrator of a person specified in section 67(1); or

    • (c) a person to whom payment may be made under section 65(2) of the Administration Act 1969; or

    • (d) any person who is entitled to that sum by virtue of an assignment approved under section 66C(1)(b).

    Sections 67A to 67E were inserted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).

67D Company to supply statement in respect of limitations
  • (1) No company shall issue a policy on the life of a minor who is under the age of 16 years unless—

    • (a) a statement explaining the effect of sections 67B and 67C is set out in the proposal for the policy; and

    • (b) the person effecting the policy has signed a separate acknowledgment that that person is aware of the limitations imposed by those sections.

    (2) The issue of a policy in contravention of subsection (1) shall not make the policy illegal, unenforceable, or of no effect.

    Sections 67A to 67E were inserted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).

67E Offences
  • Every person commits an offence and is liable on conviction to a fine not exceeding $1,000 who,—

    • (b) being a person claiming money on the death of a minor under the age of 16 years,—

      • (i) produces to the company from which the money is claimed a false certificate of death or one fraudulently obtained; or

      • (ii) in any way attempts to defeat the provisions of this Act with respect to payments upon the death of minors.

    Section 67E: inserted, on 1 April 1986, by section 9 of the Insurance Law Reform Act 1985 (1985 No 117).

    Section 67E: amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).

68 Certain policies excluded from the operation of last preceding section
  • [Repealed]

    Section 68 was repealed, as from 30 January 1922, by section 3(4) Life Insurance Amendment Act 1921-22 (1921-22 No 41).

Money payable under a policy for benefit of minors, etc

69 Money payable to Public Trust
  • (1) Where any money becomes payable under a policy to or for the benefit of a minor, or to or for any person otherwise incapable of exercising his rights, and if there is no trustee or other person capable in law of giving a valid discharge for such money on behalf of such minor or other person so incapable as aforesaid, the money becoming payable to or for such minor or person otherwise incapable of exercising his rights may be paid to Public Trust, unless another trustee or other person as aforesaid is appointed in due course of law.

    (2) In any such case the High Court or a Judge thereof, on application being made on behalf of the person beneficially interested, may appoint Public Trust or any other person trustee of such money on such terms as such Court or Judge orders.

    Compare: 1884 No 31 ss 36, 37

    The words High Court were substituted, as from 1 April 1980, for the words Supreme Court pursuant to section 12 Judicature Amendment Act 1979 (1979 No 124).

    The heading to section 69 was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words Public Trust for the words Public Trustee. See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).

    Section 69 was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words Public Trust for the words the Public Trustee wherever they occur. See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).

70 Powers of Public Trust receiving money
  • If any money is paid to Public Trust under subsection (1) of the last preceding section, it may, unless and until another trustee is appointed, act as trustee of such money as effectually and with all the like powers as if it had been duly appointed trustee of the same either under subsection (2) of the last preceding section or by any person entitled to appoint a trustee.

    Compare: 1884 No 31 s 38

    The heading to section 70 was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words Public Trust for the words Public Trustee. See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).

    Section 70 was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words Public Trust for the words the Public Trustee. It is further amended by substituting the word it for the word he. See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).

71 Trustee may apply money of minors, etc, for their maintenance, etc
  • Public Trust (whether acting under section 69(1) or by special appointment), or any other trustee of money payable under a policy to or for the benefit of a minor or other person incapable of exercising his or her rights, unless directed otherwise by the appointing instrument, may apply all or part of the corpus or the interest of the money, in such mode as Public Trust or the trustee in their discretion think fit, for the maintenance, education, protection, or advancement in life of any minor or of any other person on whose behalf Public Trust or the trustee holds the money.

    Section 71 was substituted, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100). See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).

72 Payment to trustee a valid discharge to company
  • The payment made to Public Trust, or to any other trustee under this Act, shall be a valid and sufficient discharge to the company for the insurance money so paid: and the company shall not be bound to see to the application of such money, or be liable for the subsequent misapplication or non-application thereof by any such trustee.

    Compare: 1884 No 31 s 40

    Section 72 was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words Public Trust for the words the Public Trustee. See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).

73 How insurance money received by trustee may be invested
  • (1) The money received by Public Trust, acting under subsection (2) of section 69, or by any trustee hereunder, unless otherwise directed by the instrument of appointment in the case of one specially appointed, may be invested by such trustee in New Zealand Government securities, or in the securities of any territorial authority or regional council within the meaning of the Local Government Act 2002.

    (2) Such money may also be invested on first mortgage of freehold land in New Zealand, but so that not more than two-thirds of the value of the same, as valued under the Rating Valuations Act 1998 or by a registered valuer specially appointed by such trustee to value the same, shall be so advanced, with full power, however, to such trustee from time to time to alter, vary, and transpose the investments held.

    Compare: 1884 No 31 s 41

    Section 73 was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words Public Trust for the words the Public Trustee. See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).

    Subsection (1) was amended, as from 1 April 1980, by section 8(3) Local Government Amendment Act 1979 (1979 No 59) by substituting the words territorial authority, regional council, or united council within the meaning of the Local Government Act 1974 for the words County, Road Board, or Municipal Corporation, if secured on a special rate on property.

    Subsection (1) was amended, as from 1 July 2003, by section 262 Local Government Act 2002 (2002 No 84), by substituting the words securities of any territorial authority or regional council within the meaning of the Local Government Act 2002 for the words stock or debentures of any territorial authority, regional council, or united council within the meaning of the Local Government Act 1974. See sections 273 to 314 of that Act as to the savings and transitional provisions.

    Subsection (2) was amended, as from 1 July 2003, by section 262 Local Government Act 2002 (2002 No 84), by substituting the words the Rating Valuations Act 1998 or by a registered valuer for the words the Rating Valuations Act 1998 or by a valuator. See sections 273 to 314 of that Act as to the savings and transitional provisions.

74 Income not required for maintenance, etc, to be capitalised
  • All or any part of the annual income arising from the investment of the insurance money not required for the maintenance, education, or protection of such minor or other person shall be capitalised, and invested in the same manner as the money from which such income is derived.

    Compare: 1884 No 31 s 42

Insurances by minors

75 Insurances by minors and dealings by minors with policies
  • [Repealed]

    Section 75 was repealed, as from 1 April 1986, by section 11(a) Insurance Law Reform Act 1985 (1985 No 117).

Insurances by married women

75A Wife may insure her own or her husband's life for her own benefit
  • (1) [Repealed]

    (2) A policy of insurance effected by any person on his or her own life, and expressed to be for the benefit of his or her spouse, de facto partner (whether of the same or different sex), or his or her children, or his or her spouse or de facto partner (whether of the same or different sex) and his or her children, or any of them, shall create a trust in favour of the objects therein named; and the money payable under any such policy shall not, so long as any object of the trust remains unperformed, form part of the estate of the insured or be subject to his or her debts:

    provided that if it is proved that the policy was effected and the premiums paid with intent to defraud the creditors of the insured, they shall be entitled to receive, out of the money payable under the policy, a sum equal to the premiums so paid.

    (3) The insured may by the policy, or by any memorandum under his or her hand, appoint a trustee or trustees of the money payable under the policy, and from time to time appoint a new trustee or new trustees thereof; and may make provision for the appointment of a new trustee or new trustees thereof, and for the investment of the money payable under any such policy.

    (4) In any default of any such appointment of a trustee, the policy, immediately on its being effected, shall vest in the insured and his or her legal personal representatives in trust for the purposes aforesaid.

    (5) If at the time of the death of the insured, or at any time afterwards, there is no trustee, or it is expedient to appoint a new trustee or new trustees, a trustee or trustees or a new trustee or new trustees may be appointed by any Court having jurisdiction under the provisions of the Trustee Act 1956.

    (6) The receipt of a trustee or trustees duly appointed, or, in default of any such appointment or in default of notice to the insurance office, the receipt of the legal personal representative of the insured, shall be a discharge to the office for the sum secured by the policy, or for the value thereof, in whole or in part.

    Compare: 1952 No 53 s 17

    Section 75A was inserted, as from 1 February 1977, by section 56 Matrimonial Property Act 1976 (1976 No 166).

    Subsection (1) was repealed, as from 1 April 1986, by section 11(a) Insurance Law Reform Act 1985 (1985 No 117).

    Subsection (2) was amended, as from 1 January 2002, by section 58 Human Rights Amendment Act 2001 (2001 No 96), by substituting the words person on his or her own life, and expressed to be for the benefit of his or her spouse, de facto partner (whether of the same or different sex), or his or her children, or his or her spouse or de facto partner (whether of the same or different sex) and his or her children, or any of them for the words man on his own life, and expressed to be for the benefit of his wife or of his children, or of his wife and children, or any of them, or by any woman on her own life, and expressed to be for the benefit of her husband or of her children, or of her husband and children, or any of them.

76 Conditions on which payments may be made without requiring probate or administration
  • [Repealed]

    Section 76 was repealed, as from 3 November 1964, by section 4(1) Administration Amendment Act 1964 (1964 No 24).

Provisions as to settlement policies under repealed Acts

77 Provisions as to settlement policies
  • The following provisions shall have effect as regards all policies issued under section 8 of the New Zealand Government Insurance and Annuities Act 1870, or section 16 of the Government Insurance and Annuities Act 1874, or under section 48 of the Life Assurance Companies Act 1873, or under any enactment passed or to be passed in substitution thereof respectively:

    • (a) the amount secured by such policy, where the insurance is effected for the benefit of more than one, may, if not apportioned in the policy, be apportioned by the husband by any deed or instrument in writing under his hand, or by his last will and testament, as he deems proper:

    • (b) where no apportionment is made in any policy as aforesaid, or by deed, instrument in writing, or will as aforesaid, all parties interested in the said insurance shall be held to share equally in the same:

    • (c) when it is stated in such policy that the insurance is for the benefit of the wife, or wife and any one or more of the children, of the insured, or of his wife or of the children generally, without specifying her or their names, then the word wife shall mean the wife living at the time when the policy becomes payable; and children shall, unless otherwise defined in the policy, mean the children of the insured, whether or not of the same marriage, living at the time when the policy becomes payable, and shall include a child or children en ventre sa mere at such time:

    • (d) where a wife's name is not stated in any policy, the husband, by a written application signed by him and attested by a witness, may apply to the company to have such name inserted in the policy, and the company may thereupon direct the secretary to insert the wife's name accordingly in the policy in such manner as it thinks best:

    • (e) in a similar manner and by a like procedure the husband, on remarriage, may require the name of his then wife to be substituted for that of any former wife inserted in such policy:

    • (f) where such a policy is effected for the benefit of more persons than one, and the sum assured has been apportioned by the person whose life is assured, such apportionment shall be valid notwithstanding that all the persons mentioned as beneficiaries in the policy may not be included in such apportionment; and the payment made by the company in terms of such apportionment shall be deemed to release the company from all claims under the policy:

    • (g) any person having taken out such a policy with right to participate in the profits may, subject to the regulations or bylaws of the company issuing the policy, from time to time either direct the application of such profits in payment or reduction of premiums, or direct the same, when converted into a reversionary bonus, to be added to the insurance money; and the share of each person, when more than one are benefited, shall, in the case of such additions, be proportionately increased. If no direction is given, then the profits shall be converted into a reversionary bonus:

    • (h) the benefit of any such policy shall revert to the insured when the child for whose benefit it was effected, or the surviving child for whose benefit it exists, dies without issue before the insured, or when the wife for whose benefit solely it exists predeceases her husband with or without issue; and the benefit of any share in an apportionment shall likewise revert to the insured when the child to whom it was apportioned dies without issue before the insured, or when the wife to whom it was apportioned predeceases her husband with or without issue:

    • (i) where the insured and all the persons beneficially interested under such a policy are sui juris, they may jointly assign, mortgage, discharge, or otherwise deal with the policy as fully and effectually as the assured could have done if he held it for his own use and benefit only:

    • (j) where a policy reverts to the insured in whole or for a share or shares, the insured may deal with such policy or share or shares as if the insurance had been effected and been always held for his own benefit:

    • (k) any person who has taken out such a policy, and who finds himself unable to continue to pay the premiums, may from time to time borrow on the security of the policy, from the company who issued the same, or from any person, such sum as may be necessary to keep the policy in force, such loans to be secured by mortgage on the policy:

      provided that no such mortgage shall operate to secure the payment of the money advanced on the security thereof unless the money so advanced is at the time of advancing the same wholly applied in making the payments necessary to keep the policy in force:

    • (l) notwithstanding anything in any law or statute, or in any rule of law or equity to the contrary, the holder of any such policy may from time to time, with the consent of his wife living at the time, borrow on the security of the policy such sums as he thinks fit, and grant a mortgage on the policy as a security for any such loan.

    Compare: 1884 No 31 s 44

Annual statement, etc, by company

78 Company to furnish annual statements of all its policies
  • [Repealed]

    Section 78: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

78A Minister may alter form
  • [Repealed]

    Section 78A: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

79 Separate statements of New Zealand business
  • [Repealed]

    Section 79: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

79A Secretary of Commerce may require further information
  • [Repealed]

    Section 79A: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

80 Penalty for non-compliance with Act
  • Every company which makes default in complying with the requirements of this Part of this Act, and continues in such default for 7 days after notice by the said Minister or any person interested in the matter of such default, is liable to a fine not exceeding $100 for every day during which the default continues.

    Compare: 1884 No 31 s 47

    The expression $100 was substituted, as from 10 July 1967, for the expression fifty pounds pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).


Schedule 1
Enactments consolidated

s 1(2)

Life Assurance Companies Act 1873 (1873 No 18)
Life Assurance Policies Act 1884 (1884 No 31)
Life Assurance Policies Act 1884 Amendment Act 1885 (1885 No 20)
Life Assurance Policies Act 1884 Amendment Act 1903 (1903 No 63)

Schedule 2

[Repealed]

ss 16, 79

  • Schedule 2: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).


Schedule 3

[Repealed]

ss 16, 79

  • Schedule 3: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).


Schedule 4

[Repealed]

ss 17, 79

  • Schedule 4: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).


Schedule 5

[Repealed]

ss 17, 79

  • Schedule 5: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).


Schedule 6
Statement respecting the valuation of the liabilities under life policies and annuities of the   , to be made by the actuary

[Repealed]

s 18

  • Schedule 6: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).


Schedule 7
Statement of the life assurance and annuity business of the       , on the       , 19   

[Repealed]

ss 19, 64

  • Schedule 7: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).


Schedule 8
Ordinary transfer*

s 43(1)

.

Schedule 9
Memorandum of registration of assignment

s 43(2)

ASSIGNMENT of within policy to       , of       , registered this    day of        19    at    o'clock in the    noon.

             , Secretary


Schedule 10
Assignment by way of a surrender to the company liable under the policy

s 43(5)

I, A B, being the holder of policy numbered in the books of the [here set out name of company], insuring $    on the life of       , in consideration of the sum of $    paid to me by the said        , the receipt of which sum I do hereby acknowledge, do hereby surrender and yield up the said policy to the said , and do hereby for ever discharge, acquit, and release the said , its successors and assigns, of and from the said policy, and all money payable thereunder, and all actions, suits, claims, and demands on account thereof or in relation thereto.

In witness whereof I have hereunto subscribed my name this    day of        19   .

A B,

Assignor.

       

Signed by the above-named A B in the presence of—

G H,

[Occupation and address.]


Schedule 11
Mortgage

s 44(1)

A B, being the holder of policy numbered        in the books of the [here set out name of company], (subject, however, to [here state prior mortgages, if any]), insuring $    on the life of       , in consideration of the sum of $    this day lent and advanced to him by E F, of [or, if consideration not an advance of money, here state the consideration for which mortgage given], doth hereby, for himself, his executors, administrators, and assigns, all hereinafter, and also in the covenants, powers, and agreements implied herein by the Life Insurance Act 1908, referred to as and included in the term mortgagor, covenant with the said E F, his executors, administrators, and assigns, all hereinafter, and also in the said implied covenants, powers, and agreements, referred to as the mortgagee, that he will repay the said principal sum of $    on the    day of        19   , together with interest thereon or on so much thereof as for the time being remains unpaid, in the meantime and until repaid, at the rate of $    percent per annum, payable by payments on the day of the months of in each year [or, if mortgage not given to secure a loan, strike out previous covenants, and here set out covenant to perform the obligation for the securing of which mortgage is given]. [Here set out special covenants, if any]; and, for the better securing to the mortgagee the performance of the covenants herein set forth, the mortgagor hereby mortgages to the mortgagee all his right, title, and interest in the said policy above described.

In witness whereof the mortgagor has hereunto subscribed his name this    day of        19   .

A B,

Mortgagor.

       

Signed by the above-named A B, as mortgagor, in the presence of—

G H,

[Occupation and address.]


Schedule 12
Memorandum of registration of mortgage on policy

s 44(2)

MORTGAGE of the within policy to       , of       , registered this    day of        19    at    o'clock in the    noon.

             , Secretary


Schedule 13
Memorandum of registration of mortgage on mortgage

s 44(2)

THIS mortgage registered this    day of        19    at    o'clock in the    noon.

             , Secretary


Schedule 14
Covenants, powers conditions, and agreements to be implied in mortgages not being mortgages to the company liable under the policy mortgaged

s 45(1)

ON the part of the mortgagor,—

  • (a) that during the continuance of this mortgage the mortgagor will duly and punctually, at the proper times for so doing, make all payments and do all such acts, deeds, matters, and things as are necessary to keep the policy hereby mortgaged in full force, and after making any such payment will produce to the mortgagee the receipt for the same, and will not do, or permit or suffer to be done, any act, deed, matter, or thing whereby or by means whereof the policy hereby mortgaged may lapse or become void, or become liable to lapse or become void in any manner whatsoever:

  • (b) that if from any cause whatever the mortgagor fails or neglects to make all or any part of the payments necessary to keep the said policy in force, it shall be lawful for but not imperative on the mortgagee to make such payments on behalf of the mortgagor, and the same, with interest thereon at $8 percent per annum from the date of payment by the mortgagee until repayment to him shall be repayable by the mortgagor to the mortgagee immediately upon demand, and, until repayment, shall be a charge upon the hereby mortgaged policy, and the same shall not be redeemable until such money is repaid:

  • (c) that, subject as is hereinafter mentioned, the mortgagee shall be entitled to the custody of the policy hereby mortgaged during the continuance of this mortgage:

  • (d) that if the amount assured by the policy hereby mortgaged becomes a claim or becomes payable prior to the day mentioned in this mortgage for the payment of the principal money intended to be hereby secured, then and in such case the said principal money and interest thereon up to date shall be deemed to be due and payable to the mortgagee on the day on which the said amount became payable, in lieu of the day so mentioned in this mortgage for payment; and the mortgagee's receipt and discharge for the payment of the said amount shall be deemed to be, to the extent thereof, a receipt and discharge of the money assured by the policy hereby mortgaged.

And, on the part of the mortgagee,—

  • (e) that upon repayment of all the principal money and interest secured by this mortgage at the time herein specified for payment of the same, and upon performance and observance of such other obligations or agreements as are by this mortgage provided, he, the mortgagee, will execute a discharge of such mortgage in accordance with the provisions of the Life Insurance Act 1908, and will thereupon deliver this mortgage, with such discharge endorsed thereon, and the policy hereby mortgaged to the mortgagor:

  • (f) that if at any time, or from time to time, during the continuance of this mortgage, the mortgagor desires to assign the policy hereby mortgaged, or to mortgage the same subject to such mortgage, he, the mortgagee, will, on reasonable notice being given to him of the mortgagor's said desire, produce the said policy, as often and for so long as may be reasonably required, at the office of the company, and permit the said assignment or mortgage to be registered on the same.

And it is declared and agreed, by and between the mortgagor and mortgagee,—

That if the mortgagor makes default in payment of the principal or interest money secured by this mortgage, or any part thereof, on the days or times in this mortgage fixed for the payment of the same, or otherwise makes default in the observance or performance of the conditions or agreement to secure the observance or performance of which this mortgage is made, or if the mortgagor makes default in the observance or performance of any one or more of the covenants contained or implied in this mortgage, then in any of such cases it shall be lawful for the mortgagee forthwith, or at any time thereafter, to sell the hereby mortgaged policy, or such interest therein as is mortgaged by this mortgage, in such mode and on such terms and conditions in all respects as he, in his own absolute discretion, thinks fit, with full power to buy in the same at any sale, and again offer the same for sale as often as occasion may require, or to surrender the same to the company issuing it on receiving the surrender value for the same, and to apply the proceeds of such sale, or the amount of such surrender value, first in payment of all costs, charges, and expenses to which the mortgagee has been put in connection with such sale or surrender or otherwise in connection with this mortgage and next in payment of all the principal, interest, or other money secured by the mortgage; and the surplus (if any) shall be paid to the mortgagor.


Schedule 15
Covenants, powers, conditions, and agreements to be implied in mortgages to the company liable under the policy mortgaged

s 45(2)

ON the part of the mortgagor,—

  • (a) that interest at the rate mentioned in this mortgage, on the principal amount received under this mortgage, shall be payable by the mortgagor to the mortgagee by equal half-yearly payments on the days mentioned in this mortgage for the purpose:

  • (b) that if the money insured by the policy hereby mortgaged becomes payable during the continuance of this mortgage, the mortgagee may deduct all principal money hereby secured, and all interest then due thereon, including interest accrued to the date of the death of the assured or the maturity of the policy, as the case may be, and all other charges on the policy, from the amount assured by the policy when paying over the same; and thereafter no further interest shall be payable to the mortgagee on the said principal money:

  • (c) that if at any time during the continuance of this mortgage the total amount of principal and interest due, including interest accrued but not due, under this mortgage, together with overdue premiums on the policy hereby mortgaged (if any), interest on overdue premiums, and all other charges on the policy, exceeds the then surrender value of such policy, or if the said policy is allowed to lapse, then and in any such case the policy hereby mortgaged shall thereupon become absolutely void.

And, on the part of the mortgagee,—

  • (d) that if all the principal and interest money hereby secured is duly paid off and satisfied according to the terms and provisions of this mortgage, then and in such case, if the policy hereby mortgaged is then in full force, and has not lapsed or become void, or become liable to lapse or to be declared void, the mortgagee shall duly execute and procure to be registered, in accordance with the provisions of the Life Insurance Act 1908, a discharge of this mortgage, and then shall return the said policy to the mortgagor:

  • (e) that if and so soon as the policy hereby mortgaged has become void as above provided, such avoidance shall be held to be in full satisfaction and discharge of the principal and interest money due on this mortgage, and shall be deemed to acquit, release, and discharge the mortgagor of and from the same, and from all actions, suits, claims, and demands on account thereof or in relation thereto.

  • Paragraph (b) was amended, as from 1 April 1921, by section 6(a) Life Insurance Amendment Act 1920 (1920 No 84) by inserting the words including interest accrued to the date of the death of the assured or the maturity of the policy, as the case may be, and all other charges on the policy.

  • Paragraph (c) was amended, as from 1 April 1921, by section 6(b) Life Insurance Amendment Act 1920 (1920 No 84) by inserting the words including interest accrued but not due and the words interest on overdue premiums and all other charges on the policy.


Schedule 16
Memorandum of discharge of mortgage

Section 50(1)

THIS mortgage is hereby discharged [if discharge be only partial, add words showing how far discharge is intended to operate] this    day of        19   .

A B,

Mortgagee.

       

Signed by the above-named A B, as mortgagee, in the presence of—

C D,

[Occupation and address.]


Schedule 17
Memorandum of registration of discharge of mortgage on a policy

s 51

DISCHARGE of mortgage to [if discharge is only partial, add words showing how far discharge operates]        , registered this    day of        19    at    o'clock in the    noon.

             , Secretary


Schedule 18
Memorandum of registration of discharge of mortgage on mortgage

s 51

DISCHARGE of mortgage [if discharge only partial, add words showing how far discharge operates] registered this    day of        19    at    o'clock in the    noon.

             , Secretary


Schedule 19
Memorandum of registration on policy of title otherwise than by way of assignment

s 52

THE within policy has become vested in A B of        , by virtue of [here state how title to policy has been acquired], this    day of        19    at    o'clock in the    noon.

             , Secretary


Schedule 20
Statement of policies of [Name of company] as at year ended 19   

[Repealed]

ss 78, 79

  • Schedule 20: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).


Schedule 21
Memorandum of assignment of policy otherwise than by way of ordinary transfer to be endorsed on policy

s 43(7)

  • This Schedule was inserted, as from 6 December 1962, by section 2(2) Life Insurance Amendment Act 1962 (1962 No 79).

.

Schedule 22
Memorandum of mortgage of policy to be endorsed on policy

s 44(5)

.

Schedule 23
Memorandum of discharge of mortgage or policy to be endorsed on policy

s 50(4)

  • This Schedule was inserted, as from 6 December 1962, by section 3(4) Life Insurance Amendment Act 1962 (1962 No 79).

  • This Schedule was amended, as from 18 November 1964, by section 2 Life Insurance Amendment Act 1964 (1964 No 98) by inserting the words of mortgage in the heading.

.

Schedule 24
Table of deposits required of companies carrying on business in New Zealand on 26 July 1974

[Repealed]

s 3

  • Schedule 24: repealed, on 7 March 2012, by section 239(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).


Public Finance Amendment Act 2004

Public Act2004 No 113
Date of assent21 December 2004
1 Title
  • (1) This Act is the Public Finance Amendment Act 2004.

    (2) In this Act, the Public Finance Act 1989 is called the principal Act.

2 Commencement
  • This Act comes into force on 25 January 2005.

Transitional provisions

32 Application of provisions relating to financial year
  • (1) Despite the enactment of this Act, any existing provisions of the principal Act that relate to a financial year continue to apply only in respect of—

    • (a) either of the following:

      • (i) the financial year ending on 30 June 2005; or

      • (ii) a later financial year specified by the Governor-General by Order in Council made on the recommendation of the Minister of Finance; and

    • (b) each previous financial year.

    (2) Any provisions of the principal Act (as amended by this Act) that relate to a financial year must be read as if those provisions apply only in respect of—

    • (a) either of the following:

      • (i) the financial year commencing on 1 July 2005; or

      • (ii) if a later financial year is specified by the Governor-General by Order in Council made under subsection (1)(a)(ii), the next financial year; and

    • (b) each subsequent financial year.

    (3) The Minister of Finance may make a recommendation under subsection (1)(a)(ii) only if he or she is satisfied that doing so is reasonably necessary to maintain the integrity of the preparation of the Budget.

    (4) In this section, existing provisions of the principal Act means the provisions of the principal Act that were in force immediately before the commencement of this Act.

33 Reporting obligations in respect of financial year
  • (1) The reporting requirements and provisions that would have applied if this Act had not been enacted continue to apply, in respect of the financial year specified in subsection (3), to a department and an Office of Parliament, rather than the reporting requirements and provisions enacted by this Act or any other Act.

    (2) Therefore, for example, a department and an Office of Parliament must comply with the requirements relating to annual financial statements, annual reports, and audits that were in the principal Act immediately before the commencement of this Act.

    (3) The financial year referred to in subsection (1) is—

    • (a) the financial year ending on 30 June 2005; or

    • (b) if a later financial year is specified by the Governor-General by Order in Council made under section 32(1)(a)(ii), that financial year.

    (4) To avoid doubt, this section does not limit section 32.

    (5) Section 198 of the Crown Entities Act 2004 applies to an organisation named or described in Schedule 4.

34 Existing bank accounts, investments, borrowing, guarantees, and derivatives
  • (1) This section applies to any bank account, investment, borrowing, guarantee, or derivative transaction of an organisation that is named or described in Schedule 4 of the principal Act at the date of commencement of this Act that the organisation would be restricted from acquiring, giving, or entering into under this Act.

    (2) The bank account, investment, borrowing, guarantee, or derivative transaction is not affected by the enactment of this Act.

    (3) However, the terms of the investment, borrowing, guarantee, or derivative transaction may be amended, or any options resulting from the investment, borrowing, or derivative transaction, may be taken up, only if permitted by the Minister of Finance.

35 Regulations for transitional and savings purposes
  • (1) The Governor-General may, by Order in Council, make regulations prescribing transitional or savings provisions relating to the coming into force of this Act.

    (2) Any transitional or savings provisions prescribed in regulations made under subsection (1) may be in addition to or in place of any of the provisions of sections 32 to 34.

36 References in trust deeds to section 25 of principal Act
  • Every reference to section 25 of the principal Act that is in a trust deed at the date of commencement of this section must be read as a reference to section 161 of the Crown Entities Act 2004.

    Cities of Takapuna and Waitemata (Upper Harbour Bridge) Empowering Act 1976: repealed, on 1 November 2010, by section 113(1) of the Local Government (Auckland Transitional Provisions) Act 2010 (2010 No 37).

    Section 3(2): amended, on 1 November 2010, by section 113(1) of the Electricity Industry Act 2010 (2010 No 116).

    Section 99(1)(b): amended, at 2 am on 29 November 2010, by section 406(1) of the Immigration Act 2009 (2009 No 51).


Contents

  • 1General

  • 2About this eprint

  • 3List of amendments incorporated in this eprint (most recent first)


Notes
1 General
  • This is an eprint of the Life Insurance Act 1908. The eprint incorporates all the amendments to the Act as at 1 July 2013. The list of amendments at the end of these notes specifies all the amendments incorporated into this eprint since 3 September 2007.

    Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the eprint are also included, after the principal enactment, in chronological order.

2 About this eprint
3 List of amendments incorporated in this eprint (most recent first)