(1) Where the holder of a policy, not being the person insured, dies in the lifetime of the person insured, the company issuing the policy may, by writing under the hand of the secretary, in its discretion and without requiring probate or letters of administration, declare that any person is the holder of such policy who proves to the satisfaction of the company—
if the premiums actually paid on such policy do not exceed the sum of $9,000, or if the sum payable under the policy, exclusive of bonuses, does not exceed $9,000.
(2) Where any person is declared to be the holder of a policy as aforesaid the company shall enter on the policy and shall register a memorial that such person is the holder of the policy, and thereupon such person shall become the holder of the policy, subject to all outstanding interests or equities affecting the same.
(4) This section shall apply in the case of any such policy as aforesaid notwithstanding that the holder of the policy may have died before the passing of this Act.
Subsection (1) was amended, as from 16 September 1966, by section 3 Life Insurance Amendment Act 1966 (1966 No 23) by substituting the words
“five hundred pounds” for the words
“two hundred pounds”. This amount was further increased, as from 10 July 1967, to
“$1,000” by section 7 Decimal Currency Act 1964 (1964 No 27) (see regulation 2 Decimal Currency Act Commencement Order (SR 1967/67); as from 12 December 1983, to
“$6,000” by section 3(1) Life Insurance Amendment Act (No 2) 1983 (1983 No 80); and, as from 19 March 1990, to
“$9,000” by section 3(1) Life Insurance Amendment Act 1990 (1990 No 8).