Reprint as at 1 April 2008

Insurance Companies' Deposits Act 1953

Public Act	1953 No 50
Date of assent	23 November 1953

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 in the Ministry of Commerce

Title

1 Short Title

2 Interpretation

3 Liability to make deposits

3A Deposit may be made by Lloyds of London

4 Amount of deposit

4A Amount of deposit to be made by agent of Commonwealth company or foreign company

4B Public Trust may accept single deposit in certain cases

5 Smaller deposits permitted in certain cases

6 Deposits to be made by mutual insurance associations

6A Deposits by existing companies carrying on mortgage guarantee insurance business

6B Deposits by companies proposing to carry on fidelity guarantee insurance or professional liability indemnity insurance

7 When deposits to be made

8 Deposits to be in approved securities

9 Manner in which deposits to be made or withdrawn

10 Increase of deposits where securities have depreciated

11 Valuation of approved securities

12 Deposits to be held in trust for policyholders

12A Application of securities by Public Trust

12B Liquidator to value policies in winding up

12C Liquidator to distribute securities

12D Section 12(4) not to apply where company in liquidation

13 Investment of cash deposits [Repealed]

14 Income from deposits

15 Cover notes and receipts to refer to deposit

16 Statements to be supplied annually

17 Penalty for false statement

18 Statement by Registrar of Motor Vehicles [Repealed]

19 Withdrawal of deposits

20 Penalty for non-compliance

20A Prohibition against agent negotiating contracts of insurance

21 Prohibition against carrying on business

22 Further penalty for carrying on business after notice prohibiting

22A Interpretation

22B Certain New Zealand persons and overseas companies prohibited from holding out New Zealand connection

22C Certain New Zealand persons and overseas companies prohibited from using certain words in their name

22D Exception for certain insurance workers and industry associations

22E Exemption from section 22C granted by Secretary

Information gathering powers

22F Secretary's powers of inspection

22G Disclosure of information and reports

22H Application of Official Information Act 1982 and Privacy Act 1993

Appeals

22I Appeals from certain decisions

23 In any action incorporation of company need not be proved

24 Remuneration of Public Trust

25 Repeals and savings

26 Regulations

Schedule 1
Amounts of deposits to be made

Schedule 2

Schedule 3
Enactments repealed

Reprint notes

An Act to consolidate and amend the law relating to deposits required from companies and persons carrying on various classes of insurance business

New Zealand Legislation: Acts

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Insurance Companies' Deposits Act 1953 No 50 (as at 01 April 2008), Public Act

Insurance Companies' Deposits Act 1953

Note

Contents

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