In this Act, unless the context otherwise requires,—
agent means any person who negotiates, or attempts to negotiate, or holds himself out as having authority to negotiate, on behalf of any underwriter, any contract of insurance relating to any class of insurance business; and includes any person who is deemed to be an agent of any other person under the provisions of section 3
approved securities means—
(c) any debentures, stock, bonds, or other securities issued by any body or person if payment of all money secured by the debentures, stock, bonds, or other securities is, in case of default, guaranteed by the Government of New Zealand or is to be made out of the Crown Bank Account without further appropriation
Approved Securities: this definition was substituted, as from 2 October 1958, by section 2 Insurance Companies' Deposits Amendment Act 1958 (1958 No 71).
Approved Securities: this definition was amended, as from 8 December 1971, by section 2 Insurance Companies' Deposits Amendment Act 1971 (1971 No 102) by inserting in para (b) the words “or Catchment Commission”
, by inserting in para (c) the words “the Bay of Plenty Harbour Board”
, by amending para (c) by substituting the words “Marlbourough Harbour Board, the Napier Harbour Board, the Nelson Harbour Board, the Northland Harbour Board, the Otago Harbour Board, the Taranaki Harbour Board”
for the words “Napier Harbour Board, the Otago Harbour Board”
, by amending para (d) by substituting the words “the Gisborne Harbour Board or the Wanganui Harbour Board”
for the words “the Bay of Islands Harbour Board, the Gisborne Harbour Board, the Taranaki Harbour Board, the Tauranga Harbour Board, the Wanganui Harbour Board, or the Whangarei Harbour Board”
, and by inserting in para (e) the words “or by any other body or person”
.
Approved Securities: this definition was substituted, as from 8 November 1974, by section 2(1) Insurance Companies' Deposits Amendment Act 1974 (1974 No 145).
Approved Securities: the words “Consolidated Account”
were substituted, as from 1 April 1978, for the words “Consolidated Revenue Account”
pursuant to section 114(6) Public Finance Act 1977 (1977 No 65). These words were in turn substituted, as from 1 July 1989, by the words “Crown Bank Account”
pursuant to section 83(1)(a) Public Finance Act 1989 (1989 No 44).
Approved securities: paragraph (b) of this definition was substituted, as from 1 July 2003, by section 262 Local Government Act 2002 (2002 No 84). See sections 273 to 314 of that Act as to the savings and transitional provisions.
Approved securities: paragraph (c) of this definition was amended, as from 1 July 2003, by section 262 Local Government Act 2002 (2002 No 84), by substituting the word “any”
for the words “the Auckland Harbour Bridge Authority or the Christchurch-Lyttelton Road Tunnel Authority or by any other”
. See sections 273 to 314 of that Act as to the savings and transitional provisions.
Commonwealth company means a company established or incorporated in, and having its chief office in, a Commonwealth country other than New Zealand
Commonwealth country means a country that is a member of the British Commonwealth of Nations; and includes every territory for whose international relations the Government of that country is responsible; and also includes the Republic of Ireland as if that country were a member of the British Commonwealth of Nations
Commonwealth underwriter means an underwriter who is ordinarily resident in a Commonwealth country other than New Zealand
company means any association of persons, whether incorporated or not; but does not include a mutual insurance association
depositor means a person who has made any deposit with Public Trust under this Act in respect of any class of insurance business
Depositor: this definition 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).
financial year, in relation to any person, means a year ending on the date of the annual balance of the accounts of that person, or, if there is no annual balance, a year ending on the 31st day of December
foreign company means a company that is neither a local company nor a Commonwealth company
foreign underwriter means an underwriter who is not ordinarily resident in New Zealand and who is not a Commonwealth underwriter
insurance in relation to any class of insurance business (including life insurance, endowment and annuity contracts, and insurance against earthquake) includes reinsurance in respect of that class of insurance business
Insurance: this definition was inserted, as from 8 November 1974, by section 2(2) Insurance Companies' Deposits Amendment Act 1974 (1974 No 145).
insurance business includes mortgage guarantee insurance and every other class of insurance business, except—
Insurance business: this definition was substituted, as from 8 November 1974, by section 2(3) Insurance Companies' Deposits Amendment Act 1974 (1974 No 145).
Insurance business: paragraph (c) of this definition was inserted, as from 1 July 1999, by section 415(1) Accident Insurance Act 1998 (SR 1998/114).
local company means a company established or incorporated in and having its chief office in New Zealand
Minister means the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for the administration of this Act
Minister: this definition was inserted, as from 1 October 1995, by section 10(3) Department of Justice (Restructuring) Act 1995 (1995 No 39).
mortgage guarantee insurance means the acceptance, in consideration of any premium, fee, commission, or other payment, of any liability to repay the whole or any part of any sum owing to any person, the repayment of which is secured to that person by way of a mortgage of any land or any interest in land, contingent upon default by the mortgagor
Mortgage guarantee insurance: this definition was inserted, as from 8 November 1974, by section 2(4) Insurance Companies' Deposits Amendment Act 1974 (1974 No 145).
mutual insurance association means a mutual insurance association incorporated under the Mutual Insurance Act 1955
Mutual Insurance Association: in this definition the Mutual Insurance Act 1955 has been substituted for the repealed Mutual Fire Insurance Act 1908.
policyholder means any person who is indemnified or deemed to be indemnified by any contract of insurance, whether or not a policy of insurance is issued; and includes any person claiming by, through, or under any policyholder
premium income means the gross income earned in New Zealand from premiums after deducting any rebates or refunds allowed or paid to persons insured, but without making any allowance or deduction for reinsurances, commissions, or other agency charges, or for reserves for unexpired risks at the beginning or end of the financial year
Secretary means the chief executive of the department of State that, with the authority of the Prime Minister, is for the time being responsible for the administration of this Act
Secretary: this definition was inserted, as from 1 October 1995, by section 10(3) Department of Justice (Restructuring) Act 1995 (1995 No 39).
underwriter means a person named in a contract or policy of insurance as liable to pay or contribute towards payment in whole or in part of the sum secured by the contract or policy; but does not include a company or a mutual insurance association.