“Accident insurance” includes the following, whether the contract be one of primary insurance or of reinsurance, and whether the premium payable be a sum certain, or consists of sums uncertain or variable in time, number, or amount:—

(a.)

Insurance against accident, disease, disability, or any change of physical or mental condition;

(b.)

Insurance or indemnity against employers’ liability, whether under statutory law or common law;

(c.)

Insurance or indemnity against charges under section eighteen of “The Workers Compensation for Accidents Act, 1900,” taking precedence of encumbrances, mortgages, or charges lawfully existing; and

(d.)

Generally any contract in the nature of any of the foregoing whereby the benefit under the contract accrues payable on or after the occurrence of some contingent event:

“Company” means any person or association, whether incorporated or otherwise, not being established under any Act relating to friendly societies, who issues or is liable under accident-insurance policies in New Zealand, and includes companies now established in or out of New Zealand, and includes also mutual associations as well as proprietary.

3 Company to prepare annual statement.

(1.)

From and after the commencement of this Act every company shall at the expiration of each of its financial years prepare a statement of its accident-insurance business transacted in New Zealand during such year, and of its balance-sheet at the close of such year, in the form in the Schedule hereto.

(2.)

Where a company transacts any other class of insurance business besides accident insurance, the statement shall include an explanation of the manner in which the expenditure common to the business as a whole has been apportioned amongst the different classes of business.

4 Printed statement to be deposited with Colonial Treasurer.

Every such statement shall be signed by the principal officer of the company managing the accident-insurance business in New Zealand, and shall be printed, and the original so signed, together with three printed copies thereof, shall within four months of the close of the company’s financial year be deposited with the Colonial Treasurer.

5 Further information to be given if required.

The Colonial Treasurer is hereby empowered to ask for such additional explanation of any item in the statement deposited as he deems necessary for the purposes of this Act.

6 Statements to be laid before Parliament.

The Colonial Treasurer shall lay annually before Parliament copies of all statements deposited with him.

7 Penalty in default.

(1.)

If any company makes default in duly complying with the requirements of this Act, or with any request the Colonial Treasurer may make under section five hereof, and continues in default for seven days after notice by the Colonial Treasurer, then in every such case the company and also its attorney, general agent, or other agent shall be severally liable to a penalty not exceeding fifty pounds for every day during which such default continues after such notice.

(2.)

If any such default as aforesaid is continued for a period of three months the Colonial Treasurer may, by notice in the Gazette, prohibit the defaulting company from carrying on business in New Zealand, either absolutely or for such time as he thinks fit.

(3.)

If any company, or any person as attorney, general agent, or other agent of such company, or otherwise for or on behalf of such company, after the publication of such notice as last aforesaid, receives any application for insurance, or accepts any premium for insurance, or otherwise carries on the business of such company within New Zealand, then, in addition to and irrespective of the penalty hereinbefore provided, such company and person shall be severally liable to a penalty of one hundred pounds for each and every act done in breach of this provision.

8 Penalty for signing false statement.

Every person who signs or deposits any statement required by this Act, knowing the same to be false in any particular, is liable to a penalty not exceeding fifty pounds.

9 Penalties recoverable summarily.

All penalties imposed by this Act are recoverable in a summary way.

10 Commissioner’s powers.

The powers of the Commissioner under “The Government Accident Insurance Act, 1899,” shall include, and be deemed to have at all times included, power to enter into contracts of accident insurance as defined by this Act.

11 Policies free of stamp duty.

Accident-insurance policies shall be exempt from stamp duty, and the exemption shall apply to every such policy heretofore issued and not stamped.

Schedule Statement and Balance-sheet of Accident Insurance Company

Revenue Account of the for the Year ending.

	£	s.	d.		£	s.	d.
Amount of accident funds at beginning of the year				Claims after deducting reinsurances
Premiums received after deduction of reinsurance premiums				Interest
Interest, dividends, and rents				Commission
Other receipts [Accounts to be specified]				Salaries
				Expenses of management
				Dividends and bonuses to shareholders
				Other payments [Accounts to be specified]
				Appropriated to reserve for unearned premiums
				Amount of accident funds at end of year
	£				£

Balance-sheet on the

Liabilities.	£	s.	d.	Assets.	£	s.	d.
Shareholders’ capital paid up (if any)				Mortgages on property within New Zealand
Accident funds (as per Revenue Account)				Mortgages on property outside New Zealand
Reserve for unearned premiums				Other investments [Securities to be specified]
Claims outstanding				Loans on personal security
Other sums owing by the company [Accounts to be specified]				Agents’ balances
				Outstanding premiums
				Outstanding interest
				Interest accrued but not due
				Cash—
				On deposit
				In hand and on current account
				Other assets [To be specified]
	£				£

Accident Insurance Companies Act 1902