Life Insurance Act 1908

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Reprint as at 1 January 2018

Life Insurance Act 1908

Public Act		1908 No 105
Date of assent		4 August 1908

Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this reprint. See the notes at the end of this reprint for further details.

This Act is administered by the Ministry of Business, Innovation, and Employment.

	Title
1	Short Title
	Part 1 Life insurance companies [Repealed]
2	Interpretation [Repealed]
	Deposits by local companies [Repealed]
3	Companies to make deposits [Repealed]
3A	Deposits by holding companies or subsidiaries in certain cases [Repealed]
4	Voluntary deposits [Repealed]
4A	Compensation for lost deposits [Repealed]
5	Income from deposits [Repealed]
5A	Securities may be disclosed in balance sheet of company making deposit [Repealed]
6	Deposits may be withdrawn and others substituted [Repealed]
6A	Increase of deposits where securities have depreciated [Repealed]
7	Value of approved securities [Repealed]
8	Securities to be held in trust for policy holders in New Zealand [Repealed]
8A	Application of securities by Public Trust [Repealed]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showing as to each company the value of the securities deposited, and the present value of policies charged thereon [Repealed]
10	Certificate of incorporation not to be given to companies till deposit made [Repealed]
11	Withdrawal of voluntary deposits [Repealed]
12	Withdrawal of compulsory deposits [Repealed]
13	After notice given of withdrawal of compulsory deposit, company not to carry on business [Repealed]
13A	Remuneration of Public Trust [Repealed]
	Deposits by foreign companies [Repealed]
14	Deposits by foreign companies [Repealed]
	Accounts etc, by local and foreign companies [Repealed]
15	Life funds separate [Repealed]
16	Statements to be made by companies [Repealed]
17	Statements by company doing other than life business [Repealed]
17A	Statements to be audited [Repealed]
18	Actuarial report and abstract [Repealed]
19	Statement of life and annuity business [Repealed]
20	Forms may be altered [Repealed]
21	Requirements as to statements and abstracts [Repealed]
22	Statements and abstracts to be examined by chief executive [Repealed]
23	Copy of statement to be given to shareholders, etc [Repealed]
24	List of shareholders [Repealed]
25	Deed of settlement to be printed [Repealed]
26	Documents may be inspected [Repealed]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]
	General agents of foreign companies [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]
	Miscellaneous provisions [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 ordinary transfer of policy
44	Form 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	Provisions as to registration, etc, of assignment of policies to apply to mortgages
54	Secretary before registering may require proof of signatures
55	Registration may be ordered by court
56	What is 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	Company not prevented from applying surrender value to keep policy in force
	Protection of policies
64	Policies to be kept in force by surrender value
65	Certain policies absolutely protected from bankruptcy, etc [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
	Insurances by parents on lives of children [Repealed]
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]
	Moneys payable under a policy for benefit of minors, etc
69	Moneys payable to minors or persons incapable of giving discharges may be made to Public Trust
70	Powers of Public Trust receiving moneys
71	Trustee may apply money of minors, etc, for their maintenance, etc
72	Payment to trustee a valid discharge to company
73	How insurance moneys received by trustee may be invested
74	Income of minor, etc, not required for maintenance, etc, shall be capitalised
	Insurances by minors [Repealed]
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
	Payments without probate
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	Company to furnish separate statements of New Zealand business [Repealed]
79A	Chief Executive of the Ministry of Economic Development may require further information [Repealed]
80	Penalty for non-compliance with Act
	Schedule 1 Enactments consolidated
	Schedule 2 Revenue account of the [specify], for the year ending . [Repealed]
	Schedule 3 Balance sheet of the [specify], on the , 19 . [Repealed]
	Schedule 4 Revenue accounts of the [specify], for the year ending , 19 . [Repealed]
	Schedule 5 Balance sheet of the [specify], on the , 19 . [Repealed]
	Schedule 6 Statement respecting the valuation of the liabilities under life policies and annuities of the [specify], to be made by the actuary [Repealed]
	Schedule 7 Statement of the life assurance and annuity business of the [specify], 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 Table of deposits required of companies carrying on business in New Zealand on 26 July 1974 [Repealed]
	Schedule 22 Memorandum of mortgage of policy to be endorsed on policy
	Schedule 23 Memorandum of discharge of mortgage of 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]
	Life Insurance Amendment Act 1920
	Life Insurance Amendment Act 1925
	Life Insurance Amendment Act 1970
	Reprint notes

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

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Life Insurance Act 1908

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