(1) Where a policyholder has assigned a policy on his or her own life to his or her wife or husband, civil union partner, or de facto partner and that wife or husband, civil union partner, or de facto partner has died in the lifetime of the policyholder without having disposed of such policy by will, and the premiums actually paid on such policy do not at the date of the death of the assignee exceed the sum of $9,000, or where the sum assured by such policy does not, exclusive of bonuses, exceed $9,000, such policy with all bonus additions thereto shall, subject to all outstanding interests or equities affecting the same, revert to and vest in the surviving husband or wife, civil union partner, or de facto partner, as the case may be.
(2) Where a policyholder has assigned a policy on his or her life to his or her wife or husband, civil union partner, or de facto partner, and that wife or husband, civil union partner, or de facto partner has died in the lifetime of the policyholder having made a will whereby she or he has disposed of any such policy, and the premiums actually paid on such policy do not at the date of the death of the assignee exceed the sum of $9,000, or where the sum assured by such policy does not, exclusive of bonuses, exceed $9,000, the company may without requiring probate of such will, by writing under the hand of the secretary, declare that the executor of such will, or any person who may be entitled under such will to such policy, is the holder of such policy, and may enter on such policy and shall register a memorial that such executor or other person is the holder of such policy, and thereupon such executor or other person shall become the holder of such policy, subject to all outstanding interests or equities affecting the same:
Provided that in any such case the company may require probate of any such will to be taken out.
(3) This subsection repealed s 62 of the principal Act.
The heading to section 2 was amended by section 4(1) Life Insurance Amendment Act 2005 (2005 No 14) by substituting the words “, wife, civil union partner, de facto partner”
for the words “or wife”
with application to persons who die as from 26 April 2005.
Subsections (1) and (2) were amended, as from 16 September 1966, by section 2(a) and (b) 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 1967 (SR 1967/67), and, as from 12 December 1983, to “$6,000”
by section 2 Life Insurance Amendment Act (No 2) 1983 (1983 No 80), and, as from 19 March 1990, to “$9,000”
by section 2(a) Life Insurance Amendment Act 1990 (1990 No 8).
Subsection (1) was amended by section 4(2) Life Insurance Amendment Act 2005 (2005 No 14) by substituting the words “policyholder has assigned a policy on his or her own life to his or her wife or husband, civil union partner, or de facto partner and that wife or husband, civil union partner, or de facto partner”
for the words “policyholder, being a man, has assigned a policy on his own life to his wife, or, being a woman, has assigned a policy on her own life to her husband, and such wife or husband”
with application to persons who die as from 26 April 2005.
Subsection (1) was amended by section 4(3) Life Insurance Amendment Act 2005 (2005 No 14) by inserting the words “civil union partner, or de facto partner,”
after the words “husband or wife,”
with application to persons who die as from 26 April 2005.
Subsection (2) was amended by section 4(4) Life Insurance Amendment Act 2005 (2005 No 14) by substituting the words “policyholder has assigned a policy on his or her life to his or her wife or husband, civil union partner, or de facto partner, and that wife or husband, civil union partner, or de facto partner”
for the words “policyholder, being a man, has assigned a policy on his own life to his wife, or, being a woman, has assigned a policy on her own life to her husband, and such wife or husband”
with application to persons who die as from 26 April 2005.