This Act may be cited as the Insurance Companies’ Deposits Amendment Act, 1950, and shall be read together with and deemed part of the Insurance Companies’ Deposits Act, 1921–22 (hereinafter referred to as the principal Act).

Notwithstanding anything to the contrary in the principal Act, every company or other person required under the principal Act to make a deposit after the passing of this Act in respect of employers’ liability insurance business shall, instead of depositing money, deposit with the Public Trustee approved securities as defined in section eleven of the Insurance Companies Act, 1940, valued at not less than the amount of the deposit required, and shall not at any time make any part of any such deposit in money.

Subject to this section, the provisions of the principal Act, and in particular sections eleven, twelve, and thirteen of the Insurance Companies Act, 1940, shall, as far as they are applicable and with the necessary modifications, apply with respect to deposits made in accordance with this section.

Notwithstanding anything to the contrary in section eight of the principal Act or in section thirty-six of the Workers’ Compensation Amendment Act, 1947, every company or other person that made any deposit to which the said section thirty-six applies and has not previously withdrawn it shall be entitled to withdraw the whole or, as the case may be, the balance of that deposit upon making a deposit in accordance with section two of this Act.

The First Schedule to the principal Act is hereby amended by repealing so much thereof as relates to employers’ liability insurance business.

Section two of the Insurance Companies’ Deposits Amendment Act, 1922, is hereby amended by omitting from subsection one the words “Save as provided in subsection four of section three of the principal Act”.

This section applies to every local company which at the commencement of the Insurance Companies Act, 1940, was carrying on in New Zealand employers’ liability insurance business, and which ceased on the first day of April, nineteen hundred and forty-nine, to carry on that class of business in New Zealand.

Where any local company to which this section applies proposes to recommence employers’ liability insurance business in New Zealand before the first day of April, nineteen hundred and fifty-two, it shall, before recommencing that class of business, instead of complying with section four of the Insurance Companies Act, 1940, as modified by this Act, in respect of that class of business, deposit with the Public Trustee approved securities valued at not less than one thousand pounds, together with further approved securities valued at not less than one thousand pounds for each complete two thousand five hundred pounds of premium income earned by the company in respect of that class of business in its last financial year ended before the first day of April, nineteen hundred and forty-nine.

If the premium income earned by any such local company in respect of employers’ liability insurance business in any financial year after the year referred to in the last preceding subsection is such that if the deposit under that subsection had been fixed by reference thereto it would have exceeded the deposits already made by the company under this section in respect of that class of business, then in every such case the company shall, within six months after the end of that financial year, deposit with the Public Trustee approved securities valued at not less than the amount by which the deposits already made would have been so exceeded.

No company shall be required under this section to deposit in respect of employers’ liability insurance business a greater sum than the sum specified in the Schedule to the Insurance Companies Act, 1940, in respect of that class of business.

Every local company to which this section applies shall, before recommencing employers’ liability insurance business, lodge with the Public Trustee a statement setting forth the premium income earned by the company in respect of that class of business in its last financial year ended before the first day of April, nineteen hundred and forty-nine. Every such statement shall be verified by a statutory declaration made by a director or by the secretary of the company.

The Public Trustee shall be entitled to such reason-able remuneration from any company or other person as may be agreed upon between the Public Trustee and the company or other person or, failing agreement, as shall be fixed by the Minister of Finance, either generally or in any particular case, for the Public Trustee’s services in respect of any approved securities deposited by the company or other person (whether before or after the passing of this Act) under any of the provisions of the principal Act, including this Act.