Life Insurance Amendment Act 1962
Life Insurance Amendment Act 1962
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Life Insurance Amendment Act 1962
Public Act |
1962 No 79 |
|
Date of assent |
6 December 1962 |
|
Contents
An Act to amend the Life Insurance Act 1908
BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:
1 Short Title
This Act may be cited as the Life Insurance Amendment Act 1962, and shall be read together with and deemed part of the Life Insurance Act 1908 (hereinafter referred to as the principal Act).
2 Assignment of policy in company with no office in New Zealand
(1)
Section 43 of the principal Act is hereby amended by adding the following subsections:
“(6)
An assignment of a policy issued by a company that is established out of New Zealand and does not have a place of business in New Zealand need not be registered, but, subject to the provisions of subsection (7) of this section, shall take effect from the date thereof in the same manner as if it were registered.
“(7)
No assignment otherwise than by way of ordinary transfer of a policy issued by a company that is established out of New Zealand and does not have a place of business in New Zealand shall be of any validity unless there is endorsed on the policy a memorandum in the form or to the effect set forth in the Twenty-first Schedule hereto, and signed, or, in the case of a corporation, sealed, by the assignor and assignee.”
(2)
The principal Act is hereby further amended by adding the Twenty-first Schedule set out in the Schedule to this Act.
3 Mortgage or discharge of mortgage of policy in company with no office in New Zealand
(1)
Section 44 of the principal Act is hereby amended by inserting in subsection (4), after the words “the policy”
, the words “and a mortgage of a policy issued by a company that is established out of New Zealand and does not have a place of business in New Zealand”
.
(2)
Section 44 of the principal Act is hereby further amended by adding the following subsection:
“(5)
Notwithstanding anything in subsection (4) of this section, no mortgage of a policy issued by a company that is established out of New Zealand and does not have a place of business in New Zealand shall be of any validity unless there is endorsed on the policy a memorandum in the form or to the effect set forth in the Twenty-second Schedule hereto, and signed, or, in the case of a corporation, sealed, by the mortgagor and the mortgagee.”
(3)
Section 50 of the principal Act is hereby amended by adding the following subsections:
“(3)
A memorandum of discharge or of partial discharge of a mortgage of a policy issued by a company that is established out of New Zealand and does not have a place of business in New Zealand need not be registered, but, subject to the provisions of subsection (4) of this section, shall take effect from the date thereof in the same manner as if it were registered.
“(4)
No memorandum of discharge or of partial discharge of a mortgage of a policy issued by a company that is established out of New Zealand and does not have a place of business in New Zealand shall be of any validity unless there is endorsed on the policy a memorandum in the form or to the effect set forth in the Twenty-third Schedule hereto, and signed, or, in the case of a corporation, sealed, by the mortgagee.”
(4)
The principal Act (as amended by subsection (2) of section 2 of this Act) is hereby further amended by adding the Twenty-second and Twenty-third Schedules set out in the Schedule to this Act.
Schedule Twenty-First, Twenty-Second, and Twenty-Third Schedules to Life Insurance Act 1908
Sections 2, 3
“TWENTY-FIRST SCHEDULE Memorandum of Assignment of Policy Otherwise Than by Way of Ordinary Transfer to be Endorsed on Policy
Section 43(7)
| Date of Assignment | Nature of Assignment | Signature of Assignor | Assignee | Signature of Assignee | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Name in Full | Address | Occupation | ||||||||
“TWENTY-SECOND SCHEDULE Memorandum of Mortgage of Policy to be Endorsed on Policy
Section 44(5)
| Date of Mortgage | Mortgagee | Principal Sum | Date of Repayment | Rate of Interest | Signature of Mortgagor | Signature of Mortgagee | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Full Name | Address | Occupation | ||||||||
“TWENTY-THIRD SCHEDULE Memorandum of Discharge of Policy to be Endorsed on Policy
Section 50(4)
| Date of Discharge | Whether Full or Partial Discharge | If Partial Discharge, Extent to which Discharge is to Operate | Signature of Mortgagee |
|---|---|---|---|
| „ |
This Act is administered in the Department of Justice.
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Versions
Life Insurance Amendment Act 1962
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