3272
THE NEW ZEALAND GAZETTE.
[No. 106

Regulations under “The Government Life Insurance Act, 1908.”

PLUNKET, Governor.
ORDER IN COUNCIL.

At the Government Buildings, at Wellington, this nineteenth day of December, 1908.

Present:
THE HONOURABLE J. CARROLL PRESIDING IN COUNCIL.

WHEREAS by the seventh section of “The Government Life Insurance Act, 1908” (hereinafter referred to as “the said Act”), it is, among other things, enacted that the Governor may from time to time, by Order in Council gazetted,—

(a.) Direct the use of tables approved from time to time by him for determining the values of all annuities under the provisions of the said Act, and of tables so approved for payment of sums of money at death and otherwise under those provisions; and such tables respectively shall be valid and effectual so long as the same remain in force:

(b.) Discontinue, after notice in the Gazette in such form and manner as he deems fit, the granting of any annuities or of sums of money payable at death or otherwise under the provisions of the said Act, if he thinks it advisable so to do:

(c.) Fix the maximum and minimum limits for the amounts of the several annuities and payments on death and other payments, to be contracted for under the said Act:

(d.) Regulate the mode and form of making contracts under the said Act, and the conditions precedent to such contracts in respect of medical certificates, and of extra rates of premium or fines in case of badness of lives or other contingencies declared by the regulations to be special risks:

(e.) Prescribe the mode of proving the age and identity and the existence or death of persons, and the mode of paying sums of money payable under the said Act, and the management of the accounts required to be kept:

(f.) Prescribe beforehand the terms upon which premiums paid under contracts for payments to be made at death or otherwise shall be returned to any person beneficially interested in the contract, and determine beforehand the cases or classes of cases in which no premium shall be returned:

(g.) Appoint the place where the office of the Commissioner shall be:

(h.) Make rules respecting the loan of moneys under the said Act on the security of the surrender value of policies, and for the effectual recovery of principal and interest accruing on such loans:

(i.) Make rules and regulations generally for the purpose of carrying the said Act into effect, and impose fines not exceeding twenty pounds for breach of such rules:

(j.) Alter the forms in the schedules to the said Act for the purpose of better carrying into effect the objects of the said Act:

And whereas it is expedient that certain of the rules and regulations now in force should be revoked, and that new rules and regulations should be made in lieu thereof, in manner hereinafter set forth:

Now, therefore, His Excellency the Governor of the Dominion of New Zealand, in exercise and pursuance of the powers and authorities vested in him by the said Act, and of all other powers and authorities in this behalf vested in him, and by and with the advice and consent of the Executive Council of the said Dominion, doth hereby revoke all existing rules and regulations made under the Acts consolidated by “The Government Life Insurance Act, 1908” (except those contained in the Order in Council of the nineteenth day of January, one thousand eight hundred and ninety-one), and in lieu thereof doth hereby make and prescribe the rules and regulations set forth in the First Schedule hereto: Provided that such revocation shall not be deemed to alter or affect any contract, act, matter, or thing duly made in accordance with and subject to such revoked rules and regulations. And, in further exercise and pursuance of the powers and authorities aforesaid, and by and with the like advice and consent as aforesaid, His said Excellency doth order and direct that the several tables set forth in the Second Schedule hereto shall be the tables to be used for the purposes of the said Act until other provision is lawfully made in that behalf. And, lastly, in exercise and pursuance of the powers and authorities aforesaid, and by and with the like advice and consent as aforesaid, His said Excellency doth hereby order that this present Order in Council shall take effect on and after the first day of January, one thousand nine hundred and nine.

FIRST SCHEDULE.
INTERPRETATION.

1. In these rules and regulations, and in all policies or instruments purporting to be made or executed thereunder, if not inconsistent with the context,—

“Agent” means a person duly appointed under these rules and regulations to receive proposals for the purposes of the said Act and these rules and regulations:

“Charge on policy” includes overdue premiums and interest thereon; shortages of premium consequent upon understatement of age at time of proposal, and interest thereon; loans advanced by the Commissioner on security of policy, and interest thereon:

“Commissioner” means the Government Insurance Commissioner appointed or holding office from time to time under the said Act:

“Minister” means the person for the time being holding the office of Minister of Finance, and includes any member of the Executive Council from time to time having charge of the Government Insurance Department on his behalf:

“Policy” means an instrument in writing, or partly in writing and partly printed, containing any contract whatever made under these regulations dependent upon the contingencies of human life:

“Life-insurance policy” means a “Whole-life insurance policy,” an “Endowment insurance policy,” or a “Double-endowment insurance policy”:

“Whole-life insurance policy” means a policy the sum assured by which is payable upon the death of the person whose life is insured whenever that event happens:

“Endowment insurance policy” means a policy the sum assured by which is payable at a certain date, or upon the death of the person whose life is insured if it happens before such date:

“Double-endowment insurance policy” means a policy the sum assured by which is payable upon the death of the person whose life is insured if he dies before a certain date, and double the sum assured is payable if he survives such date:

“Premium” means the periodical or other payment for any policy, or the purchase-money for such policy.

PLACE OF BUSINESS.

2. The office of the Commissioner shall be in the Government Insurance Buildings situated on the Customhouse Quay, in the City of Wellington, which is hereby appointed for that purpose.

COMMISSIONER MAY APPOINT AGENTS.

3. The Commissioner may from time to time, with the previous consent of the Minister, appoint agents to receive proposals for insurance of lives or the grant of endowments or annuities, or for any other policies authorised by the said Act, and (to such extent as they are authorised by their letters of appointment) to receive any premiums payable upon such policies or any payments in respect of such endowments or annuities, and to give valid and sufficient receipts for the same respectively; and may from time to time, with such consent as aforesaid, revoke or alter such appointments.