✨ Government Insurance Regulations and Accounts
Dec. 23.] THE NEW ZEALAND GAZETTE. 3275
POLICY TO BE DEPOSITED WITH COMMISSIONER, WITH MORTGAGE SIGNED BY BORROWER.
- In every case in which a loan is so granted the policy shall be deposited with the Commissioner, and the borrower shall thereupon sign a mortgage of policy in the form or to the effect set forth in the Eleventh Schedule to “The Life Insurance Act, 1908.”
RATES OF INTEREST.
- The interest chargeable in respect of any such loan shall be in accordance with the following scale, and shall be payable half-yearly at any office where the business of the Department is conducted :—
| Amount of Loan and Interest thereon unpaid. | Rate of Interest. |
|---|---|
| When the loan and interest (if any) unpaid, or balance thereof, is under £100 | 6 per cent. |
| When the loan and interest (if any) unpaid, or balance thereof, is £100 or over | 5 per cent. |
COMMISSIONER MAY REFUSE LOANS ON POLICIES.
- The Commissioner may refuse to make any loan on a policy without being required to assign any cause for such refusal.
REGULATIONS NOT TO APPLY TO ACCIDENT BRANCH.
- These regulations shall not apply to policies issued under “The Government Accident Insurance Act, 1908.”
REVENUE ACCOUNT AND BALANCE-SHEET.
- The Second and Third Schedules of the said Act are hereby revoked, and the following substituted :—
Revenue Account of the Government Insurance Department for the Year ended 31st December,
| £ s. d. | £ s. d. |
|---|---|
| Amount of funds on 1st January .. .. | Death claims under policies; assurance, including bonus additions .. .. |
| Renewal premiums—Assurance, annuity, and endowment .. .. .. | Endowment assurances matured, including bonus additions .. .. .. |
| New premiums (including instalments of first year’s premiums falling due in the year) .. | Endowments matured .. .. .. |
| Single premiums—Assurance and endowment | Premiums returned on endowments .. |
| Consideration for annuities .. .. | Bonuses surrendered for cash .. .. |
| Interest .. .. .. .. | Annuities .. .. .. |
| Other items of income .. .. .. | Surrenders .. .. .. |
| Loans released by surrender .. .. | |
| Commission, new* .. .. .. | |
| " renewal .. .. .. | |
| Land and income tax .. .. .. | |
| Expenses of management .. .. .. | |
| Other items of outgo .. .. .. | |
| Amount of funds on 31st December.. .. | |
| £ | £ |
- Including agents’ allowances.
Balance-sheet of the Government Insurance Department on 31st December,
| Liabilities. | Assets. |
|---|---|
| £ s. d. | £ s. d. |
| Total assurance, annuity, and endowment funds (as per Revenue Account) .. .. | Loans on policies .. .. .. |
| Claims admitted, proofs not yet completed .. | Investments (classes of securities to be specified) .. .. .. |
| Annuities .. .. .. .. | Overdue premiums on policies in force .. |
| Commission .. .. .. .. | Outstanding premiums due but not overdue .. |
| Medical fees .. .. .. .. | Overdue interest .. .. .. |
| Premium and other deposits .. .. .. | Outstanding interest due but not overdue .. |
| Other funds or liabilities .. .. .. | Interest accrued but not due .. .. |
| Agents’ balances .. .. .. | |
| Sundry accounts owing .. .. .. | |
| Cash in hand and on current account .. | |
| Other assets .. .. .. | |
| £ | £ |
CONSOLIDATED REVENUE ACCOUNT.
- The form referred to under heading No. 6 in the Fourth Schedule of the said Act is hereby revoked, and the following substituted :—
Consolidated Revenue Account of the Government Insurance Department for the Period commencing 1st January, and ending 31st December,
| £ s. d. | £ s. d. |
|---|---|
| Amount of funds on 1st January .. .. | Death claims under policies; assurance, including bonus additions .. .. .. |
| Renewal premiums—Assurance, annuity, and endowment .. .. .. | Endowment assurances matured, including bonus additions .. .. .. |
| New premiums (including instalments of first year’s premiums falling due in the year) .. | Endowments matured .. .. .. |
| Single premiums—Assurance and endowment | Premiums returned on endowments .. |
| Consideration for annuities.. .. .. | Bonuses surrendered for cash .. .. |
| Interest .. .. .. .. | Annuities .. .. .. |
| Other items of income .. .. .. | Surrenders .. .. .. |
| Loans released by surrender .. .. | |
| Commission, new* .. .. .. | |
| " renewal .. .. .. | |
| Land and income tax .. .. .. | |
| Expenses of management .. .. .. | |
| Other items of outgo .. .. .. | |
| Amount of funds on 31st December .. | |
| £ | £ |
- Including agents’ allowances.
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NZ Gazette 1908, No 106
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Government Insurance Department - Loan Regulations and Reporting Forms
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🏢 State Enterprises & Insurance23 December 1908
Government Life Insurance, Loans, Policies, Interest Rates, Revenue Account, Balance Sheet, Regulations, Actuarial