Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698840187315.pdf (New Zealand)
Reprint as at 1 January 2008 Life Insurance Act 1908 Public Act Date of assent 1908 No 105 4 August 1908 Contents Title Short Title, etc Part 1 Life insurance companies Interpretation Companies to make deposits Deposits by holding companies or subsidiaries in certain cases Voluntary deposits Compensation for lost deposits Income from deposits Securities may be disclosed in statement of financial position of company making deposit Deposits may be withdrawn and others substituted Increase of deposits where securities have depreciated Page 7 7 8 9 11 13 13 13 14 14 14 1 2 3 3A 4 4A 5 5A 6 6A Note Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.
A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.
This Act is administered in the Department of Justice 1 Life Insurance Act 1908 Reprinted as at 1 January 2008 7 8 8A 13A 14 15 16 17 17A Value of approved securities Securities to be held in trust for policyholders in New Zealand Application of Securities by Public Trust Public Trustee to make periodical report, showing as to each company the value of the securities deposited, and the present value of policies charged thereon [Repealed] Certificate of incorporation not to be given to companies till deposit made Withdrawal of voluntary deposits Withdrawal of compulsory deposits After notice given of withdrawal of compulsory deposit, company not to carry on business Remuneration of Public Trust Deposits by foreign companies [Repealed] Life funds separate Statements to be made by companies Statements by company doing other than life business Statements to be audited Actuarial report and abstract Statement of life and annuity business Forms may be altered Requirements as to statements and abstracts Statements and abstracts to be examined by Government Actuary Copy of statement to be given to shareholders, etc List of shareholders Deed of settlement to be printed Documents may be inspected Documents to be received in evidence Non-compliance with this Part of Act Falsifying statements, etc Liquidation 23 24 25 26 27 28 29 30 30AA Transitional provisions applying to winding up of companies Liquidator to value policies in liquidation Liquidator to make distribution to policyholders Power
 of Court to reduce contracts Notices to policyholders Statements, etc, to be laid before Parliament General agent to be appointed 30A 30B Reprinted as at 1 January 2008 Life Insurance Act 1908 34A 35 36 36A 37 38 39 40 Persons authorised to accept service on behalf of overseas companies Policy to contain certain statements Penalty for non-compliance Overseas business When contracts valid
 Companies may be prohibited from transacting business in certain cases Fines, how to be recovered Exception [Repealed] Part 1A Judicial management of companies Court may appoint judicial manager Prohibition against removal of assets 40A 40B Moratorium 40C 40D Management of company to vest in judicial manager 40E 40F 40G 40H 40I 40J 40K 40L Revocation of order appointing judicial manager Functions of judicial manager Powers of judicial manager Report of judicial manager to be filed Transfer of business pursuant to scheme of transfer Scheme of transfer may provide for reduction of policies Public Trust to transfer securities on approval of scheme Judicial manager may apply to have company put into liquidation 40M Provisions applying to recommendation by judicial manager that business of company be continued Judicial manager may apply to Court for directions Indemnity Expenses of judicial management Termination of judicial management 40N 40O 40P 40Q Part 2 Life insurance policies 41 41A Interpretation Interest payable from 91st day after date of death Assignments and mortgages of policies 42 43 44 45 Company not affected by notice of trust Registration of transfer of policy Form and registration of mortgages Covenants, etc, implied in mortgages Life Insurance Act 1908 Reprinted as at 1 January 2008 Several mortgages may be registered Registration of mortgage after advances by the
 company Mortgagee when selling may execute assignment Company or purchaser not affected by notice of improper sale, etc How mortgages discharged How discharges registered How title to policy acquired by bankruptcy, etc, registered Registration, etc, of assignment of mortgages Secretary before registering may require proof of signatures Registration may be ordered by Court Date of registration Secretary to keep record of registrations Notice of unregistered dealings not to affect company or purchasers
 Provision for lost or destroyed policies or instruments Courts may enforce equities Fee for registration Reversion of assigned policy in certain case [Repealed] Applying surrender value to keep policy in force Protection of policies Policies to be kept in force by surrender value Policies protected from bankruptcy, etc.
Policy money not liable for debts or legacies [Repealed] Policies protected [Repealed] Insurance of minors Insurance by minor who is under the age of 10 years Insurance by minor who is of or over the age of 10 years Dealings by minors with policies Presumption in respect of policies issued and dispositions made Insurance on life of minor who is under the age of 16 years Endowment insurances on lives of minors Limitations on payments in respect of death of minors Limitation on total amount of payments where deceased minor under the age of 10 years Limitation on persons to whom payments may be made where deceased minor under the age of 16 years 66A 66B 66C 66D 67 67A 67B 67C 4 Reprinted as at 1 January 2008 Life Insurance Act 1908 67D 67E 68 Company to supply statement in respect of limitations Offences Certain policies excluded from the operation of last preceding section [Repealed] 69 70 71 72 73 74 75 Money payable under a policy for benefit of minors, etc Money payable to Public Trust Powers of Public Trust receiving money Trustee may apply money of minors, etc, for their maintenance, etc Payment to trustee a valid discharge to company How insurance money received by trustee may be invested Income not required for maintenance, etc, to be capitalised Insurances by minors Insurances by minors and dealings by minors with policies [Repealed] Insurances by married
 women 75A Wife may insure her own or her husband’s life for her 76 own benefit Conditions on which payments may be made without requiring probate or administration [Repealed] Provisions as to settlement policies under repealed Acts 77 Provisions as to settlement policies Annual statement, etc, by company Company to furnish annual statements of all its policies 78 78A Minister may alter form 79 79A 80 Separate statements of New Zealand business Secretary of Commerce may require further information Penalty for
 non-compliance with Act Schedule 1 Enactments consolidated Schedule 2 Schedule 3 Schedule 4 Schedule 5 65 65 66 66 66 67 67 68 68 69 69 70 70 73 73 73 75 75 75 76 77 77 79 5 Life Insurance Act 1908 Reprinted as at 1 January 2008 Schedule 6 Statement respecting the valuation of the liabilities under life policies and annuities of the , to be made by the actuary Schedule 7 Statement of the life assurance and annuity business of the , on the , 19 Schedule 8 Ordinary transfer* Schedule 9 Memorandum of registration of assignment Schedule 10 Assignment by way of a surrender to the company liable under the policy Schedule 11 Mortgage Schedule 12 Memorandum of registration of mortgage on policy Schedule 13 Memorandum of registration of mortgage on mortgage Schedule 14 Covenants, powers conditions, and agreements to be implied in mortgages not being mortgages to the company liable under the policy mortgaged Schedule 15 Covenants, powers, conditions, and agreements to be implied in mortgages to the company liable under the policy mortgaged Schedule 16 Memorandum of discharge of mortgage Schedule 17 Memorandum of registration of discharge of mortgage on a policy Schedule 18 Memorandum of registration of discharge of mortgage on mortgage 81 84 85 85 86 87 87 88 88 90 92 92 92 6 Reprinted as at 1 January 2008 Life Insurance Act 1908 Schedule 19 Memorandum of registration on policy of title otherwise than by way of assignment Schedule 20 Statement of policies of [Name of company]
 as at year ended 19 Schedule 21 Memorandum of assignment of policy otherwise than by way of ordinary transfer to be endorsed on policy Schedule 22 Memorandum of mortgage of policy to be endorsed on policy Schedule 23 Memorandum of discharge of mortgage or policy to be endorsed on policy Schedule 24 Table of deposits required of companies carrying on business in New Zealand on 26 July 1974 s 1 93 93 97 97 97 98 An Act Assembly relating to life insurance to consolidate certain enactments of the General 1 (1)
 (2) Short Title, etc The Short Title of this Act is the Life Insurance Act 1908.
This Act is a consolidation of the enactments mentioned in Schedule 1 hereto, and with respect to those enactments the following provisions shall apply: (a) All deposits, offices, appointments, regulations, regis- ters, registrations, records, instruments, and generally all acts of authority which originated under any of the said enactments or any enactment thereby repealed, and are subsisting or in force on the coming into operation of this Act, shall enure for the purposes of this Act as fully and effectually as if they had originated under the corresponding provisions of this Act, and accordingly shall, where necessary, be deemed to have so origin- ated: 7 Part 1 s 2 Life Insurance Act 1908 Reprinted as at 1 January 2008 (b) All matters and proceedings commenced under any such enactment, and pending or in progress on the coming into operation of this Act, may be continued, completed, and enforced under this Act.
(3) This Act is divided into Parts, as follows: PART 1— Life Insurance Companies.

(Sections 2 to 40.)

PART 2— Life Insurance Policies.

(Sections 41 to 80.)
Part 1 Life insurance companies Interpretation In Parts 1 and 1A of this Act, if not inconsistent with the con- text,— Chairman means the person for the time being presiding over the board of directors of the company Company means any person or association, corporate or un- incorporate, not being established under any Act relating to friendly societies, which issues or is liable under policies of insurance upon human life in New Zealand, or which grants annuities upon human life in New Zealand, or which is liable under any contract of reinsurance in respect of the issue in New Zealand of policies of insurance upon human life, or of the granting in New Zealand of annuities upon human life: and includes companies established out of New Zealand as well as those established in New Zealand, and includes mutual asso- ciations as well as proprietary Company: amended, as from 8 November 1974, by section 2 Life Insurance Amendment Act 1974 (1974 No 146) by inserting the words “, or which is liable under any contract of reinsurance in respect of the issue in New Zealand of policies of insurance upon human life, or of the granting in New Zealand of annuities upon human life”.
Court means the High Court Court: the words “High Court” were substituted, as from 1 April 1980, for the words “Supreme Court” pursuant to section 12 Judicature Amendment Act 1979 (1979 No 124).
Financial year means each period of 12 months at the end of which the balance of the accounts of the company is struck, 2 8 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1 s 3 or, if no such balance is struck, then each period of 12 months ending with the 31st day of December Foreign company means a company established out of New Zealand Local company means a company established in New Zealand Minister means the Minister of the Crown who, under the au- thority of any warrant or with the authority of the Prime Min- ister, is for the time being responsible for the administration of this Act Minister: amended, as from 20 October 1972, by section 2(1) Life Insurance Amendment Act 1972 (1972 No 78) by substituting the words “Minister of Justice” for the words “Minister of Finance”.
Minister: substituted, as from 1 October 1995, by section 10(3) Department of Justice (Restructuring) Act 1995 (1995 No 39).

Policy includes a contract for a policy for securing a life in- surance, endowment, or annuity Policyholder means the person who for the time being is the legal holder of a policy for securing the life insurance, endow- ment, annuity, or other contract with the company.
Compare: 1873 No 18 s 3 Section 2 was amended, as from 6 December 1983, by section 2 Life Insurance Amendment Act 1983 (1983 No 50) by substituting the words “In Parts 1 and 1A of this Act” for the words “In this Part of this Act”.
Companies to make deposits Every company that is, on the 26th day of July 1974, carrying on in New Zealand the business of insurance upon human life or the grant of annuities, or of reinsurance in respect of poli- cies of insurance upon human life or the grant of annuities, shall, unless the company sooner ceases to carry on that busi- ness, deposit with Public Trust, by the respective dates shown in the first column of the table set out in Schedule 24 to this Act, approved securities of an aggregate value equal to a sum which, when added to the aggregate value of any money and approved securities previously deposited by that company and not withdrawn, totals not less than the amount shown in the second column of that table: Provided that in any case where the Minister is satisfied that, having regard to the financial position of the company, and 9 3 (1) Part 1 s 3 Life Insurance Act 1908 Reprinted as at 1 January 2008 (2) (3) to the interests of the policyholders, he would be justified in doing so, he may, by notice in writing to the company, defer for any period not exceeding 5 years the date by which any sum specified in the table, or any part of any such sum, is to be deposited.
Every company that proposes to commence, after the 26th day of July 1974, to carry on in New Zealand the business of in- surance upon human life or the grant of annuities, or of rein- surance in respect of policies of insurance upon human life or the grant of annuities, shall, before commencing to carry on that business, deposit with Public Trust approved securities of an aggregate value of not less than $500,000.
For the purposes of this section, the term approved securities means— (a) Any debentures, stock, bonds, or other securities issued by the Government of New Zealand: any debentures, stock, bonds, or other securities issued by— (i) (ii) a local authority within the meaning of the Local Government Act 2002; or any body that, immediately before the repeal of the Local Authorities Loans Act 1956 on 1 July 1998, was a local authority within the meaning of Part 6 of that Act, whether by virtue of section 2 of that Act, or any Order in Council under that Act, or by virtue of any other Act: (b) (c) Any debentures, stock, bonds, or other securities issued by any body or person, if payment of all money se- cured by the debentures, stock, bonds, or securities is, in case of default, guaranteed by the Government of New Zealand or is to be made out of the Crown Bank Ac- count without further appropriation: (d) Any deposit receipt given in the name of the Public Trustee by any bank approved for that purpose by him.
(4) All deposits lawfully made by any company before the com- mencement of this subsection shall be deemed to be approved securities, and to have been lawfully made under this section.

Subsection (2) and (3) were amended, as from 2 October 1958, by section 2 Life Insurance Amendment Act 1958 (1958 No 77).

10 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1 s 3A Subsection (2A) was inserted, as from 2 October 1958, by section 2 Life Insur- ance Amendment Act 1958 (1958 No 77).
Subsection (2A)(b), (2A)(c), (2A)(d) and (2A)(e) were amended, as from 8 De- cember 1971, by section 2 Life Insurance Amendment Act 1971 (1971 No 108).

Subsection (2) and (2A) were amended, as from 19 October 1965, by section 45(2) State Advances Corporation Act 1965 (1965 No 47).
Section 3 was amended, as from 14 October 1974, by section 50(1) Housing Corporation Act 1974 (1974 No 19) by substituting the words “Housing Cor- poration” for the words “State Advances Corporation” Section 3 was substituted, as from 26 July 1974, by section 3(1) Life Insurance Amendment Act 1974 (1974 No 146).

Subsection (1) was amended, as from 26 July 1974, by section 2(3) Life Insur- ance Amendment Act 1975 (1975 No 85) by substituting the words “Schedule 24” for the words “Schedule 21”.
Section 3 was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words “the Public Trustee” wherever they occur.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).

Subsection (3)(b) was substituted, as from 1 July 2003, by section 262 Local Government Act 2002 (2002 No 84).

See sections 273 to 314 of that Act as to the savings and transitional provisions.
The words “Consolidated Account” in subsection (3)(c) were substituted, as from 1 April 1978, for the words “Consolidated Revenue Account” pursuant to section 114(6) Public Finance Act 1977 (1977 No 65).

These words were in turn substituted by the words “Crown Bank Account”, as from 1 July 1989, pursuant to section 83(7) Public Finance Act 1989 (1989 No 44).
Subsection (3)(c) was amended, as from 1 July 2003, by section 262 Local Gov- ernment Act 2002 (2002 No 84), by substituting the word “any” for the words “the Auckland Harbour Bridge Authority or by the Christchurch-Lyttelton Road Tunnel Authority or by any other”.

See sections 273 to 314 of that Act as to the savings and transitional provisions.
3A Deposits by holding companies or subsidiaries in certain cases (1) Where any company has ceased to carry on in New Zealand the business of life insurance; and (a) Another company, being its subsidiary or its holding company or another subsidiary of its holding company, proposes to carry on the same business as was previ- ously carried on by the company that has so ceased; and The Minister approves for the time being of such ar- rangements as are entered into for the purpose of pro- tecting the interests of the policyholders of the company that has so ceased,— (b) 11 Part 1 s 3A Life Insurance Act 1908 Reprinted as at 1 January 2008 then, until such time as the company that has so ceased, pur- suant to section 12 of this Act, withdraws its approved secur- ities deposited with Public Trust under section 3 of this Act, those approved securities shall for the purposes of sections 3(2), 6A, and 10 of this Act be deemed to have been made by the said other company.
So long as the deposits of the company that has so ceased are deemed by this section to have been made by the said other company, the company that has so ceased shall not recommence to carry on the business of life insurance in New Zealand unless the company that has so ceased deposits with Public Trust approved securities equal in value to the deposits required under section 3 of this Act.
For the purposes of subsections (1) and (2) of this section, a company shall not be regarded as carrying on the business of life insurance by reason only that it receives premiums or other money or does other acts in respect of policies that have already been issued.
For the purposes of section 8 of this Act, the deposits deemed by this section to have been made by the other company re- ferred to in subsection (1) of this section and any further de- posits made by that other company under section 3 of this Act shall be held by Public Trust in trust for the policyholders of both that other company and the company that has ceased to carry on in New Zealand the business of life insurance until such time as the deposits deemed to have been made by that other company are withdrawn by the company that has so ceased under section 12 of this Act.
In this section— (a) The business of life insurance means the carrying on of the business of insurance upon human life, or the grant of annuities, or of reinsurance in respect of policies of insurance upon human life or the grant of annuities; and (b) Holding company and subsidiary have the same meaning as they have in sections 158 and 158A of the Companies Act 1955 or sections 5 and 6 of the Companies Act 1993, as the case may be, and refer- ences in those sections to a company shall be deemed to include an overseas company as defined in section (2) (3) (4) (5) 12 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1 s 5 2(1) of the Companies Act 1955 or section 2(1) of the Companies Act 1993.
Section 3A was inserted, as from 23 December 1977, by section 2 Life Insurance Amendment Act 1977 (1977 No 158).

Section 3A was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words “the Public Trustee”, or the words “The Public Trustee”, wherever they occur.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).
Subsection (5)(b) was substituted, as from 1 July 1994, by section 2 Company Law Reform (Transitional Provisions) Act 1994 (1994 No 16).

4 Voluntary deposits Any company may from time to time, as it thinks fit, deposit with Public Trust securities of such kinds as aforesaid, or any other securities, to any amount the company thinks fit, besides and beyond securities to the value of the said sums hereby required to be deposited.
Compare: 1873 No 18 s 5 Section 4 was amended, as from 30 January 1922, by section 2(1)(c) Life Insur- ance Amendment Act 1921-22 (1921-22 No 41) by omitting the word “local”.

Section 4 was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words “the Public Trustee” wherever they occur.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).
4A Compensation for lost deposits If any securities deposited under this Act with Public Trust are, while so deposited, lost, stolen, destroyed, or damaged, any loss suffered by the company making the deposit, or by any other person, shall be made good out of money to be ap- propriated for the purpose by Parliament.

Section 4A was inserted, as from 8 November 1974, by section 4 Life Insurance Amendment Act 1974 (1974 No 146).
Section 4A was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words “the Public Trustee” wherever they occur.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).

5 Income from deposits Whether such deposit as aforesaid is compulsory or voluntary, the company shall be entitled to receive the income therefrom.
Compare: 1873 No 18 s 6 13 Part 1 s 5A Life Insurance Act 1908 Reprinted as at 1 January 2008 5A Securities may be disclosed in statement of financial (1) position of company making deposit The value of securities deposited under this Act may be shown in the statement of financial position of the company by which the deposit of such securities was made as an asset of the com- pany.

(2) Nothing in subsection (1) of this section limits or affects sec- tion 8 of this Act.
Section 5A was inserted, as from 6 December 1983, by section 3 Life Insurance Amendment Act 1983 (1983 No 50).

The words “statement of financial position” were substituted, as from 1 Oc- tober 1997, for the words “balance sheet” pursuant to section 6(1) Financial Reporting Amendment Act 1997 (1997 No 17).
6 Deposits may be withdrawn and others substituted Any company may, on giving due notice to Public Trust, with- draw from his custody any securities so deposited, on deposit- ing with him securities of an equal value; and, in the case of compulsory deposit of such kinds as aforesaid, and any sub- stituted securities, they shall for all purposes be treated as se- curities originally deposited.
Compare: 1873 No 18 s 7 Section 6 was amended, as from 30 January 1922, by section 2(1)(c) Life Insur- ance Amendment Act 1921-22 (1921-22 No 41) by omitting the word “local”.

Section 6 was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words “the Public Trustee” wherever they occur.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).
6A Increase of deposits where securities have depreciated (1) If Public Trust is satisfied that by reason of depreciation in the value of securities or other cause the value of the approved securities together with the money (if any) deposited by any company under this Act falls short of the amount required by this Act, it may by notice in writing served on the company require the company to deposit with Public Trust, within such time as it may specify in the notice, approved securities to a value deemed by Public Trust to be sufficient to bring the amount of the deposit to the value required by this Act.
14 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1 s 8 (2) (3) 7 8 Public Trust shall not issue a notice under this section until it has given an opportunity to the company to be heard in con- nection with the matter.
If any company fails to deposit with Public Trust approved se- curities as required by Public Trust in any notice served under this section, that failure shall be deemed— (a) For the purposes of section 28 of this Act, to be a default in complying with a requirement of Part 1 of this Act; and For the purposes of section 38 of this Act, to be a default in complying with the provisions of this section.
Section 6A was inserted, as from as from 8 November 1974, by section 5 Life Insurance Amendment Act 1974 (1974 No 146).

(b) Section 6A was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words “the Public Trustee”, or the words “The Public Trustee” wherever they occur.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).
Subsections (1) and (2) were amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the word “it” for the word “he”.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).

Value of approved securities Public Trust (as constituted under the Public Trust Act 2001) is the sole judge of the value of approved securities for the purposes of this Act, and its decision is final and conclusive.
Compare: 1873 No 18 s 8 Section 7 was substituted, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100).

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).
Securities to be held in trust for policyholders in New Zealand Subject to the provisions of this Act, all securities so deposited by a company shall be held by Public Trust in trust for policy- holders, being such in respect of policies or other contracts issued, granted, or entered into in New Zealand by the com- pany and for the time being in force.

Section 8 was substituted, as from 13 December 1979, by section 2 Life Insur- ance Amendment Act 1979 (1979 No 96).
Section 8 was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words 15 Part 1 s 8A Life Insurance Act 1908 Reprinted as at 1 January 2008 “the Public Trustee”.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).
8A Application of Securities by Public Trust (1) Where a company is in liquidation in New Zealand, Public Trust shall either— (a) Convert all the securities deposited by the company and held by Public Trust into money, and pay the aggregate amount of such money, together with any money pre- viously deposited by the company and held by Public Trust, to the liquidator of the company; or Transfer to the liquidator of the company or any nom- inee of the liquidator all securities and any money de- posited by the company and held by Public Trust.
(b) (2) Any money paid to the liquidator under subsection (1)(a) of this section, or any securities (including the proceeds of con- version) and any money transferred to the liquidator under subsection (1)(b) of this section, or the proceeds arising from any transfer of the securities to a nominee of the liquidator (as the case may be), shall, in the hands of the liquidator, be sub- ject to the same trusts as the securities held by Public Trust were subject to under this Act.
The payment of any money to the liquidator of the company under subsection (1)(a) of this section, or the transfer of any securities and any money to the liquidator of the company or any nominee of the liquidator under subsection (1)(b) of this section (as the case may be), shall discharge Public Trust from the trusts respecting the securities and any money deposited by the company.
(3) (4) Nothing in this section shall authorise the payment of any money, or the transfer of any securities to any person outside New Zealand.

Section 8A was inserted, as from 6 December 1983, by section 4 Life Insurance Amendment Act 1983 (1983 No 50).

The heading to section 8A was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words “Public Trustee”.
See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).

Section 8A was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for 16 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1 s 10 9 10 (1) (2) the words “the Public Trustee” wherever they occur.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).
Subsection (1) was amended, as from 1 July 1994, by section 2 Company Law Reform (Transitional Provisions) Act 1994 (1994 No 16) by substituting the words “in liquidation” for the words “being wound up”.

Public Trustee to make periodical report, showing as to each company the value of the securities deposited, and the present value of policies charged thereon [Repealed] Section 9 was repealed, as from 16 September 1938, by section 34(2) Statutes Amendment Act 1938 (1938 No 20).
Certificate of incorporation not to be given to companies till deposit made The Registrar under the Companies Act 1993 shall not issue a certificate of incorporation to a company unless such compul- sory deposit as aforesaid has been made.
Such deposit may be made by the person or persons named in the application for registration as a shareholder or sharehold- ers of the company, or any of them in the name of the proposed company, and such deposit upon the incorporation of the com- pany shall be deemed to have been made by and to be part of the assets of the company.
Compare: 1873 No 18 s 16 Subsection (1) was amended, as from 30 January 1922, by section 2(1)(c) Life Insurance Amendment Act 1921-22 (1921-22 No 41) by omitting the word “local”.

Subsection (1) was amended, as from 8 November 1974, by section 6 Life In- surance Amendment Act 1974 (1974 No 146) by omitting the words “to the extent of five thousand pounds”.
Subsection (1) was amended, as from 1 July 1994, by section 2 Company Law Reform (Transitional Provisions) Act 1994 (1994 No 16) by substituting the words “Companies Act 1993” for the words “Companies Act 1955”.
Subsection (2) was amended, as from 1 July 1994, by section 2 Company Law Reform (Transitional Provisions) Act 1994 (1994 No 16) by substituting the words “person or persons named in the application for registration as a share- holder or shareholders” for the words “subscribers of the memorandum of as- sociation”.
17 Part 1 s 11 Life Insurance Act 1908 Reprinted as at 1 January 2008 11 Withdrawal of voluntary deposits (1) Any company which has made a voluntary deposit of secur- ities under this Act may, on the following conditions being complied with, withdraw from such deposit any or all of the securities so deposited: (a) On the expiration of a notice in writing which shall be given to Public Trust by the company at least 6 months before the intended withdrawal; and (2) (b) On satisfying Public Trust that, after the proposed with- drawal has been made, the remainder of the securities left on deposit would be equal in value, as estimated by Public Trust, to the amount of the money insured or contracted to be paid by the company in or by the poli- cies and other contracts issued, granted, or entered into in New Zealand by the company and still in force at the time when such withdrawal is intended to be made.
Public Trust shall cause every notice given as aforesaid, and also its decision with regard to every proposed withdrawal, to be published at the cost of the company, in such manner as it thinks fit.

Compare: 1873 No 18 s 17 Section 11 was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words “the Public Trustee” (or “The Public Trustee”), wherever they occur.
See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).

The original subsection (1)(b) was amended, as from 16 September 1938, by section 34(3) Statutes Amendment Act 1938 (1938 No 20) by substituting the words “policies and other contracts issued, granted, or entered into in New Zealand by the company and still in force” for the words “policies on the regis- ter”.

Subsection (1)(b) was substituted, as from 13 December 1979, by section 3(1) Life Insurance Amendment Act 1979 (1979 No 96).
Subsection (2) was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “its” and “it” for the words “his” and “he” respectively.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).
12 Withdrawal of compulsory deposits (1) Any company which has made a compulsory deposit of secur- ities under this Act may, on ceasing to carry on the business of life insurance in New Zealand, and on the following condi- 18 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1 s 12 tions being complied with or performed, withdraw from such deposit any or all of the securities so deposited: (a) On the expiration of a notice in writing which shall be given to Public Trust by the company at least 6 months before the intended withdrawal; and (c) (b) On satisfying Public Trust that, from the time of giving such notice until the date of the intended withdrawal, the company has not, except as to policies or contracts made before the giving of such notice, carried on the business of life insurance in New Zealand; and On satisfying Public Trust that, after the proposed with- drawal has been made, the remainder of the securities left on deposit would be equal in value, as estimated by Public Trust, to the amount of the money insured or contracted to be paid by the company in or by the poli- cies and other contracts issued, granted, or entered into in New Zealand by the company and still in force at the time when such withdrawal is intended to be made.
Public Trust shall cause every notice given as provided in this section, and also its decision with regard to every such pro- posed withdrawal, to be published at the cost of the company, as it thinks fit.
Compare: 1873 No 18 s 18 The original subsection (1)(c) was amended, as from 16 September 1938, by section 34(3) Statutes Amendment Act 1938 (1938 No 20) by substituting the words “policies and other contracts issued, granted, or entered into in New Zealand by the company and still in force” for the words “policies on the regis- ter”.
Section 12 was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words “the Public Trustee” (or “The Public Trustee”), wherever they occur.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).

Subsection (1)(c) was substituted, as from 13 December 1979, by section 3(1) Life Insurance Amendment Act 1979 (1979 No 96).
Subsection (2) was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “its” and “it” for the words “his” and “he” respectively.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).
(2) 19 Part 1 s 13 Life Insurance Act 1908 Reprinted as at 1 January 2008 13 After notice given of withdrawal of compulsory deposit, company not to carry on business A company having given any such notice as provided in the last preceding section shall not thereafter recommence to carry on the business of life insurance in New Zealand unless it first makes the compulsory deposit provided for in section 3 hereof as in the case of a company beginning to carry on such busi- ness; but such new deposit shall be treated as a separate deposit from any securities remaining deposited under the 2 last pre- ceding sections: Provided that the receipt of premiums or other money in re- spect of policies made before such notice, and the discharge of liabilities thereon, and the doing of other acts relating to such policies shall not be deemed to be a carrying on of busi- ness within the meaning of this section.
Compare: 1873 No 18 s 19 13A Remuneration of Public Trust Public Trust shall be entitled to such reasonable remuneration from any depositor as Public Trust may determine, or (if the depositor does not accept Public Trust’s determination) as the Minister of Finance may determine, for Public Trust’s services in respect of any approved securities deposited by any person (whether before or after the passing of this Act) under any of the provisions of this Act or of any enactment consolidated by this Act: Provided that Public Trust shall not be entitled under this sec- tion to remuneration for any services performed by him before the commencement of this section.
Section 13A was inserted, as from 8 November 1974, by section 7 Life Insur- ance Amendment Act 1974 (1974 No 146).

The heading to section 13A was amended, as from 1 March 2002, by sec- tion 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words “Public Trustee”.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).
Section 13A was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100) by substituting the words “Public Trust” for the words “the Public Trustee” (or “The Public Trustee”) wherever they occur.

Section 13A was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100) by substituting the words “Public Trust’s” for the 20 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1 s 15 14 15 (1) (2) words “the Public Trustee’s”.
See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).

Deposits by foreign companies [Repealed] Section 14 was repealed, as from 30 January 1922 by section 2(1)(e) Life In- surance Amendment Act 1921-22 (1921-22 No 41).
Life funds separate In the case of a company established before or after the coming into operation of this Act transacting other business besides that of life insurance, a separate account shall be kept of all receipts in respect of the life insurance and annuity contracts of the company, and the said receipts shall be carried to and form a separate fund (to be called the Life Insurance Fund of the company); and such fund shall be as absolutely the secur- ity of the life policy and annuity holders as though it belonged to a company carrying on no other business than that of life insurance, and shall not be liable for any contracts of the com- pany for which it would not have been liable had the business of the company been only that of life insurance.
In respect to all existing companies, the exemption of the Life Insurance Fund from liability for other obligations than those to its life policy holders shall have reference only to the con- tracts entered into on or after the date of the coming into op- eration of the Life Assurance Companies Act 1873, unless by the constitution of the company such exemption then already existed; but this Act shall not diminish the liability of any Life Insurance Fund for any contracts of a company entered into before that date: Provided that this section shall not apply to any contracts made by a company existing at that date by the terms of whose deed of settlement the whole of the profits of all the business are paid exclusively to the life policyholders, and on the face of which contracts the liability of the assured distinctly appears.
Compare: 1873 No 18 s 20 The subheading originally preceding this section—“Accounts, etc, by Local and Foreign Companies”—was omitted, as from 30 January 1922, by section 2(1)(a) Life Insurance Amendment Act 1921-22 (1921-22 No 41).
21 Part 1 s 16 Life Insurance Act 1908 Reprinted as at 1 January 2008 16 17 Statements to be made by companies Every company shall, at the expiration of each financial year of such company, prepare a statement of its Revenue Account for such year, and of its statement of financial position at the close of such year, in the forms respectively contained in Schedules 2 and 3 hereto.
Compare: 1873 No 18 s 21 The words “statement of financial position” were substituted, as from 1 Oc- tober 1997, for the words “balance sheet” pursuant to section 6(1) Financial Reporting Amendment Act 1997 (1997 No 17).
Statements by company doing other than life business Every company which, concurrently with the granting of poli- cies of insurance or annuities on human life, transacts any other kind of insurance or other business shall, at the expir- ation of each such financial year as aforesaid, prepare state- ments of its Revenue Account for such year, and of its state- ment of financial position at the close of such year, in the forms respectively contained in Schedules 4 and 5 hereto.
Compare: 1873 No 18 s 22 The words “statement of financial position” were substituted, as from 1 Octo- ber 1997, for the words “balance sheet” pursuant to 6(1) Financial Reporting Amendment Act 1997 (1997 No 17).
17A Statements to be audited (1) Every statement prepared pursuant to sections 16 and 17 of this Act shall be accompanied by a written report prepared by an auditor who is qualified,— (a) In the case of a company registered under the Compan- ies Act 1955, in accordance with section 165 of that Act; or In the case of any other company, in accordance with section 199 of the Companies Act 1993.
(b) For the purposes of this section, sections 163 to 166 of the Companies Act 1955 and sections 196 to 207 of the Companies Act 1993, as the case may be, shall apply with such modifications as may be necessary.

The original section 17A was inserted, as from 6 December 1983, by section 5 Life Insurance Amendment Act 1983 (1983 No 50).
(2) 22 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1 s 19 Section 17A was substituted, as from 1 July 1994, by section 2 Company Law Reform (Transitional Provisions) Act 1994 (1994 No 16).

18 (1) Actuarial report and abstract Every company shall, once in every year, cause an investiga- tion to be made into its financial condition by an actuary, and shall cause an abstract of the actuary’s report to be made in the form prescribed in Schedule 6 hereto.
(2) Notwithstanding anything in subsection (1) of this section, in any case where the Minister is satisfied that, having regard to the financial position of the company, and to the interests of the company’s policyholders, it is not necessary to require a company to comply with the requirements of that subsection, he may, by notice in the Gazette, exempt that company from those requirements: Provided that an exemption granted to a company under this subsection shall not release the company from, or in any way limit or affect, any obligation imposed on it by the instrument constituting the company, or by its regulations or bylaws.
(3) A company that is, for the time being, exempt from the require- ments of subsection (1) of this section shall, notwithstanding that it is so exempt, once in every 5 years, or at such shorter intervals (being of not less than 12 months) as the Minister may from time to time require, cause an investigation to be made into its financial condition by an actuary, and shall cause an abstract of the actuary’s report to be made in the form pre- scribed in Schedule 6 hereto.
(4) Where the Minister has exempted any company under subsec- tion (2) of this section, he may at any time thereafter, by notice in the Gazette, revoke that exemption if, having regard to the matters referred to in that subsection, he is of the opinion that he should do so.

Section 18 was substituted, as from 8 November 1974, by section 8 Life Insur- ance Amendment Act 1974 (1974 No 146).
19 (1) Statement of life and annuity business Every company shall, within 9 months after the date of each such investigation as aforesaid into its financial condition, pre- 23 Part 1 s 20 Life Insurance Act 1908 Reprinted as at 1 January 2008 (2) (3) 20 (1) pare a statement of its life insurance and annuity business, in the form contained in Schedule 7 hereto.
Each of such statements shall be made up as at the date of the last investigation, whether such investigation was made before or after the coming into operation of this Act: Provided that if such investigation is made annually by any company, such company may prepare such statement at any time so that it is made at least once in every 3 years.
The expression date of each such investigation in this section means the date to which the accounts of each company are made up for the purposes of each such investigation.

Compare: 1873 No 18 s 24 Forms may be altered The Minister, on the application of or with the consent of a company, may alter the forms in Schedules 2 to 7 to this Act, for the purpose of adapting them to the circumstances of such company, or of better carrying into effect the object of this Part of this Act.
(2) Notwithstanding subsection (1) of this section, the Governor- General may from time to time, by Order in Council, alter, add to, or substitute a new form for all or any of the forms in Schedules 2 to 5 to this Act.
(3) Notwithstanding subsection (2) of this section, a company may in respect of any financial year commencing before the com- mencement of an Order in Council made under that subsection, deposit any statement required to be deposited under this Act in the form contained in any of Schedules 2, 3, 4, or 5 to this Act (as the case may be) immediately before the commence- ment of that Order.
Compare: 1873 No 18 s 25 Section 20 was substituted, as from 6 December 1983, by section 6 Life Insur- ance Amendment Act 1983 (1983 No 50).

Requirements as to statements and abstracts Each statement or abstract required under any of the foregoing provisions of this Act shall be made in writing and signed by the principal officer of the company managing the life insur- ance business in New Zealand.
Such statement or abstract and 21 (1) 24 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1 s 22 the report of an auditor accompanying such statement shall be deposited, together with 2 copies thereof, with the chief executive of the Ministry of Economic Development within 9 months after the date prescribed by this Act as the date at which it is to be prepared.
(2) On receiving any such statement, or abstract, or report, the chief executive of the Ministry of Economic Development may, by notice in writing served on the company depositing the statement, or abstract, or report, require that company, within such period (being not less than 14 days after the date of ser- vice) or extended period as he may allow, to supply him with such explanation of, or such further information relating to, the subject-matter of the statement or abstract or report as he may consider necessary for the purposes of this Act.
Section 21 was substituted, as from 8 November 1974, by section 9(i) Life In- surance Amendment Act 1974 (1974 No 146).

Section 21 was substituted, as from 6 December 1983, by section 7 Life Insur- ance Amendment Act 1983 (1983 No 50).

Subsections (1) and (2) were amended, as from 1 October 1995, by section 10(3) Department of Justice (Restructuring) Act 1995 (1995 No 39) by substituting the words “Secretary of Commerce” for the words “Secretary for Justice”.
Section 21 was amended, as from 6 September 2000, by section 8(1) Ministry of Economic Development Act 2000 (2000 No 28) by substituting the words “chief executive of the Ministry of Economic Development” for the words “Secretary of Commerce”.
22 Statements and abstracts to be examined by Government Actuary (1) One of each of the printed copies of every statement or abstract or report so deposited shall be sent by the chief executive of the Ministry of Economic Development to the Government Actuary who shall make such report to the Minister on such statement or abstract or report as he thinks fit, and the Minister may publish every such report in the Gazette.
The chief executive of the Ministry of Economic Development may, if he thinks fit, send to the Government Actuary details of any explanation or information supplied under section 21(2) of this Act and the Government Actuary may report thereon to the Minister either in a report made under subsection (1) of this section or in a separate report.
(2) 25 Part 1 s 23 Life Insurance Act 1908 Reprinted as at 1 January 2008 Section 22 was substituted, as from 20 October 1972, by section 3 Life Insur- ance Amendment Act 1972 (1972 No 78).

Section 22 was substituted, as from 6 December 1983, by section 8 Life Insur- ance Amendment Act 1983 (1983 No 50).
Subsections (1) and (2) were amended, as from 1 October 1995, by section 10(3) Department of Justice (Restructuring) Act 1995 (1995 No 39) by substituting the words “Secretary of Commerce” for the words “Secretary for Justice”.

Section 22 was amended, as from 6 September 2000, by section 8(1) Ministry of Economic Development Act 2000 (2000 No 28) by substituting the words “chief executive of the Ministry of Economic Development” for the words “Secretary of Commerce”.
Copy of statement to be given to shareholders, etc A printed copy of the last-deposited statement, abstract, or re- port of an auditor accompanying such statement or other docu- ment required by this Part of this Act to be printed shall be for- warded by the company, by post or otherwise, on application, to every shareholder and policyholder of the company.

Compare: 1873 No 18 s 28 Section 23 was substituted, as from 6 December 1983, by section 9 Life Insur- ance Amendment Act 1983 (1983 No 50).
List of shareholders Every company not registered under the Companies Act 1955or the Companies Act 1993, as the case may be, shall keep a register of shareholders in like form and containing like particulars in the manner provided by the Companies Act 1955or the Companies Act 1993; and shall furnish, on application, to every shareholder and policyholder of the company a copy of such book, on payment of a sum not exceeding 10 cents for every 100 words required to be copied for that purpose.
Compare: 1873 No 18 s 29 References to the Companies Act 1933 were substituted, as from 1 April 1934, for a reference to the Companies Act 1908 by section 384(1) Companies Act 1933 (1933 No 29).

Those references were in turn substituted, as from 1 January 1957, by a reference to the Companies Act 1955 by section 474(1) Companies Act 1955 (1955 No 63).
Section 24 was amended, as from 1 July 1994, by section 2 Company Law Re- form (Transitional Provisions) Act 1994 (1994 No 16) by inserting the words “or the Companies Act 1993, as the case may be”, and the words “or the Com- panies Act 1993”.
23 24 26 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1 s 27 25 26 Deed of settlement to be printed Every company not registered as aforesaid shall cause a suf- ficient number of copies of its deed of settlement, or other the Act, charter, or instrument constituting and regulating the mode of business of such company, to be printed; and shall furnish, on application, to every shareholder and policyholder of the company a copy of such deed of settlement, Act, charter, or instrument, on payment of a sum not exceeding 25 cents.
Compare: 1873 No 18 s 30 The expression “25 cents” was substituted, as from 10 July 1967, for the expres- sion “two shillings and sixpence” pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).
Documents may be inspected Any printed or other documents required by this Part of this Act to be deposited with the chief executive of the Ministry of Economic Development, and any statements deposited with the chief executive of the Ministry of Economic Development under section 79 of this Act, may, on payment of such fees as the Minister directs, be inspected by any person, who may also on payment of such fees as are directed, obtain copies thereof.
Compare: 1873 No 18 s 31 The words “Secretary of Justice” were substituted in 3 places for the word “Minister”, as from 20 October 1972, by section 2(1) of the Life Insurance Amendment Act 1972 (1972 No 78).

Section 26 was substituted, as from 6 December 1983, by section 10 Life Insur- ance Amendment Act 1983 (1983 No 50).
Section 26 was amended, as from 1 October 1995, by section 10(3) Department of Justice (Restructuring) Act 1995 (1995 No 39) by substituting the words “Secretary of Commerce” for the words “Secretary for Justice”.

Section 26 was amended, as from 6 September 2000, by section 8(1) Ministry of Economic Development Act 2000 (2000 No 28) by substituting the words “chief executive of the Ministry of Economic Development” for the words “Secretary of Commerce”.
27 Documents to be received in evidence Every statement, and any report of an auditor accompany- ing such statement and every abstract, or other document de- posited with the Secretary of Commerce shall be receivable in evidence, and every document purporting to be certified by the Secretary of Commerce to be such deposited document, 27 Part 1 s 28 Life Insurance Act 1908 Reprinted as at 1 January 2008 and every document purporting to be similarly certified to be a copy of such deposited document, shall, if produced out of the custody of the Secretary of Commerce, be deemed to be such deposited document as aforesaid or a copy thereof, and shall be received in evidence as if it were the original document, unless some variation between it and the original document is proved.
Compare: 1873 No 18 s 32 Section 27 was amended, as from 20 October 1972, by section 2(1) Life Insur- ance Amendment Act 1972 (1972 No 78) by substituting the words “Secretary for Justice” for the word “Minister”.

Section 27 was amended, as from 6 December 1983, by section 10 Life Insur- ance Amendment Act 1983 (1983 No 50) by inserting the words “and any report of an auditor accompanying such statement and every”.
Section 27 was amended, as from 1 October 1995, by section 10(3) Department of Justice (Restructuring) Act 1995 (1995 No 39) by substituting the words “Secretary of Commerce” for the words “Secretary for Justice”.

Section 27 was amended, as from 6 September 2000, by section 8(1) Ministry of Economic Development Act 2000 (2000 No 28) by substituting the words “chief executive of the Ministry of Economic Development” for the words “Secretary of Commerce”.
Non-compliance with this Part of Act Every company which makes default in complying with any of the requirements of this Part of this Act, where no other penal- ties are expressly provided, is liable to a fine not exceeding $100 for every day during which the default continues; and in the case of a foreign company that has a general agent the gen- eral agent shall be liable to such fine as well as the company.
Compare: 1873 No 18 s 33 Subsection (1) was amended, as from 15 April 2004, by section 3 Life Insurance Amendment Act 2004 (2004 No 29) by inserting the words “that has a general agent” after the words “foreign company”.

Subsection (1) was amended, as from 10 July 1967, pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27) by substituting the expression “$100” for the expression “fifty pounds”.

In subsection (2) the Companies Act 1955 was substituted for the repealed Com- panies Act 1908.
Subsection (2) was repealed, as from 6 December 1983, by section 12 Life Insurance Amendment Act 1983 (1983 No 50).
28 (1) (2) 28 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1 s 30AA 29 Falsifying statements, etc If any statement, abstract, or other document required by this Part of this Act is false in any particular to the knowledge of any person who signs or deposits the same, such person shall be liable, on conviction thereof on indictment, to fine and imprisonment, or, on summary conviction thereof, to a fine not exceeding $100.
Compare: 1873 No 18 s 34 Liquidation 30 (1) A company may be put into liquidation by the Court in accord- ance with the Companies Act 1955, in the case of a company registered under that Act, or the Companies Act 1993, in the case of any other company.
(2) No company which is liable under any policy shall be put into liquidation by— (a) (b) Special resolution of those members or shareholders en- titled to vote and voting on the question; or The board of the company on the occurrence of an event specified in the— (i) Memorandum of association, or articles of asso- ciation, in the case of a company incorporated under the Companies Act 1955; or Constitution or equivalent document, in the case of any other company.
(ii) Section 30 was substituted, as from 6 December 1983, by section 13 Life Insur- ance Amendment Act 1983 (1983 No 50).

Section 30 was substituted, as from 1 July 1994, by section 2 Company Law Reform (Transitional Provisions) Act 1994 (1994 No 16).
30AA Transitional provisions applying to winding up of companies (1) Nothing in section 30 of this Act shall apply to or affect the winding up of a company commenced before the commence- ment of the Company Law Reform (Transitional Provisions) Act 1994 or anything done by or in relation to a company under Part 6 of the Companies Act 1955 before the commencement of that Act, and section 30 of this Act and Part 6 of the Com- panies Act 1955, as in force before the commencement of that 29 Part 1 s 30A Life Insurance Act 1908 Reprinted as at 1 January 2008 (2) (3) Act, shall continue in force in relation thereto as if that Act had not been passed.
In the liquidation of a company under Part 6 of the Companies Act 1955, nothing in any of sections 266 to 273 of that Act, and in the liquidation of a company under Part 16 of the Companies Act 1993, nothing in any of sections 292 to 299 of that Act, as the case may be, shall apply in relation to any transaction en- tered into by a company, or any matter that arose, before the commencement of the Company Law Reform (Transitional Provisions) Act 1994, but sections 309, 310, 311, 311A, 311B, and 311C of the Companies Act 1955, as in force before the commencement of that Act, shall continue to apply in respect of that transaction or matter as if that Act had not been passed.
For the purposes of this section, company has the same mean- ing as in section 2 of this Act, except that it does not include companies registered under the Companies Act 1955 or the Companies Act 1993.

Section 30AA was inserted, as from 1 July 1994, by section 2 Company Law Reform (Transitional Provisions) Act 1994 (1994 No 16).
30A Liquidator to value policies in liquidation (1) In the liquidation of a company the liquidator shall determine the amount of the liability of the company to each policyholder under each policy of insurance issued, granted, or entered into in New Zealand by the company in such manner and upon such basis as the liquidator decides.
(2) Notice in writing of the amount of such liability under each policy of insurance determined under subsection (1) of this section shall be given by the liquidator to each policyholder by: (a) (b) Giving it personally to that person; or Sending it to that person by post addressed to that per- son either by name or office at that person’s last known place of abode or business, or at any address given by that person.
(3) Notice given under subsection (2) of this section if by post, shall be deemed, in the absence of proof to the contrary, to be effected at the time when the notice would have been delivered in the ordinary course of post.
30 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1 s 30B (4) The amount of the liability of the company as determined by the liquidator under subsection (1) of this section, shall be binding upon each policyholder to whom notice is given under subsection (2) of this section, unless, within 2 months after the date such notice was given, that person appeals to the High Court against the liquidator’s determination.
(5) On an appeal to the High Court against the liquidator’s de- termination, the High Court may confirm, reverse, or modify the determination appealed against and may make such other order as it thinks fit.

Sections 30A and 30B were inserted, as from 6 December 1983, by section 13 Life Insurance Amendment Act 1983 (1983 No 50).
Subsection (1) was amended, as from 1 July 1994, by section 2 Company Law Reform (Transitional Provisions) Act 1994 (1994 No 16) by substituting the word “liquidation” for the words “winding up”.
30B Liquidator to make distribution to policyholders (1) The liquidator shall, in accordance with this section, distribute to each policyholder entitled thereto— (a) The sum paid to the liquidator by Public Trust under section 8A(1)(a) of this Act; or The sum representing the proceeds of conversion into cash of any securities transferred by Public Trust to the liquidator together with any money so transferred or the proceeds arising from any transfer to a nominee of the liquidator (as the case may be).
(b) (2) The amount of such sum to which each policyholder is entitled on a distribution under this section shall be— (a) An amount equal to the proportion that the liability of the company in respect of that policyholder determined under section 30A of this Act bears to the liability of the company to all policyholders so determined; or (b) An amount equal to the value of the policy— whichever is the lesser.
(3) Distributions under this section shall be made as soon as pos- sible after— (a) Payment to the liquidator by Public Trust under section 8A(1)(a) of this Act; or 31 Part 1 s 31 Life Insurance Act 1908 Reprinted as at 1 January 2008 (b) (c) (d) The conversion into cash of any of the securities re- ferred to in subsection (1)(b) of this section; or The receipt of the proceeds arising from any transfer to a nominee of the liquidator; or The determination of any appeal under section 30A of this Act, or if there is more than one such appeal, the determination of all such appeals,— whichever is later in time.
Every policyholder shall be entitled to prove in the liquidation of a company for any amount which remains owing by the company to that policyholder under a contract of insurance following a distribution under this section.

Sections 30A and 30B were inserted, as from 6 December 1983, by section 13 Life Insurance Amendment Act 1983 (1983 No 50).
Section 30B was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words “the Public Trustee” wherever they occur.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).
Power of Court to reduce contracts The Court, in the case of a company registered as aforesaid which has been proved to be insolvent as aforesaid, may, if it thinks fit, reduce the amount of the contracts of the company upon such terms and subject to such conditions as the Court thinks just, in place of putting the company into liquidation.
Compare: 1873 No 18 s 36 Section 31 was amended, as from 1 July 1994, by section 2 Company Law Re- form (Transitional Provisions) Act 1994 (1994 No 16) by substituting the words “putting the company into liquidation” for the words “making a winding-up order”.
Notices to policyholders Any notice which is required by this Part of this Act to be sent to any policyholder may be addressed and sent to the person to whom notices respecting such policy are usually sent; and any notice so addressed and sent shall be deemed and taken to be notice to the holder of such policy.
Compare: 1873 No 18 s 37 (4) 31 32 32 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1 s 34 33 34 (1) Statements, etc, to be laid before Parliament The Minister shall lay annually before Parliament the state- ments and abstracts of reports deposited with him under this Part of this Act during the preceding year, although the Min- ister may be of opinion that they are not such statements or abstracts as are required to be prepared by this Act.
Compare: 1873 No 18 s 38 General agent to be appointed Every foreign company shall, before doing business in New Zealand, appoint in writing a person resident therein as general agent, on whom all lawful processes against the company may be served with like effect as if the company existed in New Zealand; and the said writing or power of attorney shall stipu- late and agree, on the part of the company making the same, that any lawful process against the company which is served on the said general agent shall be of the same legal force and validity as if served on the company.
(3) (2) A copy of the writing, duly certified and authenticated, shall be filed with the chief executive of the Ministry of Economic Development, and copies certified by him shall be sufficient evidence.

The said agency shall be continued while any liability remains outstanding against the company in New Zealand, and the power shall not be revoked until the same power is given to another and a like copy filed as aforesaid.
Service of any process, notice, or otherwise on the said agent shall be deemed sufficient service on the principal.

This section is subject to section 34A.

Compare: 1873 No 18 s 40 The heading “General Agents of Foreign Companies” preceding section 34 was omitted, as from 30 January 1922, by section 2(1)(a) Life Insurance Amendment Act 1921-22 (1922 No 41).
(4) (5) Subsection (2) was amended, as from 20 October 1972, by section 2(1) Life Insurance Amendment Act 1972 (1972 No 78) by substituting the words “with the Secretary for Justice” for the words “in the office of the Minister”.

Subsection (2) was amended, as from 1 October 1995, by section 10(3) De- partment of Justice (Restructuring) Act 1995 (1995 No 39) by substituting the words “Secretary of Commerce” for the words “Secretary for Justice”.
33 Part 1 s 34A Life Insurance Act 1908 Reprinted as at 1 January 2008 Subsection (2) was amended, as from 6 September 2000, by section 8(1) Min- istry of Economic Development Act 2000 (2000 No 28) by substituting the words “chief executive of the Ministry of Economic Development” for the words “Secretary of Commerce”.

Subsection (5) was inserted, as from 15 April 2004, by section 4 Life Insurance Amendment Act 2004 (2004 No 29).
34A Persons authorised to accept service on behalf of overseas (1) companies Section 34 does not apply if the foreign company is an over- seas company that is registered, or deemed to be registered, under Part 18 of the Companies Act 1993.
(2) However, in that case, that foreign company must immediately appoint, or ensure that it has appointed, in writing a person resident in New Zealand as general agent, on whom all law- ful processes against the company may be served with like ef- fect as if the company existed in New Zealand, if there is any liability remaining outstanding against the company in New Zealand and either or both of the following apply: (a) the company fails to comply with section 339(1)(d) of the Companies Act 1993: the company is removed from the overseas register under section 341 of that Act.
For the purposes of subsection (2),— (a) (b) (b) (c) the writing or power of attorney must stipulate and agree, on the part of the overseas company making the writing or power of attorney, that any lawful process against the company which is served on the general agent is of the same legal force and validity as if served on the company; and section 34(2) to (4) applies to the agency; and the agency may be discontinued,— (i) in the case of a failure to comply with section 339(1)(d) of the Companies Act 1993, after the overseas company remedies the failure to comply (to the extent that it can be remedied); or in the case of the overseas company being re- moved from the overseas register under section 341 of that Act, if the overseas company is rereg- istered under Part 18 of the Companies Act 1993.
(ii) (3) 34 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1 s 37 (4) 35 36 Subsection (3)(b) is subject to subsection (3)(c).

Section 34A was inserted, as from 15 April 2004, by section 5 Life Insurance Amendment Act 2004 (2004 No 29).

Policy to contain certain statements In every policy or other contract issued by any foreign com- pany to persons resident in New Zealand, it shall be expressly stated that the company will abide by the decision of the Court.
Compare: 1873 No 18 s 41 Penalty for non-compliance No person shall act either as general or other agent of a for- eign company until that company has complied with all the requirements of this Act; and every person who so acts with- out such compliance, or who knowingly procures payments or any obligation for the payment of any premium for insur- ance or endowment, or for sale of an annuity, by fraudulent representations is liable to a fine not exceeding $500 for each offence.
Compare: 1873 No 18 s 42 Section 36 was amended, as from 10 July 1967, by section 7(1) Decimal Cur- rency Act 1964 (1964 No 27) by substituting the expression “$500” for the words “two hundred and fifty pounds”.

Section 36 was amended, as from 6 December 1983, by section 15 Life In- surance Amendment Act 1983 (1983 No 50) by substituting the words “that company” for the word “he”.
36A Overseas business Sections 22A to 22I and 26 of the Insurance Companies’ Deposits Act 1953 apply to certain business in New Zealand and overseas.

Section 36A was inserted, as from 22 November 2006, by section 9(2) Insurance Companies’ Deposits Amendment Act 2006 (2006 No 66).
37 When contracts valid Every contract of insurance or for an endowment or annuity made by a foreign company without complying with the pro- visions of sections 34 to 36 hereof shall be valid and bind- ing on the company, but the agent making the contract shall be liable to the fine provided in section 36 hereof; and any 35 Part 1 s 38 Life Insurance Act 1908 Reprinted as at 1 January 2008 such company that fails to comply with section 34 or section 34A must not, during the period of non-compliance, recover any premium or other payment on any contract of insurance or for endowment or an annuity with a person resident in New Zealand.
Compare: 1873 No 18 s 43 Section 37 was amended, as from 15 April 2004, by section 6 Life Insurance Amendment Act 2004 (2004 No 29) by substituting the words “that fails to comply with section 34 or section 34A must not, during the period of non- compliance,” for the words “which neglects to appoint and keep appointed a general agent, agreeably to the provisions of this Act, shall not”.
38 (1) (2) Companies may be prohibited from transacting business in certain cases Every company which makes default in complying with the provisions of sections 3 to 32 hereof shall not only be liable to the penalties set forth in section 28 hereof, but may also, if it appears to the Minister that such default has continued for a period of 3 months, be prohibited by the Minister from transacting business in New Zealand, either absolutely or for a time, as the Minister thinks fit.
Such absolute or temporary prohibition shall be published in one or more newspapers, as the Minister directs; and if any such company, or any person as agent for any such company, or otherwise for or on behalf of any such company, after such absolute prohibition, or during any such temporary prohib- ition, and where there has been no publication of such tem- porary prohibition, with knowledge of the prohibition (as the case may be) receives any applications for any life insurance, or accepts any premium for any life insurance or endowment, or any money for the sale of an annuity, or otherwise carries on the business of life insurance in New Zealand, such com- pany and person shall respectively be liable to a fine of $500 for each and every act done in breach of this provision.
(3) Notwithstanding subsection (2) of this section, notice of a tem- porary prohibition under this section shall not be published if the period during which the company is prohibited from trans- acting business does not exceed 3 months and the Minister considers publication to be unwarranted.
36 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1 s 40 (4) 39 For the purposes of this section, a company shall not be re- garded as transacting business in New Zealand by reason only that it receives premiums or other money or does any other acts in respect of policies that have already been issued.
Compare: 1873 No 18 s 44 The subheading originally preceding this section—“Miscellaneous Provi- sions”—was omitted, as from 30 January 1922, by section 2(1)(a) Life Insurance Amendment Act 1921-22 (1921-22 No 41).

Subsection (1) was amended, as from 30 January 1922, by section 2(1)(a) Life Insurance Amendment Act 1921-22 (1921-22 No 41) by omitting the words “local” and “and every foreign company which makes default in complying with the provisions of sections fifteen to thirty-two hereof”.
Subsection (2) was amended, as from 6 December 1983, by section 16(1) Life Insurance Amendment Act 1983 (1983 No 50) by inserting the words “and where there has been no publication of such temporary prohibition, with know- ledge of the prohibition (as the case may be)”.

Subsections (3) and (4) were inserted, as from 6 December 1983, by section 16(2) Life Insurance Amendment Act 1983 (1983 No 50).
Fines, how to be recovered Every fine imposed by this Part of this Act shall, unless other- wise provided, be recovered only in a summary way, in the manner prescribed by the Summary Proceedings Act 1957.

Compare: 1873 No 18 s 45 A reference to the Justices of the Peace Act 1927 was substituted, as from 1 January 1928, by section 390 Justices of the Peace Act 1927 (1927 No 37).
In turn that reference was substituted, as from 1 April 1958, by a reference to the Summary Proceedings Act 1957 by section 214(1) Summary Proceedings Act 1957 (1957 No 87).

40 Exception [Repealed] The Government Life Insurance Act 1953 was substituted, as from 1 January 1954, for the repealed Government Life Insurance Act 1908.

Section 40 was repealed, as from 1 October 1983, by section 33(1) Government Life Insurance Corporation Act 1983 (1983 No 15).
Part 1A Judicial management of companies Part 1A (sections 40A to 40Q) was inserted, as from 6 December 1983, by section 18 Life Insurance Amendment Act 1983 (1983 No 50).

37 Part 1A s 40A Life Insurance Act 1908 Reprinted as at 1 January 2008 40A Court may appoint judicial manager (1) The Court may on an application made under this section make an order appointing a judicial manager of a company.
(2) An order under subsection (1) of this section may be made where it appears that there is a likelihood that the company is, or will be unable to meet any of its liabilities to policyholders.
In determining whether there is a likelihood that the company is, or will be unable to meet any such liability, the Court may have regard to— (a) Any statement, or the report of any auditor accompany- ing such statement or abstract deposited with the chief executive of the Ministry of Economic Development under section 21 of this Act: (3) (b) Any report made by the Government Actuary under sec- (c) tion 22 of this Act: Any report made by an inspector appointed under sec- tion 422 of the Companies Act 1955: (d) Any other evidence.
(4) An application under this section may be made by the Minister.

Part 1A (sections 40A to 40Q) was inserted, as from 6 December 1983, by section 18 Life Insurance Amendment Act 1983 (1983 No 50).

Subsection (3)(a) was amended, as from 1 October 1995, by section 10(3) De- partment of Justice (Restructuring) Act 1995 (1995 No 39) by substituting the words “Secretary of Commerce” for the words “Secretary for Justice”.
Subsection (3)(a) was amended, as from 6 September 2000, by section 8(1) Ministry of Economic Development Act 2000 (2000 No 28) by substituting the words “chief executive of the Ministry of Economic Development” for the words “Secretary of Commerce”.
40B Moratorium (1) This section applies to— (a) A company in respect of which an application has been made to the Court under section 40A of this Act for the appointment of a judicial manager: (b) A company in respect of which a judicial manager has been appointed under section 40A of this Act.
(2) After an application has been made to the Court under section 40A of this Act for the appointment of a judicial manager and until that application has been dismissed, or, in the case of a company in respect of which a judicial manager has been 38 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1A s 40B appointed under section 40A of this Act, until the company ceases to be subject to judicial management under this Act (as the case may be) no person shall, without the leave of the Court,— (a) Commence or continue any action or other proceedings against any company to which this section applies: Issue any execution, attach any debt, or otherwise en- force or seek to enforce any judgment or order obtained in respect of any company to which this section applies: Petition for the winding up of any company to which this section applies: enter into possession, sell, appoint a receiver, or take or continue any power or rights whatsoever under or in pursuance of any mortgage, charge, debenture, instru- ment, or other security over the property of any com- pany to which this section applies: Determine or forfeit any tenancy, re-take, or re-enter any premises or take or continue any power or rights whatsoever under or in pursuance of any lease, tenancy, or agreement to let or lease, against any company to which this section applies.
(b) (c) (d) (e) (3) Notwithstanding the provisions of subsection (2) of this sec- tion, an action or any proceedings may be brought against any company to which this section applies for the purpose of de- termining whether any right or liability exists if the leave of the judicial manager of that company or of the Court has first been obtained.
(4) Notwithstanding the provisions of subsection (2) of this sec- tion, the judicial manager of any company to which this Act applies may waive the application of subsection (2) of this sec- tion (except paragraph (c) of that subsection) to both any se- cured creditor of that company and his security.
Subject to the provisions of this Act, nothing in subsection (2) of this section shall affect the existence of any security over the property of any company to which this section applies or its priority in relation to other debts.

Part 1A (sections 40A to 40Q) was inserted, as from 6 December 1983, by section 18 Life Insurance Amendment Act 1983 (1983 No 50).
(5) 39 Part 1A s 40C Life Insurance Act 1908 Reprinted as at 1 January 2008 Section 40B(2)(d): amended, on 1 January 2008, by section 364(1) of the Prop- erty Law Act 2007 (2007 No 91).

Section 40B(2)(e): amended, on 1 January 2008, by section 364(1) of the Prop- erty Law Act 2007 (2007 No 91).
40C Prohibition against removal of assets (1) After an application has been made to the Court for the ap- pointment of a judicial manager under section 40A of this Act, no person shall transfer or remove from New Zealand any property or assets of the company in respect of which that application is made otherwise than in the ordinary course of carrying on the business of the company.
(2) Any person who, after an application has been made to the Court for the appointment of a judicial manager under sec- tion 40A of this Act, transfers or removes from New Zealand any property or assets of the company in respect of which that application is made otherwise than in the ordinary course of carrying on the business of the company, commits an offence and is liable on conviction to a fine not exceeding $10,000.
(3) Nothing in subsection (2) of this section shall prevent the issue of an injunction or the making of any order to prevent such property or assets being removed from New Zealand.

Part 1A (sections 40A to 40Q) was inserted, as from 6 December 1983, by section 18 Life Insurance Amendment Act 1983 (1983 No 50).
40D Management of company to vest in judicial manager (1) Subject to this Part of this Act, where an order has been made under section 40A of this Act appointing a judicial manager in respect of the company named in the order, the management of the company shall, on and after the date specified in the order, vest in the judicial manager.
(2) While any company to which this Part of this Act applies re- mains under the management of a judicial manager appointed under section 40A of this Act, it shall not be lawful or compe- tent for any director, manager, or other person to be engaged in the management or conduct of the business of that company, or to act as an officer of or as the agent or servant of the com- pany, except with the permission of the judicial manager and so far as that permission extends.
40 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1A s 40F Part 1A (sections 40A to 40Q) was inserted, as from 6 December 1983, by section 18 Life Insurance Amendment Act 1983 (1983 No 50).
40E Revocation of order appointing judicial manager (1) The Court may, on the application of the Minister, or the judi- cial manager or a director of the company in respect of which a judicial manager has been appointed, or any other person interested, revoke an order appointing a judicial manager and the appointment of the judicial manager shall thereupon ter- minate.
(2) Where the Court revokes an order appointing a judicial man- ager under subsection (1) of this section, the Court shall make an order appointing any other person as a judicial manager and all the provisions of this Part of this Act shall apply with all ne- cessary modifications as if the judicial manager so appointed had been appointed under section 40A of this Act.

Part 1A (sections 40A to 40Q) was inserted, as from 6 December 1983, by section 18 Life Insurance Amendment Act 1983 (1983 No 50).
40F Functions of judicial manager (b) The functions of a judicial manager, which shall be exercised in relation to the company in respect of which that judicial manager has been appointed, shall be— (a) To carry on the business of the company, in order to pre- serve and keep intact so far as practicable, the property and assets of the company: To make a report to the Court as to the state of the business and affairs of the company and to recommend therein as to— (i) The carrying on by the company of the business of the company: The transfer of the business of the company, or any part thereof to any other company pursuant to a scheme of transfer accompanying the report: (ii) (iii) The liquidation of the company: (iv) Any other course of action, matter, or thing in respect of the business of the company.
Part 1A (sections 40A to 40Q) was inserted, as from 6 December 1983, by section 18 Life Insurance Amendment Act 1983 (1983 No 50).

41 Part 1A s 40G Life Insurance Act 1908 Reprinted as at 1 January 2008 Paragraphs (b) to (d) were substituted, as from 17 December 1985, by section 2 Life Insurance Amendment Act 1985 (1985 No 184).
Paragraph (b)(iii) was amended, as from 1 July 1994, by section 2 Company Law Reform (Transitional Provisions) Act 1994 (1994 No 16) by substituting the word “liquidation” for the words “winding up”.

40G Powers of judicial manager (1) Subject to subsection (2) of this section, a judicial manager shall have, and may exercise in relation to the company in respect of which he is appointed, all such powers, rights and authorities as may be necessary to carry out his functions under this Act.
(2) A judicial manager shall not, without the approval of the Court given in respect of any policy or class of policies, issue or grant policies of insurance.

Part 1A (sections 40A to 40Q) was inserted, as from 6 December 1983, by section 18 Life Insurance Amendment Act 1983 (1983 No 50).
40H Report of judicial manager to be filed (1) The report of a judicial manager under section 40F of this Act shall be filed with the Court within 12 months after the appointment of the judicial manager, or within such longer period as the Court may allow, on application made to it by the judicial manager.
(2) A copy of the report or a summary of it shall be sent to the Min- ister, the chief executive of the Ministry of Economic Devel- opment, the Government Actuary, every policyholder of and shareholder in the company, and to every creditor and director of the company and to such other persons as the judicial man- ager considers it appropriate or desirable should receive such copy or summary.
Every person to whom a copy of the report or a summary of it is sent shall be entitled to make submissions in writing on the matters contained in the report to the judicial manager within such period not exceeding 3 months as may be specified.

The judicial manager shall forthwith make a supplementary report to the Court on any such submissions.

Part 1A (sections 40A to 40Q) was inserted, as from 6 December 1983, by section 18 Life Insurance Amendment Act 1983 (1983 No 50).
(3) (4) 42 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1A s 40I Subsection (2) was amended, as from 1 October 1995, by section 10(3) De- partment of Justice (Restructuring) Act 1995 (1995 No 39) by substituting the words “Secretary of Commerce” for the words “Secretary for Justice”.
Subsection (2) was amended, as from 6 September 2000, by section 8(1) Min- istry of Economic Development Act 2000 (2000 No 28) by substituting the words “chief executive of the Ministry of Economic Development” for the words “Secretary of Commerce”.
40I Transfer of business pursuant to scheme of transfer (1) If the report of the judicial manager contains a recommenda- tion that the business of the company, or any part thereof, be transferred, the report shall be accompanied by a scheme of transfer which shall set out the terms of the scheme including: The policies in respect of which liability is to be as- (a) sumed by the company to which it is proposed to trans- fer the business or any part thereof, and the amount of such liability in respect of each policy: The assets and the net value thereof to be transferred in consideration for the assumption of such liability: The terms of any agreement under which it is proposed to transfer the business or any part thereof.
(b) (c) (2) (3) (4) The scheme of transfer shall be accompanied by a report thereon by an independent actuary.

The Government Actuary may report to the Court on any scheme of transfer, and shall do so if the Court directs.

The judicial manager may, at any time after the expiration of the time for the making of submissions under section 40H(3) of this Act, apply to the Court for an order approving the scheme of transfer.
(5) Notice of the application shall be given to the persons entitled to receive copies or summaries of the report of the judicial manager under section 40H of this Act and may be given to such other persons as the judicial manager considers it desir- able should receive it.
The following persons shall be entitled to appear and be rep- resented at the hearing of an application under this section: (a) Every person to whom notice of the application has been sent: (6) 43 Part 1A s 40J Life Insurance Act 1908 Reprinted as at 1 January 2008 (c) (b) A company to which it is proposed to transfer the busi- ness or any part thereof of any company pursuant to the scheme of transfer: Any policyholder, shareholder, or creditor (as the case may be) appointed to represent the policyholders, share- holders, or creditors of the company (as the case may be) or any class thereof: (d) With the leave of the Court, any other person who ap- pears to the Court to have a sufficient interest in the ap- plication.
(7) On an application under this section for approval of a scheme of transfer, the Court may by order approve the scheme of transfer and, subject to the agreement of the judicial man- ager and the company to which it is proposed to transfer the business or part thereof, may approve any modification to the scheme of transfer.
(8) An order approving a scheme of transfer shall be binding upon all persons and for all purposes notwithstanding anything con- tained in the— (a) Memorandum or articles of association of any company (b) registered under the Companies Act 1955; or Constitution of, or any other document constituting, any other company.

Part 1A (sections 40A to 40Q) was inserted, as from 6 December 1983, by section 18 Life Insurance Amendment Act 1983 (1983 No 50).
Subsection (8) was substituted, as from 1 July 1994, by section 2 Company Law Reform (Transitional Provisions) Act 1994 (1994 No 16) 40J Scheme of transfer may provide for reduction of policies Subject to this Part of this Act, a scheme of transfer may make provision for the reduction of policies of insurance proposed to be transferred pursuant to the scheme.

Part 1A (sections 40A to 40Q) was inserted, as from 6 December 1983, by section 18 Life Insurance Amendment Act 1983 (1983 No 50).
40K Public Trust to transfer securities on approval of scheme (1) Where the value of the Life Insurance Fund of the company whose business, or part thereof, is to be transferred pursuant to a scheme of transfer, is less than the aggregate amount of 44 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1A s 40L the liabilities under policies of insurance to be transferred pur- suant to the scheme, the scheme of transfer may provide that Public Trust shall transfer to the company to which the poli- cies are to be transferred, securities deposited by the company with and held by Public Trust equal in value to the amount by which the aggregate amount of the liabilities under the policies to be transferred pursuant to the scheme exceeds the value of the Life Insurance Fund (excluding the value of securities de- posited by the company under this Act) or if the amount of that excess is greater than the value of the securities deposited by the company with and held by Public Trust, then those secur- ities.
The transfer of securities by Public Trust under this section shall discharge Public Trust from the trusts respecting the se- curities transferred.

Part 1A (sections 40A to 40Q) was inserted, as from 6 December 1983, by section 18 Life Insurance Amendment Act 1983 (1983 No 50).

The heading to section 40K was amended, as from 1 March 2002, by sec- tion 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words “Public Trustee”.
See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).

Section 40K was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words “the Public Trustee” wherever they occur.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).
(2) 40L Judicial manager may apply to have company put into (1) liquidation The judicial manager may, with the leave of the Court, apply to have the company in respect of which the judicial manager has been appointed, put into liquidation under the Companies Act 1955, in the case of a company registered under that Act, or the Companies Act 1993, in the case of any other company, where— (a) The report of the judicial manager under section 40F of this Act contains a recommendation that the company be put into liquidation; or (b) A scheme of transfer is not approved by the Court under (c) section 40I of this Act; or A recommendation made by the judicial manager is not approved by the Court under section 40M of this Act.
45 Part 1A s 40M Life Insurance Act 1908 Reprinted as at 1 January 2008 (2) The provisions of section 30AA of this Act shall apply with such modifications as may be necessary in relation to the li- quidation of any such company.

Part 1A (sections 40A to 40Q) was inserted, as from 6 December 1983, by section 18 Life Insurance Amendment Act 1983 (1983 No 50).

Section 40L was substituted, as from 1 July 1994, by section 2 Company Law Reform (Transitional Provisions) 1994 (1994 No 16).
40M Provisions applying to recommendation by judicial manager that business of company be continued (1) Where the report of a judicial manager under section 40F of this Act contains a recommendation: (a) That the business, or any part thereof, of the company in respect of which that judicial manager has been ap- pointed continue to be carried on in a form different to the form in which that business, or part thereof, was being carried on when the judicial manager was ap- pointed; or (b) As to any other course of action, matter, or thing in re- spect of the business or any part thereof of the company (not being a recommendation either that the business of the company be transferred pursuant to a scheme of transfer, or that the company be wound up),— the judicial manager may, at any time after the expiration of the time for the making of submissions under section 40H(3) of this Act, apply to the Court for an order approving the rec- ommendation.
(2) On an application under this section for an order approving the recommendation the Court may by order approve the recom- mendation on such terms and conditions as it thinks fit.

(3) An order approving a recommendation shall be binding on all persons and for all purposes notwithstanding anything con- tained in the memorandum or articles of the company or in any other document constituting the company.
Subsections (3), (5), and (6) (except paragraph (b) of subsec- tion (6)) of section 40I of this Act shall apply to an application by a judicial manager under this section as if it were an appli- cation by a judicial manager for an order approving a scheme of transfer.

(4) 46 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 1A s 40Q Part 1A (sections 40A to 40Q) was inserted, as from 6 December 1983, by section 18 Life Insurance Amendment Act 1983 (1983 No 50).
40N Judicial manager may apply to Court for directions (1) A judicial manager may apply to the Court for directions con- cerning the business or property of any company, or the man- agement or administration of any such business or property, or the exercise of any functions or powers under this Act.

Every such application shall be served upon, and the hearing may be attended by, all persons interested in the application or such of them as the Court thinks fit.
Part 1A (sections 40A to 40Q) was inserted, as from 6 December 1983, by section 18 Life Insurance Amendment Act 1983 (1983 No 50).

(2) 40O Indemnity A judicial manager shall not be under any criminal or civil liability as a result of any act or omission in pursuance or in- tended pursuance of any of his functions or powers under this Act whether on the ground of mistake of law or fact, or any other ground, unless the act was done or omitted in bad faith.
Part 1A (sections 40A to 40Q) was inserted, as from 6 December 1983, by section 18 Life Insurance Amendment Act 1983 (1983 No 50).

40P Expenses of judicial management All costs, charges, and expenses properly incurred by a judicial manager in the exercise of his functions and powers under this Act (including such remuneration as may be approved by the Court) shall be payable out of the property of the company in respect of which the judicial manager is appointed in priority to all other claims.
Part 1A (sections 40A to 40Q) was inserted, as from 6 December 1983, by section 18 Life Insurance Amendment Act 1983 (1983 No 50).

40Q Termination of judicial management (1) The Minister, or any creditor, shareholder, or director of a company in respect of which an order has been made appoint- ing a judicial manager, or the judicial manager of the company, may apply to the Court for an order revoking the appointment of the judicial manager.
47 Part 2 s 41 Life Insurance Act 1908 Reprinted as at 1 January 2008 (2) The Court may, on the application of any person specified in subsection (1) of this section, revoke the order appointing a ju- dicial manager, where the Court is satisfied that for any reason the order should not continue in force.
(3) Where the Court revokes an order appointing a judicial man- ager, the appointment of the judicial manager shall thereupon terminate and the company in respect of which the appoint- ment was made shall cease to be subject to judicial manage- ment under this Act.

Part 1A (sections 40A to 40Q) was inserted, as from 6 December 1983, by section 18 Life Insurance Amendment Act 1983 (1983 No 50).
Part 2 Life insurance policies Interpretation In this Part of this Act, if not inconsistent with the context,— Assignment means an assignment of a policy made in accord- ance with the provisions of this Part of this Act otherwise than by way of mortgage as herein defined, and includes a surren- der to the company issuing it Company means any person or association, whether incorpor- ated or otherwise, not being established under any Act relating to friendly societies, which issues or is liable under policies as herein defined; and includes companies now or hereafter es- tablished out of New Zealand as well as those now or hereafter established in New Zealand, and mutual associations as well as proprietary; and also includes the Tower Corporation under the Tower Corporation Act 1990 (P) Company: the reference to the Tower Corporation was substituted, as from 26 July 1990, for a reference to the Government Insurance Commissioner by sec- tion 31(5) Tower Corporation Act 1990 (1990 No 2(P)).
Mortgage means an instrument made in accordance with the provisions of this Act, and given as security over a policy for the payment, either certainly or contingently, of a sum of money, with or without interest thereon, or for the perform- ance of any condition or agreement Policy means any contract, so long as such contract remains in force, heretofore or hereafter lawfully entered into by a com- 41 48 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 2 s 41A pany, the terms of which are dependent upon the contingencies of human life Policyholder, holder of a policy, and holder mean respect- ively the person for the time being legally entitled to a policy Secretary means the principal officer for the time being in New Zealand of a company, or any other officer whom the company appoints to act as secretary within the meaning of this Act; and, in respect of all matters under the Tower Corporation Act 1990 (P), means the Tower Corporation and any officer to whom the Commissioner delegates any of his powers, functions, or duties under this Act.
Secretary: the reference to the Tower Corporation was substituted, as from 26 July 1990, for a reference to the Government Insurance Commissioner by sec- tion 31(5) Tower Corporation Act 1990 (1990 No 2(P)).

Compare: 1884 No 31 s 2 Company and secretary: references to the Government Life Insurance Act 1953 were substituted, as from 1 January 1954, for references to the Government Life Insurance Act 1908 by section 41(1) Government Life Insurance Act 1953 (1953 No 58).
That reference was in turn substituted, as from 1 October 1983, by a reference to the Government Life Insurance Corporation Act 1983 by sec- tion 33(1) Government Life Insurance Corporation Act 1983 (1983 No 15).
That reference was in turn substituted, as from 1 April 1987, by a reference to the Government Life Insurance Corporation Act 1987 (the name of which was altered to the “Tower Corporation Act 1987”, as from 1 October 1989, by 2(1) Tower Corporation Amendment Act 1989 (1989 No 60)) by section 34(1) Gov- ernment Life Insurance Corporation Act 1987 (1987 No 70).

That reference was in turn substituted, as from 20 August 1990, by section 31(1) Tower Corporation Act 1990 (1990 No 2(P)).
See clause 2 Tower Corporation Act Commencement Order 1990 (SR 1990/195).
41A Interest payable from 91st day after date of death (1) Where— (a) Any money becomes payable by a company under a policy as a result of the death, on or after the 1st day of April 1986, of the person on whose life the policy was effected; and That money is not paid, within 90 days after the date of death, to the person entitled to that money,— (b) the company shall, in addition to that money and at the same time as that money is paid to that person, pay to that person interest on that money in respect of the period beginning on the 91st day after the date of death and ending with the close of the day on which that money is paid to that person.
49 Part 2 s 42 Life Insurance Act 1908 Reprinted as at 1 January 2008 (2) Notwithstanding anything in subsection (1) of this section, where— (a) (b) (ii) Any money becomes payable by a company under a policy as a result of the death, on or after the 1st day of April 1986, of the person on whose life the policy was effected; and The whole or part of the money that so becomes payable— (i) Is related to the value of identifiable assets of a fund named in the policy; and Is required by the policy to be calculated as at a date later than the date of death,— nothing in that subsection shall require the company to pay in- terest on the money so related and so required to be calculated (in this section called the assets related money) but if, after the claim requirements have been satisfied, the assets related money is not paid, within 14 days after the earliest possible date on which it could have been paid, to the person entitled to the assets related money, the company shall, in addition to the assets related money and at the same time as the assets related money is paid to that person, pay to that person interest on the assets related money in respect of the period beginning on the 15th day after that earliest possible date and ending with the close of the day on which the assets related money is paid to that person.
The interest payable pursuant to subsection (1) or subsection (2) of this section shall be paid at the rate specified in the policy or at the rate from time to time prescribed for the purposes of section 87 of the Judicature Act 1908, whichever is the greater.

The provisions of this section shall have effect notwithstand- ing any provision to the contrary in any agreement or in any contract of insurance.
Section 41A was inserted, as from 1 April 1986, by section 3 Insurance Law Reform Act 1985 (1985 No 117).

Assignments and mortgages of policies Company not affected by notice of trust No company shall be bound to receive, or be liable in any way to be affected by, express, implied, or constructive no- (3) (4) 42 50 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 2 s 43 43 (1) (2) tice, however given, of any trust hereafter created affecting any policy.
Compare: 1884 No 31 s 3 Registration of transfer of policy Every assignment of a policy by way of ordinary transfer shall be by transfer endorsed upon the policy, in the form or to the effect set forth in Schedule 8 hereto, and signed, or, in the case of a corporation, sealed, by the transferor and transferee; and shall be registered in a book to be provided by the secretary for that purpose, and the date of such registration shall be inserted in the form of transfer, which shall also be signed by the sec- retary, and thereafter such assignment shall have the effect of vesting the policy absolutely in the assignee, who shall there- upon become the holder of the policy and may thereafter sue in his own name on the policy assigned, and the receipt of such assignee shall be a valid discharge both at law and in equity for all money payable under the policy: Provided that every transfer or assignment of a policy made before the 1st day of September 1885 (being the date of the coming into operation of the Life Assurance Policies Act 1884 Amendment Act 1885), by separate deed or assignment shall be deemed to be valid.
Except in the case of assignments by way of ordinary trans- fer, an assignment shall be registered by leaving the same with the policy at the office of the company, whereupon the secre- tary shall, if in his opinion the assignment is in due form and properly executed, endorse on the policy a memorandum in the form or to the effect set forth in Schedule 9 hereto, and shall retain the assignment in the office of the company, and return the policy, with the said endorsement thereon, signed by himself, to the person leaving the same, unless the assignment is by way of surrender to the company liable under the policy, in which case he shall retain the policy.
(3) No assignment shall be of any validity until registered as herein provided, but this requirement shall not apply to as- signments to the company issuing the policy.

If any assignment is upon any trust, such trust shall be effected by way of declaration of trust by some separate instrument, and (4) 51 Part 2 s 44 Life Insurance Act 1908 Reprinted as at 1 January 2008 (5) no notice of any such trust shall be inserted in the assignment or endorsed upon the policy.
If the assignment is by way of surrender to the company liable under the policy assigned, it shall be in the form or to the effect set forth in Schedule 10 hereto.

(6) An assignment of a policy issued by a company that is estab- lished out of New Zealand and does not have a place of busi- ness 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 regis- tered.
(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 Schedule 21 hereto, and signed, or, in the case of a corporation, sealed, by the assignor and assignee.
Compare: 1884 No 31 ss 4, 6-9; 1885 No 20 s 3; 1903 No 63 s 3(3) Subsections (6) and (7) were inserted, as from 6 December 1962, by section 2(1) Life Insurance Amendment Act 1962 (1962 No 79).

44 (1) Form and registration of mortgages Every mortgage made shall be in the form or to the effect set forth in Schedule 11 hereto and executed by the mortgagor.
(2) A mortgage, if not to the company liable under the policy, shall be registered by leaving the same, executed as aforesaid, with the policy and a certified copy of the mortgage, at the office of the company, whereupon the secretary shall, if the mortgage is in his opinion in due form and properly executed, endorse on such policy a memorandum, in the form or to the effect set forth in Schedule 12 hereto; and also shall endorse on the mortgage a memorandum of the same having been registered, in the form or to the effect set forth in Schedule 13 hereto; and shall retain the certified copy of the mortgage in the office of the company, and shall return the policy and the original mortgage, with the respective endorsements thereon signed by himself, to the person leaving the same.
52 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 2 s 45 (3) No such mortgage shall be of any validity until registered as herein provided.

(4) A mortgage of a policy to the company issuing the policy 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 need not be registered, but shall take effect from the date thereof in the same manner as if it were registered.
(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 Schedule 22 hereto, and signed, or, in the case of a corporation, sealed, by the mortgagor and the mortgagee.
Compare: 1884 No 31 ss 5, 6, 13; 1903 No 63 s 3(1), (3), (4) Subsection (1) was amended, as from 23 November 1953, by section 2 Life Insurance Amendment Act 1953 (1953 No 60) by omitting the words “and by the mortgagee, unless the mortgage is to the company liable under the policy, in which case it shall be executed by the mortgagor only”.
Subsection (4) was amended, as from 6 December 1962, by section 3(1) Life Insurance Amendment Act 1962 (1962 No 79) by inserting 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”.

Subsection (5) was inserted, as from 6 December 1962, by section 3(2) Life Insurance Amendment Act 1962 (1962 No 79).
45 (1) Covenants, etc, implied in mortgages There shall be implied in every mortgage, not being a mort- gage to the company liable under the policy mortgaged, the covenants, powers, conditions, and agreements set forth in Schedule 14 hereto, and such implied provisions shall have the like effect as if the same had respectively been set forth in such mortgage at length.
There shall be implied in every mortgage to the company liable under the policy mortgaged the covenants, powers, conditions, and agreements set forth in Schedule 15 hereto, and such im- plied provisions shall have the like effect as if the same had respectively been set forth in such mortgage at length.
(3) All or any of the covenants, powers, provisos, conditions, and agreements set forth in Schedules 14 or 15 may, if so expressed (2) 53 Part 2 s 46 Life Insurance Act 1908 Reprinted as at 1 January 2008 46 47 in the mortgage, be negatived, modified, or altered, or others may be added to the same, in any way not inconsistent with the provisions of this Act.
Compare: 1884 No 31 ss 10, 11, 12 Several mortgages may be registered In the case of mortgages which require registration in order to be valid, any number of mortgages may be registered against the same policy, but they shall take effect and have priority according to priority of the date of registration.
Compare: 1884 No 31 s 14 Registration of mortgage after advances by the company Where the company issuing any policy has advanced money on the security of the policy, or has taken a mortgage thereover, and afterwards an instrument affecting such policy made to or in favour of any person other than the company is presented for registration, the secretary of the company shall be entitled to require as a condition precedent to registration that all persons claiming any interest under the instrument shall execute an acknowledgment, to be endorsed on such instrument, of the existence of such advance or mortgage by or to the company, and of the amount due to the company in respect thereof at the time of such acknowledgment.
Compare: 1903 No 63 s 3(2) 48 Mortgagee when selling may execute assignment A mortgagee, when he has sold a policy under the power of sale implied in his mortgage, may execute an assignment of the mortgaged policy, adding words in the assignment purporting that he has sold it in exercise of his power of sale as afore- said; and thereupon all the provisions of this Act relating to the registration and effect of assignments shall apply to such assignment.
Compare: 1884 No 31 s 15 54 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 2 s 50 49 Company or purchaser not affected by notice of improper sale, etc No company whose secretary is required to register an assign- ment by a mortgagee, nor any purchaser from a mortgagee, shall be bound to inquire into the propriety or regularity of the sale, or be affected in any way by notice (express, implied, or constructive) that the same is in any way improper or irregu- lar, or be bound or concerned to see to the application of the proceeds of a sale by a mortgagee.
Compare: 1884 No 31 s 16 How mortgages discharged 50 (1) Where the sum secured by a mortgage has been paid off either wholly or in part, or where for any other reason the mortgagee has become bound to discharge the mortgage either wholly or partially he shall endorse on the mortgage held by him a memorandum of discharge in the form or to the effect set forth in Schedule 16 hereto, and the same, when registered, shall effectually release and discharge the policy from the mortgage to the extent specified in the memorandum of discharge.
If any one or more of such discharges are only partial, further discharges, as often as the case may require, may be executed in the like form and registered in the like manner as specified in the preceding subsection.
(2) (3) A memorandum of discharge or of partial discharge of a mort- gage 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 Schedule 23 hereto, and signed, or, in the case of a corporation, sealed, by the mortgagee.
Compare: 1884 No 31 ss 17, 18 55 Part 2 s 51 Life Insurance Act 1908 Reprinted as at 1 January 2008 Subsections (3) and (4) were inserted, as from 6 December 1962, by section 3(3) Life Insurance Amendment Act 1962 (1962 No 79).
How discharges registered A memorandum of discharge shall be registered by leaving the mortgage, with such memorandum endorsed thereon, together with the policy, at the office of the company, whereupon the secretary shall, if the same is in his opinion in due form and properly executed, endorse on such policy a memorandum in the form or to the effect set forth in Schedule 17 hereto; and shall also endorse on the mortgage a memorandum of the same having been registered, in the form or to the effect set forth in Schedule 18 hereto; and shall return the mortgage and policy so endorsed to the person leaving the same, unless the mort- gage is to the company, in which case the mortgage and policy shall be retained by the secretary.
Compare: 1884 No 31 s 19 How title to policy acquired by bankruptcy, etc, registered Where the right to a policy is acquired by bankruptcy, or under a will or intestacy, or under a writ of execution issued out of any Court whatsoever, the person so acquiring such right and desiring to have his title to the policy registered shall produce the policy to the secretary, with the evidence necessary to es- tablish such right; and the secretary, if satisfied with the said evidence, or with such further evidence as he may call for, shall endorse on the policy a memorandum in the form or to the effect set forth in Schedule 19 hereto, signed by himself, and return the policy to the person so acquiring title thereto, and such endorsement shall vest the policy in such person as fully and effectually as if it had been assigned to him under the provisions hereof.
Compare: 1884 No 31 s 20 Registration, etc, of assignment of mortgages All the provisions of this Act as to assignment of policies, registration thereof, or otherwise registering title to a policy shall, mutatis mutandis, be read and construed as applicable to 51 52 53 56 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 2 s 56 54 55 (1) (2) assignments of mortgages, registration thereof, and otherwise registering title to mortgages.
Compare: 1884 No 31 s 21 Secretary before registering may require proof of signatures Before being required to effect any registration hereunder the secretary may require such reasonable evidence as he thinks fit as to the authenticity of the signatures thereto, or as to any other matters which might in his opinion affect the validity of such document.
Compare: 1884 No 31 s 22 Registration may be ordered by Court If the secretary refuses for any reason whatsoever to regis- ter any document or matter the registration whereof by him is hereby provided for, the person desiring to have such regis- tration effected may call upon such secretary, by summons be- fore a Judge of the High Court in Chambers, to show cause why such registration should not be effected, and, after hear- ing such evidence as is brought before him, either viva voce or upon affidavit, the Judge may make an order compelling such registration to be effected or otherwise as he thinks fit, and may make such order either with or without costs.
If the Judge orders such registration to be effected, the secre- tary shall forthwith effect the same, and any registration ef- fected in pursuance of and in conformity with a Judge’s order shall absolutely discharge the secretary and his company of and from any responsibility or liability whatsoever for the con- sequences of such registration.
Compare: 1884 No 31 ss 23, 24 The words “High Court” were substituted, as from 1 April 1980, for the words “Supreme Court” pursuant to section 12 Judicature Amendment Act 1979 (1979 No 124).
56 Date of registration The date of registration to be placed by the secretary on any policy or instrument shall in all cases, and for all purposes of this Act, be deemed to be as nearly as possible the hour and 57 Part 2 s 57 Life Insurance Act 1908 Reprinted as at 1 January 2008 57 58 day when such registration was first capable of being effected by the secretary.
Compare: 1884 No 31 s 25 Secretary to keep record of registrations The secretary shall keep a record of each registration effected by him, by entries in the books of the company, in such manner as he thinks fit.
Compare: 1884 No 31 s 26 Notice of unregistered dealings not to affect company or purchasers The secretary, the company, and all other persons whomso- ever, in all transactions and dealings of any kind whatsoever about or in connection with any policy, shall not, except in the case of fraud, be affected by notice of any interest whatsoever in any policy which interest is not registered on the policy; and no registered dealings with the duly registered assignee or mortgagee of a policy shall, except in the case of fraud, be cap- able of being set aside or affected in any manner whatsoever by any such notice as aforesaid.
Compare: 1884 No 31 s 27 59 Provision for lost or destroyed policies or instruments (1) Where a policy is lost or destroyed, or where an instrument required to be registered or the production of which is in any way essential to any registration required to be effected here- under is lost or destroyed, the secretary may, on such evidence and subject to such terms and conditions as he in his own dis- cretion thinks fit, issue a certified copy of such policy, which shall thereafter for all the purposes of this Act take the place of the policy lost or destroyed, and thereafter be the sole evi- dence of the contract made by the policy; or he may effect any registration on any such terms and conditions as he thinks fit, notwithstanding the loss or destruction of any such instrument as aforesaid.
(2) Where a certified copy of any policy has been issued under this section and is afterwards lost or destroyed, then another 58 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 2 s 63 60 61 62 63 certified copy may in like manner be issued to take the place of the original policy, and so on as often as may be necessary.
Compare: 1884 No 31 s 28; 1903 No 63 s 4 Courts may enforce equities Notwithstanding the provisions of this Act as to registration, nothing herein shall operate to prevent any Court of compe- tent jurisdiction from enforcing any equities which may exist as between the parties to any transaction or matter relating to any policy or any interest therein, or in any money payable thereunder.
Compare: 1884 No 31 s 29 Fee for registration A company may charge any fee not exceeding 50 cents for effecting any registration hereunder.

Compare: 1884 No 31 s 30 The expression “50 cents” was substituted, as from 10 July 1967, for the expres- sion “two shillings and sixpence” pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).
Reversion of assigned policy in certain case [Repealed] Section 62 was repealed, as from 1 April 1921, by section 2(3) Life Insurance Amendment Act 1920 (1920 No 84).
Applying surrender value to keep policy in force A company may, subject to any bylaws or regulations made by it or affecting it, and subject also to the terms and conditions of the policy, apply the surrender value of any policy, or any part of such surrender value, in payment of overdue premiums and interest thereon; and any money so applied, with accrued interest thereon, shall be a first charge on the money payable under such policy and on the surrender value thereof, and may be deducted therefrom as against any mortgagee or assignee whomsoever.
Compare: 1884 No 31 s 31 59 Part 2 s 64 Life Insurance Act 1908 Reprinted as at 1 January 2008 64 65 66 Protection of policies Policies to be kept in force by surrender value No policy shall become void by non-payment of premiums so long as the premiums and interest in arrear are not in excess of the surrender value as declared by the company issuing the same in the answer of such company given to the tenth ques- tion of Schedule 7 hereto.

Compare: 1884 No 31 s 32 Policies protected from bankruptcy, etc.
Policy money not liable for debts or legacies [Repealed] Sections 65 and 66 were repealed, as from 1 April 1986, by section 4(1)(a) Insurance Law Reform Act 1985 (1985 No 117).

Policies protected [Repealed] Subsection (1) was substituted for the original subsections (1) and (2), as from 29 September 1925, by section 4 Life Insurance Amendment Act 1925 (1925 No 25).

Sections 65 and 66 were repealed, as from 1 April 1986, by section 4(1)(a) Insurance Law Reform Act 1985 (1985 No 117).
Insurance of minors Section 67 and the preceding heading were substituted, and sections 66A to 66D and sections 67A to 67E were inserted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).

The previous heading read as follows: “Insurances by Parents on Lives of Children”.
66A Insurance by minor who is under the age of 10 years A minor who is under the age of 10 years may effect a policy on the minor’s own life only if the effecting of the policy is in accordance with a contract approved under section 9 of the Minors’ Contracts Act 1969 by a District Court.

Sections 66A to 66D were inserted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).
66B Insurance by minor who is of or over the age of 10 years (1) A minor of or over the age of 10 years may do, execute, suffer, and perform all acts, deeds, matters, and things necessary or 60 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 2 s 66C (2) (3) proper for the purpose of effecting a policy on the minor’s own life.
Subsection (1) of this section is,— (a) In the case of a minor who has not attained the age of 16 years, subject to section 6 of the Minors’ Contracts Act 1969; and In the case of a minor who has attained the age of 16 years, subject to section 5(2) of the Minors’ Contracts Act 1969.

(b) Subsection (1) of this section is subject to sections 67A, 67C, 67D, and 67E of this Act.

Sections 66A to 66D were inserted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).
66C Dealings by minors with policies (1) Where any policy effected on the life of a minor is owned by the minor, the minor,— (a) If of or over the age of 16 years, may— (i) (ii) Give discharges for the money payable under the Surrender the policy: (iii) policy: dispose of the policy by will in accordance with section 9 or 10 of the Wills Act 2007 or section 2 of the Wills Amendment Act 1969 or section 6 of the Wills Amendment Act 1955: (iv) Dispose of the policy or interest therein or deal with the same in any manner authorised by this Act: If under the age of 16 years, may, with the approval of a District Court, do, in relation to the policy, any of the things mentioned in subparagraphs (i), (ii), and (iv) of paragraph (a) of this subsection.
(b) (2) (3) Subsection (1) of this section shall apply whether or not the policy was effected in the first place by the minor.

Subsection (1)(a) of this section shall apply whether the policy has been effected before or after the minor attained the age of 16 years.
(4) Where a minor of or over the age of 16 years— 61 Part 2 s 66D Life Insurance Act 1908 Reprinted as at 1 January 2008 (a) (b) Exercises the power conferred on the minor by subsec- tion (1)(a)(i) or subsection (1)(a)(ii) of this section; or Enters into a contract in relation to any policy to which subsection (1) of this section applies— section 5(2) of the Minors’ Contracts Act 1969 shall apply to the surrender or discharge and to every contract so entered into.
Sections 66A to 66D were inserted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).

Section 66C(1)(a)(iii): substituted, on 1 November 2007, by section 41 of the Wills Act 2007 (2007 No 36).

Subsection (5) was repealed, as from 26 April 2005, by section 4(2) Minors’ Contracts Amendment Act 2005.
(5) 66D Presumption in respect of policies issued and dispositions (1) (2) made So far as concerns the company issuing any policy, and so far as concerns any person claiming under any disposition of a policy made bona fide and for valuable consideration, it shall be conclusively presumed, subject to subsection (2) of this sec- tion,— (a) That the person who effected the policy was, at the time when that person effected the policy, of or over the age of 10 years; and That the person who disposed of the policy was, at the time when that person disposed of the policy, of or over the age of 16 years.
(b) The presumption set out in subsection (1) of this section shall not apply where the company issuing the policy, or the person claiming under any disposition of the policy made bona fide and for valuable consideration, had, at the time of the issue, ac- tual knowledge that the person purporting to effect the policy was under the age of 10 years or had, at the time of the dispos- ition, actual knowledge that the person purporting to dispose of the policy was under the age of 16 years.
(3) Nothing in this section applies in respect of any policy effected in accordance with a contract approved under section 9 of the Minors’ Contracts Act 1969.

62 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 2 s 67A Sections 66A to 66D were inserted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).
67 Insurance on life of minor who is under the age of 16 years (1) A policy on the life of a minor who is under the age of 16 years (2) (3) may be effected by any of the following persons: (a) The parents or guardians of the minor, or one of them: (b) A parent or guardian of the minor and the spouse of that (c) parent or guardian, jointly: Any person who has obtained the consent of a District Court to do so.
Except as provided in subsection (1) of this section or in sec- tion 66A or section 66B or section 67A of this Act or in section 9 of the Minors’ Contracts Act 1969, no person may effect a policy on the life of a minor who is under the age of 16 years.

Subsection (1) of this section is subject to sections 67B to 67E of this Act.
In paragraph (b) the words “or to any person to whom payment may be made under the provisions of subsection (2) of section 43B of the Administration Act 1952” were inserted, as from 1 January 1971, by section 4(5)(a) of the Admin- istration Amendment Act 1964, and the words “or such person” were inserted by section 4(5)(b) of that Act.
The reference to section 65 of the Administration Act 1969 was impliedly substituted, as from 3 November 1964, for section 43B of the Administration Act 1952 by the Administration Amendment Act 1964 (1964 No 24).

Paragraph (c) was amended, as from 23 November 1967, by section 2 Life Insur- ance Amendment Act 1967 (1967 No 90) by omitting the words “and the sum charged by the Registrar of Births and Deaths for each such certificate shall not exceed one shilling”.
Section 67 was substituted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).

67A Endowment insurances on lives of minors It shall be lawful for any company to issue, on the life of a minor of any age, a policy that provides for the payment of money— (a) (b) On the attainment of a specified age by the minor in On the expiration of a certain period; or respect of whom the policy is issued.
Sections 67A to 67E were inserted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).

63 Part 2 s 67B Life Insurance Act 1908 Reprinted as at 1 January 2008 Limitations on payments in respect of death of minors This heading was substituted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).
67B Limitation on total amount of payments where deceased minor under the age of 10 years (b) (1) No company shall knowingly pay, on the death of a minor who is under the age of 10 years, any sum that is more than the total of the following amounts: (a) The total amount of premiums paid under the policy issued by the company on the life of the minor, to- gether with interest thereon (compounded annually) at the rate prescribed for the purposes of section 87 of the Judicature Act 1908 at the date of the death of the minor; and The amount that, when added to any other sum permit- ted by this paragraph to be paid by any other company or by any friendly society, equals $2,000 or such larger sum as may from time to time be specified by Order in Council for the purposes of this paragraph.
(2) Nothing in subsection (1) of this section limits section 41A of this Act and interests under that section may be paid in addition to the amounts required to be aggregated for the purposes of subsection (1) of this section and irrespective to the limit im- posed by that subsection.

Sections 67A to 67E were inserted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).
67C Limitation on persons to whom payments may be made where deceased minor under the age of 16 years No company shall pay, on the death of a minor who is under the age of 16 years, any sum under any policy issued on or after the 1st day of April 1986 to any person other than— (a) A person specified in section 67(1) of this Act; or (b) An executor or administrator of a person specified in (c) section 67(1) of this Act; or A person to whom payment may be made under section 65(2) of the Administration Act 1969; or 64 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 2 s 67E (d) Any person who is entitled to that sum by virtue of an assignment approved under section 66C(1)(b) of this Act.
Sections 67A to 67E were inserted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).
67D Company to supply statement in respect of limitations (1) No company shall issue a policy on the life of a minor who is under the age of 16 years unless— (a) A statement explaining the effect of sections 67B and 67C of this Act is set out in the proposal for the policy; and The person effecting the policy has signed a separate acknowledgment that that person is aware of the limita- tions imposed by those sections.
(b) (2) The issue of a policy in contravention of subsection (1) of this section shall not make the policy illegal, unenforceable, or of no effect.

Sections 67A to 67E were inserted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).
67E Offences Every person commits an offence and is liable on summary conviction to a fine not exceeding $1,000 who,— (a) Being a company, contravenes section 67B or section 67C or section 67D(1) of this Act; or Being a person claiming money on the death of a minor under the age of 16 years,— (i) (b) Produces to the company from which the money is claimed a false certificate of death or one fraudulently obtained; or In any way attempts to defeat the provisions of this Act with respect to payments upon the death of minors.
(ii) Sections 67A to 67E were inserted, as from 1 April 1986, by section 9 Insurance Law Reform Act 1985 (1985 No 117).

65 Part 2 s 68 Life Insurance Act 1908 Reprinted as at 1 January 2008 68 Certain policies excluded from the operation of last preceding section [Repealed] Section 68 was repealed, as from 30 January 1922, by section 3(4) Life Insur- ance Amendment Act 1921-22 (1921-22 No 41).
Money payable under a policy for benefit of minors, etc 69 Money payable to Public Trust (1) Where any money becomes payable under a policy to or for the benefit of a minor, or to or for any person otherwise in- capable of exercising his rights, and if there is no trustee or other person capable in law of giving a valid discharge for such money on behalf of such minor or other person so incapable as aforesaid, the money becoming payable to or for such minor or person otherwise incapable of exercising his rights may be paid to Public Trust, unless another trustee or other person as aforesaid is appointed in due course of law.
In any such case the High Court or a Judge thereof, on applica- tion being made on behalf of the person beneficially interested, may appoint Public Trust or any other person trustee of such money on such terms as such Court or Judge orders.

Compare: 1884 No 31 ss 36, 37 The words “High Court” were substituted, as from 1 April 1980, for the words “Supreme Court” pursuant to section 12 Judicature Amendment Act 1979 (1979 No 124).
(2) The heading to section 69 was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words “Public Trustee”.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).

Section 69 was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words “the Public Trustee” wherever they occur.
See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).
Powers of Public Trust receiving money If any money is paid to Public Trust under subsection (1) of the last preceding section, it may, unless and until another trustee is appointed, act as trustee of such money as effectually and with all the like powers as if it had been duly appointed trustee 70 66 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 2 s 72 71 72 of the same either under subsection (2) of the last preceding section or by any person entitled to appoint a trustee.
Compare: 1884 No 31 s 38 The heading to section 70 was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words “Public Trustee”.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).

Section 70 was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words “the Public Trustee”.
It is further amended by substituting the word “it” for the word “he”.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).
Trustee may apply money of minors, etc, for their maintenance, etc Public Trust (whether acting under section 69(1) or by special appointment), or any other trustee of money payable under a policy to or for the benefit of a minor or other person incapable of exercising his or her rights, unless directed otherwise by the appointing instrument, may apply all or part of the corpus or the interest of the money, in such mode as Public Trust or the trustee in their discretion think fit, for the maintenance, education, protection, or advancement in life of any minor or of any other person on whose behalf Public Trust or the trustee holds the money.
Section 71 was substituted, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100).

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).
Payment to trustee a valid discharge to company The payment made to Public Trust, or to any other trustee under this Act, shall be a valid and sufficient discharge to the company for the insurance money so paid: and the company shall not be bound to see to the application of such money, or be liable for the subsequent misapplication or non-application thereof by any such trustee.
Compare: 1884 No 31 s 40 Section 72 was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words “the Public Trustee”.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).
67 Part 2 s 73 Life Insurance Act 1908 Reprinted as at 1 January 2008 How insurance money received by trustee may be invested The money received by Public Trust, acting under subsec- tion (2) of section 69 hereof, or by any trustee hereunder, un- less otherwise directed by the instrument of appointment in the case of one specially appointed, may be invested by such trustee in New Zealand Government securities, or in the secur- ities of any territorial authority or regional council within the meaning of the Local Government Act 2002.
Such money may also be invested on first mortgage of free- hold land in New Zealand, but so that not more than two- thirds of the value of the same, as valued under the Rating Valuations Act 1998 or by a registered valuer specially ap- pointed by such trustee to value the same, shall be so advanced, with full power, however, to such trustee from time to time to alter, vary, and transpose the investments held.
Compare: 1884 No 31 s 41 Section 73 was amended, as from 1 March 2002, by section 170(1) Public Trust Act 2001 (2001 No 100), by substituting the words “Public Trust” for the words “the Public Trustee”.

See clause 2 Public Trust Act Commencement Order 2002 (SR 2002/11).
Subsection (1) was amended, as from 1 April 1980, by section 8(3) Local Gov- ernment Amendment Act 1979 (1979 No 59) by substituting the words “terri- torial authority, regional council, or united council within the meaning of the Local Government Act 1974” for the words “County, Road Board, or Munici- pal Corporation, if secured on a special rate on property”.
Subsection (1) was amended, as from 1 July 2003, by section 262 Local Gov- ernment Act 2002 (2002 No 84), by substituting the words “securities of any territorial authority or regional council within the meaning of the Local Govern- ment Act 2002” for the words “stock or debentures of any territorial authority, regional council, or united council within the meaning of the Local Government Act 1974”.

See sections 273 to 314 of that Act as to the savings and transitional provisions.
Subsection (2) was amended, as from 1 July 2003, by section 262 Local Govern- ment Act 2002 (2002 No 84), by substituting the words “the Rating Valuations Act 1998 or by a registered valuer” for the words “the Rating Valuations Act 1998 or by a valuator”.

See sections 273 to 314 of that Act as to the savings and transitional provisions.
Income not required for maintenance, etc, to be capitalised All or any part of the annual income arising from the invest- ment of the insurance money not required for the maintenance, education, or protection of such minor or other person shall 73 (1) (2) 74 68 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 2 s 75A be capitalised, and invested in the same manner as the money from which such income is derived.
Compare: 1884 No 31 s 42 Insurances by minors 75 Insurances by minors and dealings by minors with policies [Repealed] Section 75 was substituted, as from 1 January 1970, by section 17(1) of the Minors Contracts Act 1969 (1969 No 41).

Section 75 was repealed, as from 1 April 1986, by section 11(a) Insurance Law Reform Act 1985 (1985 No 117).
Insurances by married women 75A Wife may insure her own or her husband’s life for her own benefit (1) (2) A policy of insurance effected by any person on his or her own life, and expressed to be for the benefit of his or her spouse, de facto partner (whether of the same or different sex), or his or her children, or his or her spouse or de facto partner (whether of the same or different sex) and his or her children, or any of them, shall create a trust in favour of the objects therein named; and the money payable under any such policy shall not, so long as any object of the trust remains unperformed, form part of the estate of the insured or be subject to his or her debts: Provided that if it is proved that the policy was effected and the premiums paid with intent to defraud the creditors of the insured, they shall be entitled to receive, out of the money payable under the policy, a sum equal to the premiums so paid.
The insured may by the policy, or by any memorandum under his or her hand, appoint a trustee or trustees of the money payable under the policy, and from time to time appoint a new trustee or new trustees thereof; and may make provision for the appointment of a new trustee or new trustees thereof, and for the investment of the money payable under any such pol- icy.
(3) 69 Part 2 s 76 Life Insurance Act 1908 Reprinted as at 1 January 2008 In any default of any such appointment of a trustee, the policy, immediately on its being effected, shall vest in the insured and his or her legal personal representatives in trust for the purposes aforesaid.
If at the time of the death of the insured, or at any time after- wards, there is no trustee, or it is expedient to appoint a new trustee or new trustees, a trustee or trustees or a new trustee or new trustees may be appointed by any Court having jurisdic- tion under the provisions of the Trustee Act 1956.
The receipt of a trustee or trustees duly appointed, or, in default of any such appointment or in default of notice to the insurance office, the receipt of the legal personal representative of the insured, shall be a discharge to the office for the sum secured by the policy, or for the value thereof, in whole or in part.

Compare: 1952 No 53 s 17 Section 75A was inserted, as from 1 February 1977, by section 56 Matrimonial Property Act 1976 (1976 No 166).
Subsection (1) was repealed, as from 1 April 1986, by section 11(a) Insurance Law Reform Act 1985 (1985 No 117).
Subsection (2) was amended, as from 1 January 2002, by section 58 Human Rights Amendment Act 2001 (2001 No 96), by substituting the words “person on his or her own life, and expressed to be for the benefit of his or her spouse, de facto partner (whether of the same or different sex), or his or her children, or his or her spouse or de facto partner (whether of the same or different sex) and his or her children, or any of them” for the words “man on his own life, and expressed to be for the benefit of his wife or of his children, or of his wife and children, or any of them, or by any woman on her own life, and expressed to be for the benefit of her husband or of her children, or of her husband and children, or any of them”.
Conditions on which payments may be made without requiring probate or administration [Repealed] Section 76 was repealed, as from 3 November 1964, by section 4(1) Adminis- tration Amendment Act 1964 (1964 No 24).
Provisions as to settlement policies under repealed Acts Provisions as to settlement policies The following provisions shall have effect as regards all poli- cies issued under section 8 of the New Zealand Government (4) (5) (6) 76 77 70 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 2 s 77 Insurance and Annuities Act 1870, or section 16 of the Gov- ernment Insurance and Annuities Act 1874, or under section 48 of the Life Assurance Companies Act 1873, or under any enactment passed or to be passed in substitution thereof re- spectively: (a) The amount secured by such policy, where the insur- ance is effected for the benefit of more than one, may, if not apportioned in the policy, be apportioned by the husband by any deed or instrument in writing under his hand, or by his last will and testament, as he deems proper: (b) Where no apportionment is made in any policy as afore- said, or by deed, instrument in writing, or will as afore- said, all parties interested in the said insurance shall be held to share equally in the same: (c) When it is stated in such policy that the insurance is for the benefit of the wife, or wife and any one or more of the children, of the insured, or of his wife or of the chil- dren generally, without specifying her or their names, then the word wife shall mean the wife living at the time when the policy becomes payable; and children shall, unless otherwise defined in the policy, mean the chil- dren of the insured, whether or not of the same marriage, living at the time when
 the policy becomes payable, and shall include a child or children en ventre sa mere at such time: (d) Where a wife’s name is not stated in any policy, the husband, by a written application signed by him and attested by a witness, may apply to the company to have such name inserted in the policy, and the company may thereupon direct the secretary to insert the wife’s name accordingly in the policy in such manner as it thinks best: In a similar manner and by a like procedure the husband, on remarriage, may
 require the name of his then wife to be substituted for that of any former wife inserted in such policy: (e) (f) Where such a policy is effected for the benefit of more persons than one, and the sum assured has been appor- 71 Part 2 s 77 Life Insurance Act 1908 Reprinted as at 1 January 2008 tioned by the person whose life is assured, such appor- tionment shall be valid notwithstanding that all the per- sons mentioned as beneficiaries in the policy may not be included in such apportionment; and the payment made by the company in terms of such apportionment shall be deemed to release the company from all claims under the policy: (h) (g) Any person having taken out such a policy with right to participate in the profits may, subject to the regulations or bylaws of the company issuing the policy, from time to time either direct the application of such profits in payment or reduction of premiums, or direct the same, when converted into a reversionary bonus, to be added to the insurance money; and the share of each person, when more than one are benefited, shall, in the case of such additions, be proportionately increased.
If no direction is given, then the profits shall be converted into a reversionary bonus: The benefit of any such policy shall revert to the insured when the child for whose benefit it was effected, or the surviving child for whose benefit it exists, dies without issue before the insured, or when the wife for whose benefit solely it exists predeceases her husband with or without issue; and the benefit of any share in an appor- tionment shall likewise revert to the insured when the child to whom it was apportioned dies without issue be- fore the insured, or when the wife to whom it was appor- tioned predeceases her husband with or without issue: (i) Where the insured and all the persons beneficially inter- ested under such a policy are sui juris, they may jointly assign, mortgage, discharge, or otherwise deal with the policy as fully and effectually as the assured could have done if he held it for his own use and benefit only: (j) Where a policy reverts to the insured in whole or for a share or shares, the insured may deal with such policy or share or shares as if the insurance had been effected and been always held for his own benefit: (k) Any person who has taken out such a policy, and who finds himself unable to continue to pay the premiums, 72 Reprinted as at 1 January 2008 Life Insurance Act 1908 Part 2 s 79 may from time to time borrow on the security of the policy, from the company who issued the same, or from any person, such sum as may be necessary to keep the policy in force, such loans to be secured by
 mortgage on the policy: Provided that no such mortgage shall operate to secure the payment of the money advanced on the security thereof unless the money so advanced is at the time of advancing the same wholly applied in making the payments necessary to keep the policy in force: (l) Notwithstanding anything in any law or statute, or in any rule of law or equity to the contrary, the holder of any such policy may from time to time, with the consent of his wife living at the time, borrow on the security of the policy such sums as he thinks fit, and grant a mortgage on the policy as a security for any such loan.
Compare: 1884 No 31 s 44 Annual statement, etc, by company 78 Company to furnish annual statements of all its policies Every company shall, at the expiration of each financial year of such company, prepare and deposit in like manner, and in addition to other statements required by Part 1 of this Act, a statement of all its policies at the close of such year, in the form contained in Schedule 20 hereto.
Compare: 1884 No 31 s 45 78A Minister may alter form The Minister, on application by or with the consent of a com- pany, may alter the form in Schedule 20 to this Act for the purposes of adapting it to the circumstances of the company, or for the better carrying into effect of the objects of this Act.

Section 78A was inserted, as from 8 November 1974, by section 10 Life Insur- ance Amendment Act 1974 (1974 No 146).
79 (1) Separate statements of New Zealand business Every company shall keep a separate account of all its life in- surance business transacted in New Zealand, and of the entire 73 Part 2 s 79 Life Insurance Act 1908 Reprinted as at 1 January 2008 assets of the company in New Zealand; and shall, in addition to the annual statements of its whole business required under sec- tions 16, 17, 21, and 78 hereof, prepare separate statements of its business transacted in New Zealand, in the forms in Sched- ules 2, 3, 4, 5, and 20 hereto; and such statements shall be de- posited with the chief executive of the Ministry of Economic Development within 9 months of the expiration of the finan- cial year of the company.
Every statement deposited under subsection (1) of this section (except a statement in the form set out in Schedule 20 to this Act) shall be accompanied by a written report prepared by an auditor who is qualified,— (a) In the case of a company registered under the Compan- ies Act 1955, in accordance with section 165 of that Act; or In the case of any other company, in accordance with section 199 of the Companies Act 1993.
(b) For the purposes of this section, sections 163 to 166 of the Companies Act 1955 and sections 196 to 207 of the Companies Act 1993, as the case may be, shall apply with such modifications as may be necessary.

Compare: 1884 No 31 s 46 Subsection (1) was amended, as from 20 October 1972, by section 2(1) Life Insurance Amendment Act 1972 (1972 No 78) by substituting the words “Sec- retary for Justice” for the words “Minister of Finance”.
Subsection (1) was amended, as from 6 December 1983, by section 17 Life In- surance Amendment Act 1983 (1983 No 50) by substituting the words “within 9 months of” for the words “within 5 months of”.

Subsection (1) was amended, as from 1 October 1995, by section 10(3) De- partment of Justice (Restructuring) Act 1995 (1995 No 39) by substituting the words “Secretary of Commerce” for the words “Secretary for Justice”.
Subsection (1) was amended, as from 6 September 2000, by section 8(1) Min- istry of Economic Development Act 2000 (2000 No 28) by substituting the words “chief executive of the Ministry of Economic Development” for the words “Secretary of Commerce”.

The original subsections (2) and (3) were inserted, as from 8 November 1974, by section 11 Life Insurance Amendment Act 1974 (1974 No 146).
Subsections (2) and (3) were substituted, as from 1 July 1994, by section 2 Company Law Reform (Transitional Provisions) Act 1994 (1994 No 16).
(2) (3) 74 Reprinted as at 1 January 2008 Life Insurance Act 1908 Schedule 1 79A Secretary of Commerce may require further information On receiving any statement required by section 78 or section 79 of this Act the chief executive of the Ministry of Economic Development may, by notice in writing served on the com- pany depositing the statement, require that company, within such period (being not less than 14 days after the date of ser- vice) or extended period as he may allow, to supply him with such explanation of, or such further information relating to, the subject-matter of the statement as he may consider neces- sary for the purposes of this Act.
Section 79A was inserted, as from 8 November 1974, by section 12 Life Insur- ance Amendment Act 1974 (1974 No 146).

Section 79A was amended, as from 1 October 1995, by section 10(3) Depart- ment of Justice (Restructuring) Act 1995 (1995 No 39) by substituting the words “Secretary of Commerce” for the words “Secretary for Justice”.
Section 79A was amended, as from 6 September 2000, by section 8(1) Ministry of Economic Development Act 2000 (2000 No 28) by substituting the words “chief executive of the Ministry of Economic Development” for the words “Secretary of Commerce”.
80 Penalty for non-compliance with Act Every company which makes default in complying with the requirements of this Part of this Act, and continues in such de- fault for 7 days after notice by the said Minister or any person interested in the matter of such default, is liable to a fine not exceeding $100 for every day during which the default con- tinues.
Compare: 1884 No 31 s 47 The expression “$100” was substituted, as from 10 July 1967, for the expres- sion “fifty pounds” pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).

Schedule 1 Enactments consolidated Section 1(2) 1873, No 18—The Life Assurance Companies Act 1873.

1884, No 31—The Life Assurance Policies Act 1884.

1885, No 20—The Life Assurance Policies Act 1884 Amendment Act 1885.
75 Schedule 2 Life Insurance Act 1908 Reprinted as at 1 January 2008 1903, No 63—The Life Assurance Policies Act 1884 Amendment Act 1903.
Schedule 2 Sections 16, 79 76 Reprinted as at 1 January 2008 Life Insurance Act 1908 Schedule 3 Schedule 3 Sections 16, 79 Schedule 4 Sections 17, 79 77 Schedule 4 Life Insurance Act 1908 Reprinted as at 1 January 2008 78 Reprinted as at 1 January 2008 Life Insurance Act 1908 Schedule 4 Schedule 5 Sections 17, 79 79 Schedule 5 Life Insurance Act 1908 Reprinted as at 1 January 2008 80 Reprinted as at 1 January 2008 Life Insurance Act 1908 Schedule 6 Schedule 6 Statement respecting the valuation of the liabilities under life policies and annuities Section 18 of the , to be made by the actuary (The answers should be numbered to accord with the numbers of the corresponding questions) The date up to which the valuation is made.
The principles upon which the valuation and distribution of profits among the policyholders are made, and whether these principles were determined by the instrument constituting the company, or by its regulations or bylaws, or otherwise.

The table or tables of mortality used in the valuation.

The rate or rates of interest assumed in the calculations.

The proportion of the annual premium income (if any) re- served as a provision for future expenses and profits.
(If none, state how this provision is made.)

The Consolidated Revenue Account since the last valuation, or, in case of a company which has made no valuation, since the commencement of the business.

(This return should be made in the form annexed.)


The liabilities of the company under life policies and annuities at the date of the valuation, showing the number of policies, the amount assured, and the amount of premiums payable an- nually under each class of policies, both with and without par- ticipation in profits, and also the net liabilities and assets of the company, with the amount of surplus or deficiency.

(These re- turns should be made in the forms annexed.)
The time during which a policy must be in force in order to entitle it to share in the profits.

The results of the valuation, showing— (1) (2) The total amount of profit made by the company.

The amount of profit divided among the policyholders, and the number and amount of the policies which par- ticipated.
Specimens of bonuses allotted to policies for $200 ef- fected at the respective ages of 20, 30, 40, and 50, and having been respectively in force for 5 years, 10 years, and upwards, at intervals of 5 years respectively, to- (3) 81 Schedule 6 Life Insurance Act 1908 Reprinted as at 1 January 2008 gether with the amounts apportioned under the various modes in which the bonus might be received.
82 Reprinted as at 1 January 2008 Life Insurance Act 1908 Schedule 6 83 Schedule 7 Life Insurance Act 1908 Reprinted as at 1 January 2008 Schedule 7 Statement of the life assurance and Sections 19, 64 annuity business of the , on the , 19 (The answers should be numbered to accord with the numbers of the corresponding questions.
Statements of reassurances, corresponding to the statements in respect of assurances under headings 2, 3, 4, 5, and 6, are to be given) The published table or tables of premiums for assurances for the whole term of life which are in use at the date above-men- tioned.
The total amount assured on lives for the whole term of life which are in existence at the date above-mentioned, distin- guishing the portions assured with and without profits, stating separately the total reversionary bonuses, and specifying the sums assured for each year of life from the youngest to the oldest ages.
The amount of premiums receivable annually for each year of life, after deducting the abatements made by the application of bonuses in respect of the respective assurances mentioned under heading No 2, distinguishing ordinary from extra pre- miums.
The total amount assured under classes of assurance business other than for the whole term of life, distinguishing the sums assured under each class, and stating separately the amount assured with and without profits, and the total amount of re- versionary bonuses.

The amount of premiums receivable annually in respect of each such special class of assurances mentioned under head- ing No 4, distinguishing ordinary from extra premiums.
The total amount of premiums which has been received from the commencement upon all policies under each special class mentioned under heading No 4, which are in force at the date above-mentioned.

The total amount of immediate annuities on lives, distinguish- ing the amounts for each year of life.
The amount of all annuities other than those specified under heading No 7, distinguishing the amount of annuities payable 84 Reprinted as at 1 January 2008 Life Insurance Act 1908 Schedule 9 9 10 under each class, the amount of premiums annually receivable, and the amount of consideration money receivable in respect of each such class, and the total amount of premiums received from the commencement upon all deferred annuities.
The average rate of interest at which the Life Assurance Fund of the company was invested at the close of each year during the period since the last investigation.
A table of minimum values (if any) allowed for the surren- der of policies for the whole term of life, and for endowments and endowment assurances, or a statement of the method pur- sued in calculating such surrender values, with instances of its application to policies of different standing and taken out at various interval ages, from the youngest to the oldest.
Separate statements to be furnished for business at other than Euro- pean rates, together with a statement as to the manner in which poli- cies on unhealthy lives are dealt with.
Schedule 8 Ordinary transfer* Section 43(1) Schedule 9 Memorandum of registration of assignment Section 43(2) 85 Schedule 10 Life Insurance Act 1908 Reprinted as at 1 January 2008 Schedule 10 Assignment by way of a surrender to the company liable under the policy Section 43(5) 86 Reprinted as at 1 January 2008 Life Insurance Act 1908 Schedule 12 Schedule 11 Mortgage Section 44(1) Schedule 12 Memorandum of registration of mortgage on policy Section 44(2) 87 Schedule 13 Life Insurance Act 1908 Reprinted as at 1 January 2008 Schedule 13 Memorandum of registration of mortgage on mortgage Section 44(2) Schedule 14 Covenants, powers conditions, and agreements to be implied in mortgages not being mortgages to the company liable under the policy mortgaged Section 45(1) ON the part of the mortgagor,— (a) That during the continuance of this mortgage the mortgagor will duly and punctually, at the proper times for so doing, make all payments and do all such acts, deeds, matters, and things as are necessary to keep the policy hereby mortgaged in full force, and after making any such payment will produce to the mortgagee the receipt for the same, and will not do, or permit or suffer to be done, any act, deed, matter, or thing whereby or by means whereof the policy hereby mortgaged may lapse or become void, or become liable to lapse or become void in any manner whatsoever: That if from any cause whatever the mortgagor fails or neg- lects to make all or any part of the payments necessary to keep the said policy in force, it
 shall be lawful for but not impera- tive on the mortgagee to make such payments on behalf of the mortgagor, and the same, with interest thereon at $8 percent per annum from the date of payment by the mortgagee until repayment to him shall be repayable by the mortgagor to the mortgagee immediately upon demand, and, until repayment, shall be a charge upon the hereby mortgaged policy, and the same shall not be redeemable until such money is repaid: That, subject as is hereinafter mentioned, the mortgagee shall
 be entitled to the custody of the policy hereby mortgaged dur- ing the continuance of this mortgage: (b) (c) 88 Reprinted as at 1 January 2008 Life Insurance Act 1908 Schedule 14 (d) That if the amount assured by the policy hereby mortgaged becomes a claim or becomes payable prior to the day men- tioned in this mortgage for the payment of the principal money intended to be hereby secured, then and in such case the said principal money and interest thereon up to date shall be deemed to be due and payable to the mortgagee on the day on which the said amount became payable, in lieu of the day so mentioned in this mortgage for payment; and the mortgagee’s receipt and discharge for the payment of the said amount shall be deemed to be, to the extent thereof, a receipt and discharge of the money assured by the policy hereby mortgaged.
And, on the part of the mortgagee,— (e) That upon repayment of all the principal money and interest secured by this mortgage at the time herein specified for pay- ment of the same, and upon performance and observance of such other obligations or agreements as are by this mortgage provided, he, the mortgagee, will execute a discharge of such mortgage in accordance with the provisions of the Life Insur- ance Act 1908, and will thereupon deliver this mortgage, with such discharge endorsed thereon, and the policy hereby mort- gaged to the mortgagor: That if at any time, or from time to time, during the continu- ance of this mortgage, the mortgagor desires to assign the pol- icy hereby mortgaged, or to mortgage the same subject to such mortgage, he, the mortgagee, will, on reasonable notice being given to him of the mortgagor’s said desire, produce the said policy, as often and for so long as may be reasonably required, at the office of the company, and permit the said assignment or mortgage to be registered on the same.
(f) And it is declared and agreed, by and between the mortgagor and mortgagee,— That if the mortgagor makes default in payment of the principal or interest money secured by this mortgage, or any part thereof, on the days or times in this mortgage fixed for the payment of the same, or otherwise makes default in the observance or performance of the conditions or agreement to secure the observance or performance of which this mortgage is made, or if the mortgagor makes default in the observance or performance of any one or more of the covenants con- tained or implied in this mortgage, then in any of such cases it shall be 89 Schedule 15 Life Insurance Act 1908 Reprinted as at 1 January 2008 lawful for the mortgagee forthwith, or at any time thereafter, to sell the hereby mortgaged policy, or such interest therein as is mortgaged by this mortgage, in such mode and on such terms and conditions in all respects as he, in his own absolute discretion, thinks fit, with full power to buy in the same at any sale, and again offer the same for sale as often as occasion may require, or to surrender the same to the company issuing it on receiving the surrender value for the same, and to apply the proceeds of such sale, or the amount of such surrender value, first in payment of all costs, charges, and expenses to which the mortgagee has been put in connection with such sale or surrender or otherwise in connection with this mortgage and next in payment of all the principal, interest, or other money secured by the mortgage; and the surplus (if any) shall be paid to the mortgagor.
Schedule 15 Covenants, powers, conditions, and agreements to be implied in mortgages to the company liable under the policy mortgaged Section 45(2) ON the part of the mortgagor,— (a) That interest at the rate mentioned in this mortgage, on the principal amount received under this mortgage, shall be payable by the mortgagor to the mortgagee by equal half-yearly payments on the days mentioned in this mortgage for the purpose: That if the money insured by the policy hereby mortgaged be- comes payable during the continuance of this mortgage, the mortgagee may deduct all principal money hereby secured, and all interest then due thereon, including interest accrued to the date of the death of the assured or the maturity of the policy, as the case may be, and all other charges on the policy, from the amount assured by the policy when paying over the same; and thereafter no further interest shall be payable to the mortgagee on the said principal money: That if at any time during the continuance of this mortgage the total amount of principal and interest due, including interest accrued but not due, under this mortgage, together with over- (b) (c) 90 Reprinted as at 1 January 2008 Life Insurance Act 1908 Schedule 15 due premiums on the policy hereby mortgaged (if any), inter- est on overdue premiums, and all other charges on the policy, exceeds the then surrender value of such policy, or if the said policy is allowed to lapse, then and in any such case the policy hereby mortgaged shall thereupon become absolutely void.
And, on the part of the mortgagee,— (d) That if all the principal and interest money hereby secured is duly paid off and satisfied according to the terms and provi- sions of this mortgage, then and in such case, if the policy hereby mortgaged is then in full force, and has not lapsed or become void, or become liable to lapse or to be declared void, the mortgagee shall duly execute and procure to be registered, in accordance with the provisions of the Life Insurance Act 1908, a discharge of this mortgage, and then shall return the said policy to the mortgagor: That if and so soon as the policy hereby mortgaged has become void as above provided, such avoidance shall be held to be in full satisfaction and discharge of the principal and interest money due on this mortgage, and shall be deemed to acquit, release, and discharge the mortgagor of and from the same, and from all actions, suits, claims, and demands on account thereof or in relation thereto.
(e) Paragraph (b) was amended, as from 1 April 1921, by section 6(a) Life Insurance Amendment Act 1920 (1920 No 84) by inserting the words “including interest accrued to the date of the death of the assured or the maturity of the policy, as the case may be, and all other charges on the policy”.
Paragraph (c) was amended, as from 1 April 1921, by section 6(b) Life Insurance Amendment Act 1920 (1920 No 84) by inserting the words “including interest accrued but not due” and the words “interest on overdue premiums and all other charges on the policy”.
91 Schedule 16 Life Insurance Act 1908 Reprinted as at 1 January 2008 Schedule 16 Memorandum of discharge of mortgage Section 50(1) Schedule 17 Memorandum of registration of discharge of mortgage on a policy Section 51 Schedule 18 Memorandum of registration of discharge of mortgage on mortgage Section 51 92 Reprinted as at 1 January 2008 Life Insurance Act 1908 Schedule 20 Schedule 19 Memorandum of registration on policy of title otherwise than by way of assignment Section 52 Schedule 20 Statement of policies of [Name of company] as at year ended 19 Sections 78, 79 Schedule 20 was substituted, as from 6 December 1983, by section 19(1) Life Insurance Amendment Act 1983 (1983 No 50).
93 Schedule 20 Life Insurance Act 1908 Reprinted as at 1 January 2008 1 94 Reprinted as at 1 January 2008 Life Insurance Act 1908 Schedule 20 2 Particulars of policies issued during year ended 19 95 Schedule 20 Life Insurance Act 1908 Reprinted as at 1 January 2008 2—continued 96 Reprinted as at 1 January 2008 Life Insurance Act 1908 Schedule 23 Schedule 21 Memorandum of assignment of policy otherwise than by way of ordinary transfer to be endorsed on policy Section 43(7) This Schedule was inserted, as from 6 December 1962, by section 2(2) Life Insurance Amendment Act 1962 (1962 No 79).
Schedule 22 Memorandum of mortgage of policy to be endorsed on policy Section 44(5) Schedule 23 Memorandum of discharge of mortgage or policy to be endorsed on policy Section 50(4) This Schedule was inserted, as from 6 December 1962, by section 3(4) Life Insurance Amendment Act 1962 (1962 No 79).
97 Schedule 24 Life Insurance Act 1908 Reprinted as at 1 January 2008 This Schedule was amended, as from 18 November 1964, by section 2 Life In- surance Amendment Act 1964 (1964 No 98) by inserting the words “of mort- gage” in the heading.

Schedule 24 Table of deposits required of companies carrying on business in New Zealand on 26 July 1974 Section 3 The original Schedule 24 was inserted, as from 8 November 1974, by section 13 Life Insurance Amendment Act 1974 (1974 No 146).
This Schedule was substituted, as from 9 October 1975, by section 2(2) Life Insurance Amendment Act 1975 (1975 No 85).

98 Reprinted as at 1 January 2008 Life Insurance Act 1908 Notes Contents 1 2 3 General About this eprint List of amendments incorporated in this eprint (most recent first) Notes 1 2 3 General This is an eprint of the Life Insurance Act 1908.

It incorporates all the amendments to the Life Insurance Act 1908 as at 1 January 2008.
The list of amendments at the end of these notes specifies all the amendments incorporated into this eprint since 3 September 2007.

Relevant provisions of any amending enactments that contain transitional, savings, or application provisions are also included, after the Principal enactment, in chronological order.

About this eprint This eprint has not been officialised.
For more information about officialisation, please see "Making online legislation official" under "Status of legislation on this site" in the About section of this website.

List of amendments incorporated in this eprint (most recent first) Property Law Act 2007 (2007 No 91): section 364(1) Wills Act 2007 (2007 No 36): section 41 99