Government Insurance (Amendment) Act 1943 (NSW)

GOVERNMENT INSURANCE (AMENDMENT)

ACT.

Act No. 40, 1943.

An Act to amend the Government Insurance Acts, 1927-1941, in certain respects; to validate certain matters; and for purposes connected therewith. [Assented to, loth December, 1943.]

BE it enacted by the K i n g ' s Most Exce l l en t by and with the advice and consent of t he Legis­

Majesty,

lat ive Counci l and Legis la t ive Assembly of N e w	South
W a l e s in	Par l i ament assembled, and by the au thor i ty of

t h e same, as follows :—

1. (1) This Act may be cited as the "Gove rnmen t

In su rance (Amendment) Act, 1943."

(2) The Government Insurance (Enabl ing and

Val ida t ing) Act, 1927, as amended by subsequent Acts a n d by this Act, may he cited as the Government Insur­ ance Act, 1927-1943."

2. The Government Insurance Acts, 1927-1941, is

amended—

(a) by inserting next after subsection six of section

3B the following new subsection:—

(6A) (a) A General Manager , who at the date

issue

of his appointment is not an officer of the Public Service, shall not be subject to the provisions of the Superannua t ion Acts, 1916-1940, but shall—

(i)   as soon as practicable after his appoint­ ment effect with the Office a policy of par t i c ipa t ing endowment assurance on his life for an amount equivalent to twice the amount of his annual remun­ erat ion at the da te of his appointment , to become payable upon his death or upon the ann iversa ry of the date of

issue of the policy which next precedes the day upon which he a t ta ins the age of sixty-five yea r s , whichever first

h a p p e n s ; and

(ii)   if his remuneration is increased during his te rm of office, as soon as pract icable after the same is so increased, effect addit ional assurance under a like policy so tha t the total amount assured u n d e r all the policies shall be twice t he

amount  of his annual r emune ra t i on :

P rov ided tha t any such General Manager who h a s a t t a ined the age of fifty-five yea r s a t the da te when his r emunera t ion is so increased may elect not to effect any addi t ional policies of assurance on his life.

E v e r y policy effected unde r this subsection by a General Manager shall be main ta ined in force by such General Manager .

(b) One half of the p remiums payable in respect of any policy or policies required by th is subsection to be effected shall, while t he General Manager holds office as such, be paid to the Office by the Colonial T reasu re r , and the balance shall be paid by the General Manager .

(c) Any policy or policies effected by a General Manager under this subsection shall be held by the Colonial T rea su re r , and should the General Manager be deemed to have vacated his office, except on the g round specified in sub­

p a r a g r a p h (v) of p a r a g r a p h (a) of subsection
four of this section, such policy or policies shall

be delivered to him for his absolute use and benefit. In the event of the death of a General Manage r such policy or policies shall, upon demand, be delivered to his executors, adminis­

t r a t o r s or assigns.

(d) This subsection shall extend to the General Manager holding office at the commence­ ment of the Government Insurance (Amend­ ment ) Act, 1943, and in such case the a s su rance

requi red

required by subparag raph (i) of p a r a g r a p h (a) of this subsection to be effected by the General Manager shall be effected as soon as pract icable af ter such commencement.

(b)	by inserting next after section six the following
new sect ion:—

6A. The Office shall have au thor i ty to open and opera te funds and accounts, to be kept in the books of the Office for the under tak ing , on such t e rms and conditions as the Office may determine, of in ternal insurance or in te rna l re- insurance in respect of and for the purpose of any or all classes of insurance carr ied on and with or from any one or more of any funds or accounts of the Office; but nothing in this section shall affect the operation of section 5A of this Act.

(c) by omitting section seven and by inserting in lieu thereof the following section:—

7. Separa te and distinct accounts shall be kept in the books of the Office in relat ion to each insurance depar tment of the Office.

This section shall be deemed to have com­ menced on the first clay of Ju ly , one thousand nine hundred and for ty- three.

(d) by omitting sections nine and 9A and by insert­ ing in lieu thereof the following sect ions:—

9. The Office may appoint any person or persons within or outside the S ta te as its agent or agents for the purposes of this Act.

9A. The Office may establish branches within or outside the Sta te .

3. (1) The Government Insurance Acts, 1927-1941, is

fur ther amended—

(a)	by inserting at the end of subsection two of section four the words " w h e t h e r in addi t ion to or in subst i tut ion for the accounts so specif ied";
(b)	by inserting next after the same subsection the following new subsection:—

(2A) Where an account in Special Deposi ts Account is opened in subst i tut ion for one of the

accounts

accounts specified in the Schedule to this Act such assets and liabilities of the Office as are determined by the Office and approved by the Auditor-General as appropriate to the business of the Office in relation to which such account is opened, shall be transferred to the account so opened.

Transfers made pursuant to this subsection

shall not be by way of advance.

(2) Subsection one of this section shall be deemed to have commenced on the first day of July, one thousand nine hundred and forty-three.