Insurance Act of 1923 (14 Geo v No. 29) (Qld)

10574 SS. 16, 17. INCOME TAX.-INSURANCE. Insurance Act. 14 GEO. V. No. 29, of any failure or default in respect of which he was convicted, shall be liable to a penalty of not les,s than fifty pounds nor more than five hundred pounds." Amendment 16. In subsection two of section seventy~eight of of 8.78.. the Principal Act, after the words" two hundred" the words "and fifty" are inserted. Periods of 17. The first period for which assessments of income assessment. shall be made under the Principal Act as amended by this Act shall commence on the first day of July one thousand nine hundred and twenty-two and end on the thirtieth day of June, one thousand nine hundred and twenty-three, and all subsequent annual periods shall be reckoned from that period, and to that extent this Act shall have retrospective operation, to the intent that the Principal Act as amended by this Act shall apply to all incomes for the first period commencing and ending as aforesaid, and for every subsequent annual period, and to the assessment, levy, payment, and recovery of tax thereon. INDUSTRIAL ARBITRATION. See LABOUR. INDUSTRY, COTTON. See COTTON. INDUSTRY, MEAT. See MEAT. INSURANCE. 14 Geo. V. An Act to Amend "The Life Assurance Companies No. 29. THE Act of 1901" and "The Insurance Act of INSURANCE Ac:r OF 1923. 1916" in certain particulars. [ASSENTED TO 12TH NOVEMBER, 1923.] B E it ~ nacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legis- lative Assembly. of Queensland in Parliament assembled, and by the authority of the same, as follows ;- Title of Act. 1. This Ac~ may be cited as "The Insurance Act 01 1923."

1923. INSURANCE. InSltrance Act. 10575 Lite Assurance. 2. The following amendments are made in *" The Ame.ndment. Lile Assurance Companies Act ot 1901" :-. ~~~ ~!: nce . (1.) After section five the following new section is ~ ~ ~ panies mserted:- . "[5A.] In addition to the deposit referred to in the FUl' th~ r last preceding section, every company which is at the depoSit. date of the passing of "The Insurance Act 01 1923" transacting or thereafter commences to transact life assurance business in Queensland shall deposit with the Treasurer a further sum of five thousand pounds in cash or securities of the kind referred to in paragraph (b) of subsection one of section five of this Act for every two hundred thousand pounds or part thereof by which the total amount assured by its policies in force at the close of its last financial year in its Queensland business exceeds two hundred thousand pounds until the total sum in money or securities deposited under the last preceding section and this section amounts to fifty thousand pounds. Every such fl1rther deposit shall be made within a period of three months after it has become due under this section." (2.) After section seven the following sections are inserted :- "[7A.] (1.) From and after the date of the passingCl,ondit:ions of "The Insurance Act of 1923" no company shall: ~ ~ ~ ~ s commence to transact life assurance business within maytransaet. Queensland or carry on such business within Queensland ~:urance unless such company is a company in which the net business in profits from time to time earned by the company are by Ql1eensland. the constitution of the company exclusively divisiblefrCfs~ R,c'i., 3.l 1. amongst the policy-holders of the company. '.1\ f" I ('. . ~ . 2 <- This subsection does not apply to any company carrying on life assurance business within Queensland at the date of the passing. of the said Act. This sllbsection shall not apply to any Company carrying on insurance business under t" The Insurance Act ot 1916" at the date of the passing of "The Insurance Act 0/1923." (2.) Save as next hereinafter provided, from and after the date of the passing of "The Insurance Act of 1923" no company shall commence to transact orsball • 1 Edw. VII. No. 20, supra, page 282. t 7 Geo. V. No. 27, supra, page 7497.

10576 INSURANCE. Insurance Act. 14 GEO. V. No. 29, carry on life assurance business within Queensland unless or until such company has received from the Treasurer a license in the prescribed form to carry on life assurance business within Queensland: Provided that every company which at the date of the passing of the last mentioned Act is carrying on life assurance business within Queensland shall upon applica- tion be entitled as of right to obtain such license without -compliance with the provisions of the next succeeding subsection and shall be allowed a period of three months from such date for the purpose of obtaining such license. Such license when obtained shall be subject to cancella- tion as hereinafter provided. (3.) Save as last hereinbefore provided, every appli- cation for a license under this section shall be in the prescribed form, and shall be accompanied by the sum of fifty pounds, to be applied in the same way as penalties are required to be applied under section fifty- one of this Act, and by the following documents certified under the Eeal of the company or the hand of the company's chief representative in Queensland:- (a) Duplicate receipt under the hand of the Treasurer, showing the company has made the deposit prescribed by section five of this Act; and (b) Copy of Memorandum and Articles of Associa- tion of the company; and (c) Copy of the company's last balance-sheet, or, if no balance-sheet has been issued, copy of the prospectus issued by the applicant at the time of incorporation; and (d) In the case of a company formed after the passing of "The Insurance Act of 1923" for the purpose of carrying on life assurance business within Queensland, copy of the prospectus of the company endorsed by the Auditor-General as having been approved by him before issue and as having, when issued, contained no reference to such approval or to the grant to the company of a license under this section. (4.) Without prejudice to the rights of companies ofthe kind referred to in the proviso to subsection two hereof, on compliance by a company with this section the

INSURANOE. 10577 1923. Instlrance Act. Treasurer may grant to such company a license in the prescribed form to carry on life assurance business within Queensland. (5.) Where any prospectus of a company formed after the passing of "The Insurance Act of 1923" for the purpose of carrying on life assurance business within Queensland is issued before being approved by the Auditor-General or contains any reference to its approval by the Auditor-General or any reference to the grant to the company of a license under this section, every director of the company and also any person who authorised the issue of such prospectus shall each be guilty of an offence against this Act and liable to a. penalty not exceeding one thousand pounds. (6.) Every license under this section shall be in the form prescribed by the Governor in Council by regulations published in the Gazette. [7B.] (1.) All sums of money deposited in cash Company with the Treasurer after the passing of "The Insurance md aklI~ gt Act of 1923" by way of securI • ty under the pro- en ep ti O tl S e l d to visions of this Act shall bear interest, which shall be paid interest. half-yearly to the company making such deposit; and the rate of such interest shall be fixed by the Treasurer at a sum equivalent to the average return (after making due .allowance for amortisation) from securities of the kinds referred to in paragraph (b) of subsection one of section five of this Act, as disclosed by quotations on the Brisbane Stock Exchange for the six months ended on the thirty-first day of December last preceding the period in respect of which such interest is payable. (2.) The decision of the Treasurer as to the rate of interest to be fixed under this section shall be final and conclusive. (3.) Nothing in this section shall be construed to derogate from the provisions of section six of this Act so far as relates to investments of moneys deposited by a company prior to the passing of "The Insurance Act of 1923." [70.] (1.) If the Treasurer is satisfied that anYCancellatiolS company carrying on life assurance business within of license of Queensland is unable to pay its debts, he may give to company. the company written notice of his intention to cancel the license of such company, giving his reasons for his decision.

10578 INSURANCE. Insurance Act. 14 GEO. V. No. 29, (2.) If the Treasurer is satisfied that any company has failed to comply with e.ny materia] provision of this Act, or is persistently acting in breach of any provision of this Act, he may give notice to such company of his intention to cancel the license of such company, giving his reasons for his decision. (3.) The decision of the Treasurer to cancel any license granted under this Act shall not be carried into effect until the time for lodging an appeal against his decision has expired, nor while any appeal against such decision is pending. (4.) An appeal from any decision given by the Treasurer under this section shall lie to a Judge of the Supreme Court. Such appeal shall be instituted by notice of appeal filed in the Supreme Court in accordance with the regula. tions within thirty days after receipt of such written notice from the Treasurer. If a Judge of the Supreme Court finds that any of the grounds for the decision given by the Treasurer are not established, he shall decide whether such decision given by the Treasurer is to be varied or rescinded, and such decision shall be varied or rescinded accordingly. (5.) Either party to the proceedings before such Judge of the Supreme Court may appeal from his decision to the Full Court, and such appeal shall be by way of rehearing. (6.) Subject to the regulations, the costs of appeal whether to a Judge or to the Full Court shall be in the discretion of the Judge or Court. (7.) Any notification of the cancellation of any license under this Act shall be published by the Treasurer in the Gazette, and any notification so published shall be prima facie evidence of the contents thereof. No company shall carry on life insurance business in Queensland after its license in that behalf has been cancelled, unless or until a fresh license under this Act has been granted to it." Amendme!u ( 3.) In section fifteen, all words from and including of Il. 15. the words "The original" to the end of the section . are repealed, and the following words are inserted in lieu thereof :-" Within nine months after the date to which the accounts of the Company were made up, the

INSURANCE. 10579 1923. InSU1'ance Act. original so signed, together with a printed copy thereof, shall be deposited at the office of the Registrar, and two printed copies thereof shall be deposited at the office of the Treasurer, together with such sum as may be prescribed (but not exceeding fifty pounds), which sum shall be applied in the same way as penalties are to be applied under section fifty-one of this Act. Every annual statement or copy thereof so deposited, after the first investigation after the passing of this Act, shall be accompanied by a printed copy of the abstract hereinbefore required to be made in the form prescribed in the Seventh Schedule to this Act. For the purposes of this section and of sections nine, ten, eleven, twelve, thirteen, fourteen, and sixteen hereof, the term " Company" shall be deemed to include the State Government Insurance Office." (4.) Section fifty-one is repealed and the following Amendment section is inserted in lieu thereof:- of s. 51. "[51. ] All penalties for offences against this Act may Recovery be recovered by complaint in a summary wav under &c., 0 1 £, *" The Justices Acts, 1886 to 1909." v pena tIeS. All penalties recovered shall be paid to the credjt of a special account of the Treasurer, and there shall be paid thereout all expenses incurred in administering thisAct." Marine and General Insurance. 3. The following amendments aro made in t" The Amendment Insurance Act of 1916" :_ Nofo 7 . 2G7e. o. V. (1.) In subsection one of section ten, the word " Commissioner" where it secondly occurs is repealed and the word " Treasurer" is inserted in lieu thereof. (2.) In subsection one of section eleven, the following provisions are inserted aft~r paragraph (c):- " (d) In the case of a company formed after the date of the passing of "The I ns'urance Act of 1923" for the purpose of carrying on marine or general insurance business or both within Queensland, a copy of the prospectus of such company, endorsed by the Auditor- General as having been approved by him before issue and as having contained, when " 50 Vic. No. 17 and Amending Acts, supra, page 1132. t 7 Geo. V. No. 27, supra, page 7497.

10580 INSURANCE. Insurance Act. 14 GEO. V. No. 29, issued, no reference to such approval or to the grant to the company of a license under this Act. Prospect\:o of new companies. (lA.) Where any prospectus as aforesaid is issued before being approved by the Auditor-General or con- tains any reference to its approval by the Auditor- General or any reference to the grant to the company of a license under this section, every director of the company and also any person who authorised the issue of such prospectus shall be guilty of an offence against this Act and liable to a penalty not exceeding one thousand pounds." . Increase of (3.) In subsection two of section eleven, after the deposit. words "exceeds £10,000" the words "but does not exceed £20,000" are inserted; also after the words" the applicant shall increase his deposit with the Treas.urer to the sum of ten thousand pounds" the words "and the applicant shall further increase his said deposit by the sum of five thousand pounds in cash or debentures, stock, Treasury Bills, or other securities of the Government of Queensland for every ten thousand pounds or part thereof by which such premium income after such deduction as aforesaid exceeds twenty thousand pounds until the total sum in cash or securities deposited under this section amounts to twenty thousand pounds. Every such further deposit shall be made within a period of three months after it has become due under this section. The decision of the Treasurer as to the value of securities deposited under this section shall be final and conclusive." are inserted. Treasurer may grant license. (4.) In subsection three of section eleven, the words "the Commissioner shall grant to such applicant, and the applicant shall be entitled to receive and hold" are repealed and the words "the Treasurer may grant to such applicant" are inserted in lieu thereof. (5.) Section twelve is repealed and the following section is inserted in lieu thereof : - Dt'posits to carry interest. "[12.] (1.) All sums of money deposited in cash with the Treasurer by way of security under the provisions of this Act shal1 bear interest, which shall be paid half- yearly to the company making such deposit; and the rate of such interest shall be fixed by the Treasurer at a sum equivalent to the average return (after making due allowance for amortisation) from securities of the kinds referred to in subsection two of section eleven of this

INSURANCE. 10581 1923. Insnrance Act. Act as disclosed by quotations on the Brisbane Stock Exchange for the six months ended the thirty-first day of December last preceding the period in respect of which such interest, is payable. (2.) The decision of the Treasurer as to the rate of interest to be fixed under this section shall be final and conclusive. (3.) The interest on all securities deposited with the Treasurer shall be paid to the insurer. Notwithstanrung any Act to the contrary, such interest shall be exempt from State income tax; Provided that if the interest accruing from any State securities is at any time here- after made 'Chargeable with State income tax, then interest accruing from such securities deposited thereafter with the Treasurer under this section shall be charge- able with such tax. (4.) Every deposit in cash or securities made under the provisions of this Act shall be charged with the pay- ment and satisfaction of all final judgments given against the insurer in respect of marine or general insurance policies issued in Queensland which are not otherwise satisfied. (5.) In the event of the insurer ceasing to carry on business in Queensland such insurer (on satisfying the Treasurer that all liabilities arising under marine and general insurance policies issued in Queensland have been discharged) shall be entitled, at the expiration of three months after the date of so satisfying the Treasurer, to receive from the Treasurer all moneys and securities for the time being held by the Treasurer on such insurer's account under this Act." (6.) The following amendments are made in sections Amendments eighteen and nineteen;- of ss. 18 and (a) The word "Commissioner," wherever it appears 19. in the said sections is repealed and the word" Treasurer" is inserted in lieu thereof. (b) In subsection four of section nineteen, the words "police magistrate" where they firstly and thirdly occur are repealed and the words "Judge of the Supreme Court" are inserted in lieu thereof; and the words ~' with a police magistrate" in the second paragraph of the said subsection are repealed and the words "in the Supreme Court" are inserted in lieu thereof; and in the third paragraph of the said subsection the words" are established" are repealed and the words "are not established" are inserted in lieu thereof.

10582 INSURANCE -JURIES. Jury Act Amendment Act. 14 GEO. V. No. 19, (c) In subsection five of the said section the words "police magistrate" are repealed and the words" Judge of the Supreme Court" are inserted in lieu thereof. The second paragraph of the said subsection is. repealed. In the third paragraph of the said subsection, after the word" appeal" the words" whether to a Judge or to the Full Court" are inserted, and before the word "Court" the words " Judge or " are inserted. ! fSec~ ~ , : : ~ t9 (7.) (i.) In Form No.1 of Schedule n., after paragraph n. (c) the following new paragraph is inserted:- (d) In the case of a company formed after the date of the passing of "The Insurance Act of 1923" for the purpose of carrying on marine or general insurance business, or both, within Queensland, copy of the prospectus of the applicant, endorsed by the Auditor-General as having been approved by him before issue and as having con- tained, when issued, no reference to such approval or to the grant to the company of a license under the above- mentioned Act. (ii.) The words " Insurance Commissioner" in the said Form are repealed, and the word "Treasurer" is inserted in lieu thereof. (iii.) In Form No. 2 of the said Schedule, the words " Insunmce Commis~ioner" are repealed and the word " Treasurer" is inserted in lieu thereof. JURIES. 14 Geo. V. An Act to Amend H The Jury Acts, 1867 to 1898,'" ~ o. 19. THE JURY I • n cer t aI . n par t I ' CU1ars. ACT BE AMENDMENT Acr OF 1923. [ASSENTED TO 10TH OCTOBER, 1923.] it enacted by the King's Most Excellent Majesty ~ by and with the advice and consent of the Legis- lative Assembly of Queensland in Parliament assembled,. and by the authority of the same, as follows:- Short title, 1. This Act may be cited as "The Jury Act Amend- ot construction ment Act 1923," and shall be read as one with *" The ~ ~ ! mence- Jury Acts, 1867 to 1898," herein collectively referred to' ment of Act. as the Principal Act. Save as is hereinafter provided, this Act shall come into operation on a date to be fixed by the Governor in Council by Proclamation published in the Gazette. " 31 Vic. No. 34 and Am:mding Acts, supra, pages 1110 et seq.