Insurance Companies Act 1918 (WA)

WESTERN AUSTRALIA..

a Nt

ANNO NONO

GEORGII QUINTI REGIS,.

IX.

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No. 19 of 1918.

AN ACT to provide for the Deposit of Security

by Insurance Companies.

[Assented to 13th June, 1918.]

and Legislative Assembly of Western Australia in this presentBE it enacted by the King's Most Excellent Majesty, by andwith the advice and consent of the Legislative Council

Parliament assembled, and by the authority of the same, as follows :-

1.    This Act may be cited as the Insurance Companies Act, Short title.

191&

2.    In this Act the words " insurance company " mean and Interpretation.

include any person or body of persons, whether corporate or unincorporate, not being registered under the Acts relating to friendly societies or trade unions, whether established before or after the commencement of this Act, and whether established within or without Western Australia, who carries or carry on within Western Australia any kind of insurance business except life assurance.

3.    (1.) Every insurance company shall deposit the sum of company to de-

Five thousand pounds with the Colonial Treasurer to be retained posit £5,000 with

by the Colonial Treasurer so long as such company continues Colonial

Treasurer.

to carry on business within Western Australia.

(2.) Such deposit, in the case of a company established

before the commencement of this Act, shall be made in two

instalments, as follows, Two thousand five hundred pounds on

1918, No. 19.]Insurance Companies. [9 GEO. V.

the 30th day of June, 1918, and Two thousand five hundred

pounds on the 31st day of December, 1918.

(3.) Interest on the sum so deposited at the rate of four and a half per centum per annum shall be payable by the Colonial Treasurer to the insurance company making the deposit, by equal hall-yearly instalments, and is hereby charged on the consolidated revenue fund.

(4.) The Colonial Treasurer shall issue Treasury Bills for the sums so deposited, bearing interest at the rate aforesaid, with a currency of five years and renewable from time to time ; and such Treasury Bills shall be deposited with and held by the Commonwealth Bank on behalf of the Colonial Treasurer.

(5.) On any insurance company ceasing to carry on business in Western Australia the Treasury Bills issued for the deposit made by such company shall be delivered to such company.

(6.) If any insurance company shall carry on business in Western Australia without having deposited the said sum with the Colonial Treasurer as aforesaid, such insurance com- pany shall be guilty of an offence under this Act, and liable to a daily penalty of Twenty Pounds.

(7.) The sum so deposited may be applied by the Colon- ial Treasurer in his discretion towards the payment and satis- faction of the liabilities in Western Australia of the insurance company by which such sum was deposited, arising in respect of any policy or contract of insurance issued or made before or after the commencement of this Act in case of default by such insurance company in meeting its legal liabilities.

Where snare capital

of a company is 4. If it is proved to the satisfaction of the Colonial

acquired by some	Treasurer that an insurance company has acquired the share
other company, one	capital of some other insurance company, and that both com-
deposit may suffice.
panies are under a common management in Australia, a deposit of the sum of Five thousand pounds by the acquiring company shall, if the Colonial Treasurer so certifies, be a sufficient compliance with the requirements of this Act.
Life Assurance Act

This Act shall not affect the provision of the Life Assur-

ance Companies Act, 1889, relating to the deposit of securities

by Life Assurance Companies.

not affected. 5.

Issue and redemp.

tion of Treasury 6. The investment and redemption of the Treasury Bills

Bills to be at par. referred to in section three, sub-section (4) shall be at par.