Life Assurance Companies Act 1885 (SA)

ANNO QUADRAGESIMO OCTAVO ET QUADRAGESIMO

NON0

A. D. 1885.

No. 350.

An Act to amend the i t Life Assurance Companies Act,

I 882."

[Assented to, Decemkr u t h, q1885.]

HERE AS it is expedient to amend the Life Assurance Com- pr-lo.

W panies Act, 1883," for the purpose of more fully protecting,	RS against the creditoxs of persons assured, the property and interest
of such persons, and their personal representatives, in and under policies of assurance issued by life companies in respect of the lives of such persons-Be it therefore Enacted by the Governor of the Province of South Australia, by and with the advice and consent of the Legislative Council and House of Assembly of the said province, in this present Parliament assembled, as follows:

1, This Act may be cited as the " Life Assurance Companies Act short title.

Amendment Act, 1885."

ration with

2. This Act, so far as is consistent with the tenor thereof, shall g,":~. Ife Assurance

be construed as one with the " Life Assurance Companies Act, Compmiea AC~, 1882:'

1882," in this Act referred to as the principal Act."

'

3, In this Act, unless the context otherwise requires, the word Inte~prebtion*

"Company " shall have the meaning given to it in section 3 of	the
principal Act-

'< Policy " means any contract for assurance, endowment, or

annuity, made bond Jide with the person intended to be

thereby assured, and on the life of such person:

Assured" means the person in whose name, and on whose life,

a policy is granted:

330 Insolvency "

48" & 49' VICTORIE, No. 350.

Lye Assurance Companies Act AmendnLent Act.--1885.

insolvency " includes as well the case of the assured, being adjudicated insolvent, as the case of the assured making any deed of assignment, under the Insolvent Acts for the time being in force in the province:

Protected " or '' protection" means protected or protection from seizure or execution under process of any Court of this province, and from all liability to vest in the trustee or assignee in insolvency, or to pass to the trustee or assignee under any deed of assignment for the benefit of creditors, and from all liability to become assets in the hands of personal representatives for the payment of debts:

The term " moneys payable," used in reference to any policy, means every sum payable by the Company issuing such policy under or by virtue thereof', and includes as well the amount originally assured, and every sum payable by way of bonus, profit, or dividend, as every sum payable upon the surrender of such policy as the surrender value thereof:

The term moneys protected" means such portion of the moneys

payable under the policies made on the life of the assured

as is by this Act protected.

Interest of assured

and personal repre- 4. The property and interest of the assured in respect of any

sentatives not to be	policy, or policies, and in the moneys payable thereunder, shall not,
available for pa ment	to the extent or limits provided in Schedule A to this Act, be liable

of oreditors wit t in

aertain limits.	to be seized or taken in execution under process of ally Court; and, in the event of the insolvency of the assured, shall not to such extent or limit vest in the trustee or assignee of his estate; and on the death of the assured, the property and interest of his personal representatives, under or by virtue of such policy or politics, and in the moneys payable thereunder, shall not, to the like extent or limit, be assets for the payment of the debts of such person, but the same shall be protected to the extent or limit specified in the said Schedule A, subject, nevertheless, to the proviso contained in the
next succeeding section of this Act.
Upon the happening

of certain events, a 5. Upon the happening of any event (such as the insolvency of

trust to ruiee in re-

the assured, or his death, leaving liabilities in excess of assets,

protected in favor of

spect of the moneys

exclusive of any moneys payable under any existing policy or any

certain persons.

other event) upon the happcning whereof the moneys protected would, but for this Act, be liable to be seized or taken in execution, or to become assets for the payment of debts, there shall forthwith arise,' in respect of the moneys protected, a trnst in favor of one or more of the persons capable, under the provisions of Schedule R to this

If there are no per-

Act, of being the object or objects of such trust: Provided, that if at

sons capable of being

objects of trust, no

the time of the happening of any such event as aforesaid there shall

protection to be

not be any person so capable of being an object of trust, no trust

afforded.

shall arise, and no protection shall be afforded in respect of any

moneys payable under any policy issued on the life of the assured.

48" & 49' VICTORIA5, No. 350.

Life Assurance Companies Act Amendment Act.-1885.

6. The assured may by his last will, or any codicil thereto, or	csutui pua t m t from
Aaaured m y appoint

should the event creating the trust happen during his lifetime, may,

certain claaeea, and

apportion the moneys

at any time, before, or a t the time of, or within seven days after the

protected.

happening of such event, by any deed, memorandum, or writing under his hand appoint from among the persons mentioned in the said Schedule B, such one or more of such persons as he shall choose to be the object or objects of the particular trust which shall so have arisen, and 'the moneys protected shall thereupon vest for the benefit of the objects so appointed, and in such shares or proportions as the assured shall in such deed, memorandum, writing, will, or codicil, mention.

7. And in default of such appointment, or in so far as any such In default of such appointment, who are

appointment shall not extend, the trust shall be in favor of such	to be objects of the
of the persons mentioned in the mid Schedule B, and in such shares as	trust.
would under the Statutes of Distribution and Act No. 324 of 1884, have been entitled to receive the same, and in which the same would have been distributed if the assured had died intestate, leaving a surplus of effects of the like value.

8. And the assured may by the same or any other deed, memo-	a trustee or trustees,
Assured may appoint

randum, will, or codicil under his hand, appoint a trustee or	and make provision
trustees of the moneys protected, and from time to time appoint a	for investment of the
new trustce or new trustces thereof, and may make yrovieiorl for the	moneys protected.
appointment of a new trustee or new trustees, and for the invest- ment of the moneys protected. I n default of any such appointment of a trustee, or until a trustee or trustees shall be appointed, the moneys protected shall be deemed to vcst in the assured as aforesaid, or in his or her personal representatives in trust for the objects aforesaid.

at any time there shall be no trustee, or it shall be expedient to appoint a new trustee or new trustees, a trustee or trustees, or a

Court may appoint

trustee in certain

cases.

new trustee or new trustccs may be appointed by any court having jurisdiction under the provisions of thc "Trustee Act, 1855," or

9, If

the Acts amending or extending the same.

10, The receipt of a trustee or trustees duly appointed, or in	assured or personal
Receipt of truetees or

default of any such appointment, or in default of notice to the Com-	representatives of
pany, the receipt of the assured or his legal personal representative	assured to be a
discharge to
shall be a discharge to such Company for the moneys thereby	Company.
acknowledged to have been paid by such Company in respect of the moneys protected under any policy or policies issued by such Company.

11, Immediately upon the happening of any such event as is Notice of protection and appointment 04

mentioned in the fifth section of this Act, the person whose policy to be given

or policies shall be liable to be affected thereby, or his legal to~ompany.

personal representative, or the trustee for the time being, shall

forthwith give notice in writing thereof, and of the appointment of

any

48" & 49" VICTORIE, No. 350.

Lye Assurance Companies Act Amendment Act.-1885.

any such trustee as aforesaid to every Company which shall have issued or contracted to issue a policy or policies upon the life of such person; and after receipt of such notice the Company shall-

not pay over any moneys payable in respect of any such policy

unless and until the moneys protected in respect thereof shall havc been paid, or, with the app-r.ova1 of the trustee, otherwise provided for.

Tmsteea to have

discretionary power 12. Every trustee appointed pursuant to this Act in respect

taco~1tinue, of any policy or policies or any moneys protected, shall at all

0 r ~ ~ @ p ~ ~ c i e 8 a f

the aaaured.

times after his appointment, and fbr so long as he shall continue such trustee or trustees, have discretionary power to permit any such policy or policies to continue in force during the life of thc assured, for so long and upon such proper terms or covenants a s to the payment of the premiums or other sums of money payable in order to keep the same in force as he shall think fit, or as he shall arrange with his cestuis que trust, or any of them, or with the creditors or any one or more of the creditors of tlie assured; or to surrender any such policy or policies to the Company or respective Companies which shall have issued the same for the full surrender value or surrender values thereof respectively; or to assign any such policy or policies to third parties for the best

Moneys arising from

valuable consideration which can reasonably be obtained therefor:

aasigrunent of policies And all moneys coming to the hands of any such trustce or trustees

by truetee to be

deemed xnonoye	by reason of any such assignmerlt as aforesaid shall, to the limits
protected,	provided in the said Schedule A, be deemed to be moneys protected
face of policy or

Date appearing on 13, The date appearing upon any policy or premium receipt, and

receipt to bep,.imd purporting to be the date of the signature or execution thereof, shall,

fd. evidence of m for the purposes of this Act, be prima facie evidence of the due

of nlgnature or

execution. signature and execution of such policy or receipt on such date.

If more than one 14. In the event of there being more than one policy equally

policy ,e ually charge- chargeable with the moneys protected, or any part thereof, the

able wit% moneyn

protected, truetee to trustee of such moneys shall forthwith elect which of such

elect and notify

Companies concerned.	policies shall be charged therewith, and to what amount, and shall notify his election to the Companies concerned, and, if no such elecGon shall be made within seven days after the trust shall have first arisen, then all such policies shall be charged pro mtn with such moneys in proportion to the amount expressed to be assured by them respectively: And every Company which shall be chargeable
Trustee may
Company to cancel

q u i r e with any moneys hereby protected shall, if required by the trustee

original and issue	or trustees of such money so to do, cancel the original policy or
eubstituted policierr,	policies issued by such Company in favor of the assured, and issue
of like amount.	substituted policies of equal standing in the books of such Company with the former policy or policies respectively, and amounting in the aggregate to the amount of such former policy or policies; and one
or more of such substituted policies shall be for the sum or sums
payable by such Company on account of any moneys protected in favor of such trustee or trustees, and the other or others of such policies for the residue of the amount of such former policy or

policies

48" & 49" VICTOKIE, No. 350.

L@ Assurance Companies Act Amendment Act.-1 88 5.

policies in favor of such person or persons as shall for the time being be entitled to receive the same, or in favor of whomsoever such last- mentioned person or persons may appoint.

15. Nothing in this Act contained shall affect the eleventh S ection 11 of Married Women's Property

section of the '' Married Women's Property Act, '1$@3-4."	Act, 1883-4, not
affected.

16. The thirty-third section of the principal Act is hereby re- Repeal.

pealed.

In the name and on behalf of Her Majesty, I hereby assent to

this Bill.

WILLIAM C. F. ROBINSON, Governor.

SCHEDULES.

VICTORIW, No.

L(fe Assurance Companies .4ct Amendment Act.-1885.

SCHEDULES.

SCHEDULE A.

Limits of Protection.

Rule l.-The limits to which protection shall be afforded in respect of valid and

existing policies in the name and on the life of any one person, shall be determined according to the age of such policies, irrespective of the number thereof, or the amount of the moneys payable thereunder, and of tile fact that they may not all have been issued bp one Company, as follows :-viz.,

If the only policy, or the oldest of the several policies, shall be of the age of-

Two years or more, the limit shall be 2200 of the sum assured, in addition to

the declared bonus.

Three years or more, the limit shall be £300 of the sum assured, in addition

to the declared bonuu.

Four years or more, the limit shall be $400 of the sum assured, in addition to

the declared bonus.

I'ive years or more, the limit shall be $500 of the sum assured, in addition to

the declared bonus.

Sir years or more, the limit shall be $800 of the sum assured, in addition to

the declared bonus.

Seven years or more, the limit shall be $1,000 of the sum assured, in addition

to the declared bonus.

Bute 2.-The moneys protected in respect of the same assured shall in no case

exceed two thousand pounds in the aggregate of the sum assured, in addition to the declared bonus, and the maximum amount in any case shall not exceed the amount limited by Rulc 1, in respect of a policy of the same age as the oldest policy existing

in the name of the assured.

Rule 3.-If two or more policies shall exist in favor of the same assured, either in

the same or in different offices, and any one of such policies shall be of sufficient age and amount to admit of all the moneys protected in respect of such assured being paid therefrom, such one policy alone may, in the discretion of the trustee or trustees of the moneys protected, be charged with the full amount protected: But if there shall not be one policy of such sufficient age and amount, then each of the policics of such assured shall be chargeable according to age (the earlier policies being pre- ferred to the later) to the amount limited in each case by the first rule, until the full amount of the moneys protected shall be attaincd, which full amount shall in no case exceed the maximum amount limited by the second riilc. If two or more policics in the name of the same assured aye of the same age, or so nearly so as to be pro- tectable to the same limit under rule I, protection shall be afforded in respect thereof only to the amount which would have been protected if there had been but one policy of such age for the aggregate amount assured by all such policies. When the full

amount shall be so attained, protection shall not be afforded in respect	-	of the other
(if any) remaining poliries on the life of the same assured.

Rule 4.-The age of a policy shall be taken to be the period elapsed between the

r time when the same policy, or the first premium receipt in respect thereof, was bond fide executed or signed and the time of the arising of the trust in respect of the! moneys payable thereunder.

SCHEDULE

a

48" & 49' VICTORIA, No. 350.

Life Assurance Companies Act Amendment Act.-1885.

SCHEDULE B.

Objects of the Trust.

All, and any one or more, of the persons hereunder mentioned, shall be capable of

being objects of the trust in respect of any moneys protected; namely:-The wife,

husband, child or children, grandchild or grandchildren, father, mother, brother or

brothers, sister or sisters, grandfather or grandmother of the assurcd.

L

Adelaide : By authority, E. SPILLER, Government Printer, North-terrace.