Life Assurance Companies Act 1901 (Qld)

Queensland LIFE ASSURANCE COMPANIES ACT 1901 Reprinted as in force on 1 March 1996 (includes amendments up to Act No. 17 of 1978) Reprint No. 1 This reprint is prepared by the Office of the Queensland Parliamentary Counsel Warning—This reprint is not an authorised copy

Information about this reprint This Act is reprinted as at 1 March 1996. The reprint shows the law as amended by all amendments that commenced on or before that day (Reprints Act 1992 s 5(c)). The reprint includes a reference to the law by which each amendment was made—see list of legislation and list of annotations in endnotes. Minor editorial changes allowed under the provisions of the ReprintsAct1992 mentioned in the following list have also been made to— • update citations and references (pt 4, div 2) • update references (pt 4, div 3) • express gender specific provisions in a way consistent with current drafting practice (s 24) • use gender neutral office names (s 25) • use different spelling consistent with current drafting practice (s 26(2)) • use standard punctuation consistent with current drafting practice (s 27) • use conjunctives and disjunctives consistent with current drafting practice (s 28) • use expressions consistent with current drafting practice (s 29) • reorder provisions consistent with current drafting practice (s 30A) • relocate marginal or cite notes (s 34) • use aspects of format and printing style consistent with current drafting practice (s 35) • omit provisions that are no longer required (ss 36 and 39) • omit unnecessary referential words (s 41) • omit historical notes (s 42) • omit the enacting words(s 42A) • number and renumber provisions and references (s 43) • correct minor errors (s 44) • make all necessary consequential amendments (s 7(1)(k)). Also see endnotes for information about— • when provisions commenced • editorial changes made in the reprint, including— • table of changed names and titles • table of obsolete and redundant provisions • table of corrected minor errors • table of renumbered provisions • table of comparative legislation.

Queensland LIFE ASSURANCE COMPANIES ACT 1901 TABLE OF PROVISIONS Section Page PART 1—PRELIMINARY 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4 Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 PART 2—PROVISIONS FOR SECURITY OF ASSURED 5 Companies to deposit securities with Treasurer . . . . . . . . . . . . . . . . . . . . . . 7 5A Further deposit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 6 Income from deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 7 Value of securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 7A Conditions on which companies may transact life assurance business in Queensland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 7B Company making deposit entitled to interest . . . . . . . . . . . . . . . . . . . . . . . . 12 7C Cancellation of licence of company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 8 Life assurance fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 9 Statements to be made by companies—schedules 2 and 3 . . . . . . . . . . . . . 14 10 Statements by companies doing other than life business—schedules 4 and 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 11 Statement of policies—schedule 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 12 Actuarial report and abstract—schedule 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 13 Statement of life and annuity business—schedule 8 . . . . . . . . . . . . . . . . . . 14 14 Forms may be altered . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15 Statements etc. to be signed and printed and deposited with registrar . . . . 15 16 Copies to be furnished . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 17 Foreign company to be registered . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 18 Interest of assured protected in certain cases . . . . . . . . . . . . . . . . . . . . . . . . 17

2 Life Assurance Companies Act 1901 19 Married women—trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 20 Minors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 20A Policyholder desiring to discontinue further premium payments . . . . . . . . . 19 20B Meaning of “surrender value” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 21 Policy not to be declared void when age of assured understated . . . . . . . . 19 22 Protection of policies—schedule 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 23 Premiums falling due on Sunday or bank holiday . . . . . . . . . . . . . . . . . . . . . 20 24 Policies issued on assessment principle . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 25 Industrial policy not to be forfeited except after certain notices . . . . . . . . . 21 26 When age has been overstated, how adjustment is to be made . . . . . . . . . 21 PART 3—APPLICATION OF COMPANIES ACTS, PROCEDURE, AND MISCELLANEOUS 27 Application of Companies Acts to life assurance companies . . . . . . . . . . . 22 28 Proprietary companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 29 Constitution when to be printed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 30 Amalgamation or transfer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 31 Statements in case of amalgamation or transfer . . . . . . . . . . . . . . . . . . . . . . 24 32 Regulation as to novations by policyholders . . . . . . . . . . . . . . . . . . . . . . . . . 25 33 Winding-up of company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 34 Winding-up of subsidiary company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 35 Contracts of insolvent company may be reduced . . . . . . . . . . . . . . . . . . . . . 28 36 Valuation of policies—schedule 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 37 Rules in schedules 9 and 10 to be rules of court . . . . . . . . . . . . . . . . . . . . . . 28 38 Notices to policyholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 39 Probate or administration may be dispensed with in certain cases . . . . . . . 28 40 Power to pay money into court . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 41 Assignment of policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 42 No notice of mortgage or trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 43 Company not bound to see to application of moneys paid by it . . . . . . . . . 31 44 Lost policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 45 Policies on Queensland register subject to laws of Queensland . . . . . . . . . 32 46 Transfer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 47 Statements to be laid before Parliament . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

3 Life Assurance Companies Act 1901 48 Inspection of deposited documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 49 Documents to be received in evidence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 50 Penalty for non-compliance with Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 51 Recovery etc. of penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 52 Act to apply to all companies and policies . . . . . . . . . . . . . . . . . . . . . . . . . . 34 SCHEDULE 2 . . . . . . . . . . . . . . . . . . . . . . . . 35 SCHEDULE 3 . . . . . . . . . . . . . . . . . . . . . . . . 36 SCHEDULE 4 . . . . . . . . . . . . . . . . . . . . . . . . 38 SCHEDULE 5 . . . . . . . . . . . . . . . . . . . . . . . . 40 SCHEDULE 6 . . . . . . . . . . . . . . . . . . . . . . . . 42 SCHEDULE 7 . . . . . . . . . . . . . . . . . . . . . . . . 44 SCHEDULE 8 . . . . . . . . . . . . . . . . . . . . . . . . 50 SCHEDULE 9 . . . . . . . . . . . . . . . . . . . . . . . . 52 SCHEDULE 10 . . . . . . . . . . . . . . . . . . . . . . . 53 SCHEDULE 11 . . . . . . . . . . . . . . . . . . . . . . . 54 ENDNOTES 1 Index to endnotes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 2 Date to which amendments incorporated . . . . . . . . . . . . . . . . . . . . . 55 3 Key . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 4 List of legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 5 List of annotations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 6 Table of changed names and titles . . . . . . . . . . . . . . . . . . . . . . . . . . 59 7 Table of obsolete and redundant provisions . . . . . . . . . . . . . . . . . . . 60 8 Table of correct minor errors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 9 Table of renumbered provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 10 Table of comparative legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

s1 5 s4 Life Assurance Companies Act 1901 LIFE ASSURANCE COMPANIES ACT 1901 [as amended by all amendments that commenced on or before 1 March 1996] An Act to make provision for regulating and controlling life assurance PART 1—PRELIMINARY ˙ Short title 1. This Act may be cited as the Life Assurance Companies Act 1901 . ˙ Interpretation 4.(1) In this Act— “collecting book” includes any book or document held by a collector in which payment of premiums are recorded. “collector” includes every person, howsoever remunerated, who, by himself or herself or by any deputy or substitute, makes house-to-house visits for the purpose of receiving premiums payable on industrial policies or life policies, or holds any interest in a collecting book, and includes every such deputy or substitute as aforesaid. “Companies Acts” means the Companies Act 1931 or any Act amending or in substitution for such Act. “company” means a company or association (corporate or unincorporate) which carries on or proposes to carry on insurance business in the State, and includes the State Government Insurance Office (including the Insurance Commissioner) constituted under the Insurance Act 1916 , but does not include a society registered under the Friendly Societies Act 1913 (or any Act amending or in substitution for that Act), or a trade union registered under the Trade Union Act 1915 , or

s4 6 s4 Life Assurance Companies Act 1901 the Industrial Conciliation and Arbitration Act 1932 (or any Act amending or in substitution for such lastmentioned Acts). “constitution of the company” means the memorandum and articles of association, rules, regulations, by-laws, deed of settlement, statute, charter, or other instrument declaring and regulating the constitution and functions of the company. “Court” means the Supreme Court. “financial year” means each period of 12 months at the end of which the balance of the accounts of the company in question is struck, or, if no such balance is struck, then each period of 12 months ending 31 December. “foreign company” means a company having its head office elsewhere than in Queensland. “indefeasible policy” means a policy which upon the face thereof and in accordance with a recited contract between the company and the assured states that neither it nor any bonus additions or other accretions thereto nor any interest therein shall in any way during the currency thereof be capable of being assigned, sold, encumbered, surrendered, disposed of, or in any way diminished or impaired. “industrial insurance business” means that class of insurance business which consists in the issue of, or the undertaking of liability under, industrial policies and any business in relation thereto. “industrial policy” means a policy issued on a life or lives upon which the contributions or premiums payable by the insured are by the terms of the policy made payable at intervals of less than 2 months, and are contracted to be received, or any one or more of which have actually been received, by means of collectors. “insurance business” means life insurance business and industrial insurance business. “life insurance business” means the issue of, or the undertaking of liability under, life policies and any business in relation thereto, but does not include industrial insurance business or any scheme or arrangement whereby staff superannuation benefits are provided by an employer or the employer’s employees. “life policy” means a policy other than an industrial policy insuring

s5 7 s5 Life Assurance Companies Act 1901 payment of money on death (not being death by accident or specified sickness only), or the happening of any contingency dependent on the termination or continuance of human life and includes an instrument evidencing a contract which is subject to the payment of premiums for a term dependent on the termination or continuance of human life, and an instrument securing the grant of an annuity upon human life. “mortgage” (as applied to a policy) means an instrument 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 performance of any condition or agreement. “policyholder” means the person who for the time being is the legal holder of the policy for securing the life assurance, endowment, annuity, or other contract with the company. “proprietary company” means a company in which the net profits from time to time earned by the company are not by the constitution of the company exclusively divisible amongst the policyholders of the company. “registrar” means the person acting as registrar of joint stock companies under the Companies Acts. “reserve value” means the value of a policy as computed on the basis of the table of mortality, rate of interest, and method of valuation adopted by the company on making its most recent periodical investigation inaccordance with this Act. (2) No company shall be deemed to transact life assurance business by reason only of the receipt by or on behalf of the company of premiums in respect of policies issued before the passing of this Act. PART 2—PROVISIONS FOR SECURITY OF ASSURED ˙ Companies to deposit securities with Treasurer 5.(1) Every company which commences or carries on life assurance

s 5A 8 s 5A Life Assurance Companies Act 1901 business in Queensland shall deposit with the Treasurer, either— (a) the sum of $20 000 to be invested by the Treasurer in debentures, stock, treasury bills, or securities of the Government of Queensland or the Commonwealth; or (b) securities of the value of $20 000, consisting of debentures, stock, treasury bills, or securities of the Government of Queensland or the Commonwealth. Time for making deposits (1A) A company which at the passing of this Act transacts life assurance business in Queensland may make such deposit at any time not later than 6 months after the passing of this Act. (1B) A company formed after the passing of this Act may make such deposit at any time not later than 3 months after the incorporation or registration of the company. Further deposits may be made (2) A company may at any time deposit with the Treasurer any securities of any kind, and to any amount, besides and beyond the deposit hereinbefore prescribed. Deposits to be a security to the policyholders (3) All moneys and securities for the time being deposited with the Treasurer under the provisions of this Act shall be and remain as a security for the payment of the value of the policies of all the policyholders upon the winding-up of the company, and shall not be liable for any debts or contracts of the company other than to or with its policyholders upon the winding-up of the company until payment in full value of such policies has been made. ˙ Further deposit 5A.(1) In addition to the deposit referred to in section 5, every company which is at the date of the passing of the Insurance Act 1923 transacting or thereafter commences to transact life assurance business in Queensland shall deposit with the Treasurer a further sum of $10 000 in cash or securities of the kind referred to in section 5(1)(b) for every $400 000 or part thereof by which the total amount assured by its policies in force at the

s 6 9 s 7A Life Assurance Companies Act 1901 close of its last financial year in its Queensland business exceeds $400 000 until the total sum in money or securities deposited under section 5 and this section amounts to $100 000. (2) Every such further deposit shall be made within a period of 3 months after it has become due under this section. ˙ Income from deposits 6.(1) Every company shall be entitled to receive all the income derived from investments of moneys deposited, and from securities deposited by the company under any of the provisions of this Act. Provision in case of loss of securities (2) If any securities deposited as hereinbefore prescribed are, while so deposited, lost, stolen, destroyed, or damaged, the injury occasioned to all persons interested therein shall be made good out of moneys to be appropriated by Parliament for the purpose. Withdrawal of deposits (3) A company may, upon giving to the Treasurer reasonable notice in that behalf, from time to time withdraw any securities deposited under the provisions of this Act other than securities forming part of the securities by this Act required to be deposited. ˙ Value of securities 7. In all matters relating to the value of securities deposited under the provisions of this Act the decision of the Treasurer shall be binding and conclusive. ˙ Conditions on which companies may transact life assurance business in Queensland 7A.(1) From and after the date of the passing of the Insurance Act 1923 no company shall commence to transact life assurance business within Queensland or carry on such business within Queensland unless such company is a company in which the net profits from time to time earned by the company are by the constitution of the company exclusively divisible

s 7A 10 s 7A Life Assurance Companies Act 1901 amongst the policyholders of the company. (1AA) Subsection (1) does not apply to any company carrying on life assurance business within Queensland at the date of the passing of the said Act. (1AB) Subsection (1) shall not apply to any company carrying on insurance business under the Insurance Act 1916 at the date of the passing of the Insurance Act 1923 . (1A) Notwithstanding anything to the contrary contained in subsection (1), but subject as in hereinafter provided, any company approved by the Governor in Council in that behalf may commence to transact life assurance business within Queensland and to carry on such business within Queensland notwithstanding that such company is not a company in which the net profits from time to time earned by the company are by the constitution of the company exclusively divisible amongst the policyholders of the company. (1B) However, no such company approved by the Governor in Council as aforesaid shall commence to transact or shall carry on life assurance business within Queensland unless or until such company has received from the Treasurer a licence in the prescribed form to carry on life assurance business in Queensland, which licence the Treasurer, subject to the provisions of this Act, may grant. (1C) In addition, no such licence shall be granted unless the applicant shall have first complied with the provisions of subsection (3). (1D) Also, all of the provisions of the Life Assurance Companies Act 1901 shall, so far as may be applicable, mutatis mutandis, extend and apply to any such company referred to in subsection (1A). (2) Subject to subsection (2A), from and after the date of the passing of the Insurance Act 1923 no company shall commence to transact or shall carry on life assurance business within Queensland unless or until such company has received from the Treasurer a licence in the prescribed form to carry on life assurance business within Queensland. (2A) However, every company which at the date of the passing of the lastmentioned Act is carrying on life assurance business within Queensland shall upon application be entitled as of right to obtain such licence without compliance with the provisions of subsection (3) and shall be allowed a period of 3 months from such date for the purpose of obtaining such

s 7A 11 s 7A Life Assurance Companies Act 1901 licence. (2B) Such licence when obtained shall be subject to cancellation as hereinafter provided. (3) Subject to subsection (2A), every application for a licence under this section shall be in the prescribed form, and shall be accompanied by the following documents certified under the seal of the company or the hand of the company’s chief representative in Queensland— (a) copy of memorandum and articles of association of the company; (b) 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; (c) in the case of a company formed after the passing of the Insurance Act 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 the auditor-general before issue and as having, when issued, contained no reference to such approval or to the grant to the company of a licence under this section. (4) Without prejudice to the rights of companies of the kind referred to in subsection (2A), on compliance by a company with this section the Treasurer may grant to such company a licence 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 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 licence 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 $2 000. (6) Every licence under this section shall be in the form prescribed by the Governor in Council by regulation published in the gazette.

s 8 12 s 8 Life Assurance Companies Act 1901 ˙ Company making deposit entitled to interest 7B.(1) All sums of money deposited in cash with the Treasurer after the passing of the Insurance Act 1923 by way of security under the provisions of this Act shall 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 rate not less than $3 % per annum. (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 6 so far as relates to investments of moneys deposited by a company prior to the passing of the Insurance Act 1923 . ˙ Cancellation of licence of company 7C.(1) If the Treasurer is satisfied that any company carrying on life assurance business within Queensland is unable to pay its debts, the Treasurer may give to the company written notice of intention to cancel the licence of such company, giving reasons for the decision. (2) If the Treasurer is satisfied that any company has failed to comply with any material provision of this Act, or is persistently acting in breach of any provision of this Act, the Treasurer may give notice to such company of intention to cancel the licence of such company, giving reasons for the decision. (3) The decision of the Treasurer to cancel any licence granted under this Act shall not be carried into effect until the time for lodging an appeal against the 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. (4A) Such appeal shall be instituted by notice of appeal filed in the Supreme Court in accordance with the regulations within 30 days after receipt of such written notice from the Treasurer. (4B) If a judge of the Supreme Court finds that any of the grounds for the decision given by the Treasurer are not established, the judge shall decide rescinded, and such decision shall be varied or rescinded accordingly.

s 9 13 s 13 Life Assurance Companies Act 1901 (5) Either party to the proceedings before such judge of the Supreme Court may appeal from the judge’s decision to the Court of Appeal, 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 Court of Appeal shall be in the discretion of the judge or Court. (7) Any notification of the cancellation of any licence 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. (8) No company shall carry on life insurance business in Queensland after its licence in that behalf has been cancelled, unless or until a fresh licence under this Act has been granted to it. ˙ Life assurance fund 8.(1) A company which transacts other business besides that of life assurance shall keep a separate account of all moneys received after the passing of this Act in respect of the life assurance and annuity contracts of the company. (2) There shall be established separate funds, to be called the life assurance fund and the industrial insurance fund of the company, respectively, to the credit of which each separate fund all moneys so received in respect of each such separate fund shall be placed. (3) Such fund, however invested, shall be as absolutely the security of the policyholders as though it belonged to a company carrying on no other business than that of life assurance, and shall not be liable for any contracts of the company for which it would not have been liable had the business of the company been only that of life assurance. (4) In the case of any company in existence at the passing of this Act the exemption of the life assurance fund from liability for other obligations than to its policyholders shall extend only to contracts entered into after the passing of this Act, unless by the constitution of the company such exemption exists at the passing of this Act. (5) Provided that this section shall not apply to any contracts entered into by a company in existence at the passing of this Act in cases where by the constitution of the company the whole of the profits of all the business are paid exclusively to the policyholders and where on the face of such contracts

s 14 14 s 15 Life Assurance Companies Act 1901 the liability of the assured distinctly appears. ˙ Statements to be made by companies—schedules 2 and 3 9. Every company shall, at the expiration of each financial year of the company, prepare a statement of its revenue account for such year, and of its balance sheet at the close of such year, in the forms respectively contained in schedules 2 and 3. ˙ Statements by companies doing other than life business—schedules 4 and 5 10. Every company which, concurrently with the granting of policies of assurance, transacts any other kind of assurance or other business, shall, at the expiration of such financial year as aforesaid, prepare statements of its revenue account for such year, and of its balance sheet at the close of such year, in the forms respectively contained in schedules 4 and 5. ˙ Statement of policies—schedule 6 11. Every company shall, at the expiration of each financial year, prepare, in addition to all other statements required by this Act, a statement in the form contained in schedule 6. ˙ Actuarial report and abstract—schedule 7 12. Every company shall, once in every 5 years, or at such shorter intervals as may be prescribed by the constitution of the company, cause an investigation to be made at its own expense into its financial condition by an actuary to be approved by the Governor in Council, and shall cause an abstract of the report of such actuary to be made in the form prescribed in schedule 7. ˙ Statement of life and annuity business—schedule 8 13.(1) Every company shall, on or before 31 December 1903, and thereafter within 9 months after the date of each such investigation as aforesaid into its financial condition, prepare a statement of its life assurance

s 16 15 s 17 Life Assurance Companies Act 1901 and annuity business in the form contained in schedule 8, each of such statements to be made up as at the date of the last investigation, whether such investigation was made previously or is made subsequently to the passing of this Act. (2) Provided as follows— (a) if the next financial investigation after the passing of this Act of any company falls during the year 1904—the said statement of such company shall be made up as at the date of such investigation instead of on or before 31 December 1903; (b) if such investigation is made annually by any company—such company may prepare such statement at any time, so that it be made at least once in every 3 years. (3) In this section— “date of each such investigation” means the date to which the accounts of the company are made up for the purposes of each such investigation. ˙ Forms may be altered 14. The Governor in Council may from time to time alter the forms contained in the schedules, for the purpose of adapting them to the circumstances of any company, or of better carrying into effect the objects of this Act. ˙ Statements etc. to be signed and printed and deposited with registrar 15.(1) Every abstract and statement hereinbefore required to be made shall be signed by the principal officer of the company in Queensland, or if the company has a managing director or board of directors in Queensland by the managing director or the chairperson of the board of directors as the case may be, and shall be printed. (2) Within 9 months after the date to which the accounts of the company were made up, the original so signed, together with a printed copy thereof, shall be deposited at the office of the registrar, and 2 printed copies thereof shall be deposited at the office of the Treasurer, together with such sum as may be prescribed (but not exceeding $100), which sum shall be applied in the same way as penalties are to be applied under section 51.

s 18 16 s 19 Life Assurance Companies Act 1901 (3) 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 schedule 7. (4) For the purposes of this section and of sections 9 to 14 and 16— “company” includes the State Government Insurance Office. ˙ Copies to be furnished 16. A printed copy of the last deposited statement, abstract, or other document by this Act required to be printed, shall be forwarded by the company, without fee, to every shareholder and policyholder of the company in Queensland. ˙ Foreign company to be registered 17.(1) After the lapse of 6 months after the passing of this Act no foreign company shall transact any life assurance or annuity business in Queensland unless or until such company has been duly registered in accordance with the provisions of the British Companies Act 1886 or the Foreign Companies Act 1895 . Penalty (2) After the lapse of the period hereinbefore mentioned, no person shall act in any manner whatsoever in the capacity of an officer or agent of such a foreign company unless or until the company has been so registered. (3) Every person who acts or attempts to act in such capacity as aforesaid contrary to the provisions of this section shall be liable to a penalty not exceeding $500. When contracts valid (4) Every contract for life assurance or annuity entered into by an unregistered foreign company, or by any officer or agent thereof, shall nevertheless be valid and binding on the company; but such company shall not be entitled to recover any premium or other payment in respect of such contract.

s 19 17 s 19 Life Assurance Companies Act 1901 ˙ Interest of assured protected in certain cases 18.(1) The property and interest of the assured in a policy effected upon the assured’s own life shall not be liable to be applied or made available in payment of the assured’s debts by any judgment, order, or process of any Court, and shall not in the event of the assured’s insolvency pass to the trustee of assured’s estate. (2) In the case of an assured person dying after the passing of this Act the moneys payable upon the death of the assured under or in respect of a policy effected upon the assured’s life shall not be liable to be applied or made available in payment of the assured’s debts by any judgment, order, or process of any court, or by retainer by an executor or administrator, or in any other manner whatsoever, except by virtue of a contract or charge made by the assured in the assured’s lifetime, or by virtue of an express direction contained in the assured’s will or other testamentary instrument executed by the assured that the moneys arising from the policy shall be so applied. (3) A direction to pay debts, or a charge of debts upon the whole or any part of the testator’s, estate, or a trust for the payment of debts, shall not be deemed to be such an express direction. (4) However, in case of the death of the assured within 3 years from the date of the policy a sum equal to all sums which have been paid by way of premium on such policy, with simple interest thereon at the rate of 5% per annum, shall be set apart from the moneys payable under the policy and shall be available for the payment of the debts of the assured. (5) In addition, in any case where the time stipulated by any policy during which premiums shall continue to be payable during the lifetime of the assured is less than 7 years the provisions of this section shall not apply, except in case of the death of the assured, until the policy shall have endured for at least 3 years. ˙ Married women—trustees 19.(1) A married woman may effect a policy upon her own life or the life of her husband, or any life wherein she has an insurable interest, for her separate use, and the same and all benefits thereof shall enure accordingly. (1A) The protection of section 18 shall extend to any such policy bona fide effected by a married woman.

s 20 18 s 21 Life Assurance Companies Act 1901 (2) A policy affected by any man upon 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 upon 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, shall create a trust in favour of the objects therein named, and the moneys payable under any such policy shall not, so long as any object of the trust remains unperformed, form part of the estate of the assured, or be subject to his or her debts. (2A) However, if it is proved that the policy was effected and the premiums were paid with intent to defraud the creditors of the assured, they shall be entitled to receive, out of the moneys payable under the policy, a sum equal to the premiums paid in respect of the policy, with simple interest thereon at the rate of 5% per annum. (3) The assured may by the policy, or by any memorandum under his or her hand, appoint a trustee or trustees of the moneys 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 moneys payable under the policy. (4) In default of any such appointment of a trustee, such policy, immediately on its being effected, shall vest in the assured, and his or her personal representatives, in trust for the purposes aforesaid. (5) If, at the time of the death of the assured, or at any time afterwards, 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 jurisdiction under the provisions of the Trustees and Executors Act 1897 , or any Act amending or in substitution for that Act. (6) The receipt of a trustee or trustees duly appointed, or in default of any such appointment, or in default of notice to the company, the receipt of the personal representative of the assured, shall be a discharge to the company for the sum secured by the policy, or for the value thereof, in whole or in part. ˙ Minors 20.(1) A minor of the full age of 16 years and upwards may effect a policy upon the minor’s own life.

s 22 19 s 24 Life Assurance Companies Act 1901 (2) Every such minor shall be as competent in all respects to be a policyholder and to have and to exercise all the powers and privileges of policyholders in relation to such contract, other than the right to assign the same, as fully and effectually as if the minor were of full age. ˙ Policyholder desiring to discontinue further premium payments 20A.(1) A policyholder who desires to discontinue further premium payments on an ordinary whole life assurance policy or an ordinary endowment assurance policy which has been in force for 3 years or upwards, or on an industrial whole life assurance policy or an industrial endowment assurance policy which has been in force for 4 years or upwards, shall, on application to the company, be entitled to receive a surrender value less any lien the company may have on its policy. (2) The provisions of this section shall apply and extend to any policy made or entered into before the passing of the Life Assurance Companies Acts Amendment Act 1933 , and which is in existence at the passing of such lastmentioned Act, and to any policy made or entered into on or after the passing of such lastmentioned Act; but in respect of applications thereunder shall only apply and extend in respect of any such application made after the passing of such lastmentioned Act. ˙ Meaning of “surrender value” 20B. For the purposes of section 20A— “surrender value” , of a life policy or an industrial policy, means an amount not less than 65% of the reserve value of such life policy or industrial policy concerned. ˙ Policy not to be declared void when age of assured understated 21.(1) No policy shall be declared void by a company by reason only of the person upon whose life the policy was effected having understated his or her age in the person’s application for the policy, but the company shall be entitled either to so reduce the amount payable under the policy that it shall bear the same proportion to the original amount of the policy as the annual premium payable thereunder bears to the annual premium which would have been payable if the true age had been stated according to the premium

s 25 20 s 26 Life Assurance Companies Act 1901 table of the company in use at the date of the policy, or to accept payment from the assured of an amount equal to the difference between the annual premium paid by the person and the annual premium which would have been payable as aforesaid if the true age had been stated, together with compound interest on such amount at the rate of 5%, upon the assured undertaking to pay the proper annual premium in the future. (2) However, whenever any policy issued after the passing of this Act shall have endured for at least 3 years the burden of proof that the age of the assured was not correctly stated in the person’s application for the policy shall rest on the company. (3) In addition, nothing in this section contained shall be construed to deprive any holder of a policy issued before the passing of this Act of any benefit or advantage conferred by section 5 of the Life Insurance Act 1879 . ˙ Protection of policies—schedule 8 22. No policy issued by a company shall lapse to the company for non-payment of premiums so long as the premiums and interest in arrears are not in excess of the surrender value as calculated in accordance with the answer to question 9 contained in the statement as prepared by the company in the form of schedule 8. ˙ Premiums falling due on Sunday or bank holiday 23. When the last day of grace for the payment of any premium on a policy of life assurance falls upon Sunday or a bank holiday, such premium shall be payable on the next following day not being Sunday or a bank holiday. ˙ Policies issued on assessment principle 24.(1) Every application, policy, and certificate, and every circular and advertisement issued by any company or society carrying on business in the State upon any principle whereby any member or person insured may be called upon to pay any call, levy, or assessment in addition to the fixed premium payable upon his or her policy, shall contain in large type and in ink (except in any advertisement in a registered newspaper) of a colour different from that of the ink used in the document the words ‘Assessment

s 27 21 s 28 Life Assurance Companies Act 1901 principle—In addition to premiums, policyholders may be liable to pay calls, levies, or assessments from time to time.’ (2) Any company or society which commits any breach of the provisions of this section shall be liable to pay a penalty of $100 for every such breach to any person who may sue for the same. ˙ Industrial policy not to be forfeited except after certain notices 25. A forfeiture of an industrial policy issued by any company shall not be incurred by any person assured thereunder by reason of any default in payment of any contribution or premium until after— (a) notice stating the amount due or payable at the date of the notice, and informing the person that in default of payment by the person within a reasonable time, not being less than 30 days from the date of service of the notice, and at a place to be specified in such notice, the person’s policy will be forfeited, has been served upon the person by or on behalf of the company, either personally or by leaving the same at the person’s usual or last known place of abode or business, or by sending the same by post addressed to the person by registered letter at such usual or last known place of abode or business; and (b) default has been made by the person in paying his or her contribution or premium in accordance with that notice, together with any additional contribution or premium which has become due or payable up to the date of payment. ˙ When age has been overstated, how adjustment is to be made 26. Upon proof to a company that the person upon whose life a policy was effected has overstated the person’s age in the person’s application for the policy, the company shall at its option, either— (a) so increase the amount payable under the policy that it shall bear the same proportion to the original amount of the policy as the annual premium payable thereunder bears to the annual premium which would have been payable if the true age had been stated according to the premium table of the company in use at the date of the policy; or

s 29 22 s 30 Life Assurance Companies Act 1901 (b) pay to the assured in cash, the amount of all such overpayments. PART 3—APPLICATION OF COMPANIES ACTS, PROCEDURE, AND MISCELLANEOUS ˙ Application of Companies Acts to life assurance companies 27. The provisions of the Companies Acts shall apply to every company to which this Act extends, except so far as such provisions are modified by this Act, and except also that no such company shall be required to hold more than 1 general meeting in the year. ˙ Proprietary companies 28.(1) Every proprietary company shall provide a book, to be called the shareholders’ address book, in which the company shall cause to be entered from time to time, in alphabetical order, the corporate names and places of business of the several shareholders of the company being corporations, and the surnames of the several other shareholders, with their respective christian names, places of abode, and descriptions, so far as the same are known to the company. (2) Every policyholder or shareholder, or if such shareholder or policyholder is a corporation, the clerk or agent of such corporation, shall be entitled at all reasonable times to inspect and peruse such book without fee. (3) The company shall, on the application of any shareholder or policyholder of the company, furnish to the shareholder or policyholder a copy of such book, or of any part thereof, on payment of a fee not exceeding 5c for every 100 words required to be copied for such purpose. ˙ Constitution when to be printed 29. Every company which is not registered under the Companies Acts shall cause a sufficient number of copies of the constitution of the company to be printed, and shall, on the application of any shareholder or policyholder of the company, furnish to the shareholder or policyholder a

s 31 23 s 31 Life Assurance Companies Act 1901 copy thereof; on payment of a fee not exceeding 25c. ˙ Amalgamation or transfer 30.(1) When it is intended to amalgamate 2 or more companies, or to transfer the life assurance business of one company to another company, the directors of any 1 or more of such companies may apply to the Court by petition to sanction the proposed arrangement. (2) Before any such application is made, notice of such application, together with— (a) a statement of the nature and terms of the amalgamation, or transfer, as the case may be; and (b) an abstract containing the material facts embodied in the agreement or deed under which such amalgamation or transfer is proposed to be effected; and (c) copies of the actuarial or other reports upon which such agreement or deed is founded; shall be served on every policyholder of both companies in cases of amalgamation, or on every policyholder of the transferred company in case of transfer. (2A) Such notice and documents shall be served by being transmitted through the post, directed to the registered or other known address of the policyholder, and within such period that the same may be delivered in the due course of delivery 30 days at least before the day appointed for the hearing of the application. (2B) In proving such service it shall be sufficient to prove that such notice and documents were properly addressed and put into the post office. (2C) The agreement or deed under which such amalgamation or transfer is proposed to be effected shall be open to the inspection of the policyholders and shareholders at the office or offices of the company or companies for a period of 30 days after the issue of the abstract herein provided. (3) A copy of such notice shall also be published in the gazette at least 14 days before the application is made. (4) The Court, after hearing the directors and other persons who are in the

s 32 24 s 33 Life Assurance Companies Act 1901 opinion of the Court entitled to be heard, may grant the application if the Court is satisfied that no sufficient objection to the arrangement has been established. (4A) However, the Court shall not sanction any amalgamation or transfer in any case in which it appears to the Court that policyholders representing one-tenth or more of the total amount assured in any company, which it is proposed to amalgamate, or in any company the business of which it is proposed to transfer, dissent from such amalgamation or transfer. (4B) In addition, the Court may grant any such application if the Court is satisfied that the subject matter of the application has already been sanctioned by the Supreme Court of any part of Her Majesty’s Dominions where substantially the same proceedings are prescribed by law as those prescribed by this Act. (5) No company shall amalgamate with another company, or transfer its business to another company, unless such amalgamation or transfer is sanctioned by the Court in accordance with this section. (6) This section shall not apply to any case in which the business of any company which is sought to be amalgamated or transferred does not comprise the business of life assurance. ˙ Statements in case of amalgamation or transfer 31.(1) When an amalgamation takes place between any companies, or when the business of one company is transferred to another company, the combined company or the purchasing company, as the case may be, shall, within 10 days from the date of the completion of the amalgamation or transfer, deposit in the office of the registrar the following documents— (a) certified copies of the statements of the assets and liabilities of the companies concerned in such amalgamation or transfer; (b) a statement of the nature and terms of the amalgamation or transfer; (c) a certified copy of the agreement or deed under which such amalgamation or transfer is effected; (d) certified copies of the actuarial or other reports upon which such agreement or deed is founded.

s 34 25 s 34 Life Assurance Companies Act 1901 (2) The statement and agreement or deed of amalgamation or transfer shall be accompanied by a declaration signed by the principal officer in Queensland of each company, and, if any of such companies has a managing director or board of directors in Queensland, also signed by the managing director or the chairperson of the board of directors as the case may be, that to the best of his, her or their belief, every payment made, or to be made, to any person whatsoever, on account of the said amalgamation or transfer, is therein fully set forth, and that no other payments beyond those set forth have been made or are to be made either in money, policies, bonds, valuable securities, or other property, by or with the knowledge of any parties to the said amalgamation or transfer. ˙ Regulation as to novations by policyholders 32. When a company, either before or after the passing of this Act, has transferred its business to, or has been amalgamated with, another company, no policyholder in the firstmentioned company who shall pay to the other company the premiums accruing due in respect of the policyholder’s policy shall, by reason of any such payment made after the passing of this Act, or by reason of any other act done after the passing of this Act, be deemed to have abandoned any claim which the policyholder would have had against the firstmentioned company upon the due payment of premiums to such company, or to have accepted, in lieu thereof, the liability of the other company, unless such abandonment and acceptance have been signified by some writing signed by the policyholder, or by the policyholder’s agent duly authorised in that behalf. ˙ Winding-up of company 33.(1) On the application of 10 or more persons who are policyholders, whose policies have subsisted for at least 1 year, or shareholders of a company, being assured with the company to the amount of or having an interest in the company of the value of at least $2 000 in the aggregate, and upon its being proved to the satisfaction of the Court that the company is insolvent, the Court may order the company to be wound up under the provisions of the Companies Acts. (1A) In determining whether or not the company is insolvent the Court shall take into account its contingent or prospective liability under policies

s 34 26 s 34 Life Assurance Companies Act 1901 and annuity or other existing contracts. Security for costs (2) The Court shall not hear any such application until security for costs, for such amount as the Court thinks reasonable, has been given. Proprietary company (3) In the case of a proprietary company having an uncalled capital of an amount sufficient with the future premiums receivable by the company to make up the actual invested assets equal to the amount of the estimated liabilities, the Court shall adjourn the hearing of the application for such time as the Court directs, in order to enable the uncalled capital, or a sufficient part thereof, to be called up. (4) If, at the end of the original or any extended time to which the hearing has been adjourned, such an amount has not been realised by means of calls as, with the already invested assets, to be equal to the liabilities, an order may be made on the application as if the company has been proved insolvent. ˙ Winding-up of subsidiary company 34.(1) When the business or any part of the business of a company (the “subsidiary company” ) has, either before or after the passing of this Act, been transferred to another company (the “principal company” ), under an arrangement in pursuance of which the subsidiary company, or the creditors thereof, has or have claims against the principal company, then, if the principal company is being wound up by or under the supervision of the Court, either at or after the passing of this Act, the Court shall, subject as hereinafter mentioned, order the subsidiary company to be wound up in conjunction with the principal company, and may, by the same or any subsequent order, appoint the same person to be liquidator for the 2 companies, and make provision for such other matters as may seem to the Court necessary, in order that such companies may be wound up as if they were one company. (1A) The commencement of the winding-up of the principal company shall, unless otherwise ordered by the Court, be the commencement of the winding-up of the subsidiary company. (1B) Nevertheless, in adjusting the rights and liabilities of the

s 35 27 s 39 Life Assurance Companies Act 1901 shareholders of the several companies between themselves, the Court shall have regard to the constitution of such companies, and to the arrangements entered into between such companies, in the same manner as the Court has regard to the rights and liabilities of different classes of contributories in the case of the winding-up of a single company, or as near thereto as circumstances will admit. When subsidiary company is not in course of being wound up (2) When a subsidiary company, or company alleged to be subsidiary, is not in process of being wound up at the same time as the principal company to which it is subsidiary, the Court shall not direct the firstmentioned company to be wound up unless, after hearing all objections, if any, that may be urged by or on behalf of such company against its being wound up, the Court is of opinion that such company is subsidiary to the principal company, and that the winding-up of such company in conjunction with the principal company is just and equitable. Application for winding-up subsidiary company (3) An application may be made in relation to the winding-up of a subsidiary company in conjunction with a principal company by any creditor of, or person interested in, the principal or subsidiary company. Grouping of companies (4) When a company stands in the relation of a principal company to one company, and in the relation of a subsidiary company to some other company, or when there are several companies standing in the relation of subsidiary companies to one principal company, the Court may deal with any number of such companies, together or in separate groups, as the Court thinks most expedient upon the principles laid down in this section. ˙ Contracts of insolvent company may be reduced 35. Instead of making an order that a company which has been proved to be insolvent shall be wound up, the Court may reduce the amount of the contracts of the company upon such terms and subject to such conditions as the Court thinks just.

s 40 28 s 40 Life Assurance Companies Act 1901 ˙ Valuation of policies—schedule 9 36.(1) When a company is being wound up by the Court, or subject to the supervision of the Court, or voluntarily, the value of every life annuity and life policy requiring to be valued in such winding-up shall be estimated according to the rules set forth in schedule 9. (2) But this section shall not apply to any company the winding-up of which has commenced before the passing of this Act, unless the Court having cognisance of the winding-up so orders, which order that Court is hereby empowered to make, upon the application of any person interested in the winding-up of such company. ˙ Rules in schedules 9 and 10 to be rules of court 37. The rules in schedules 9 and 10 shall be of the same force as if they were rules made in pursuance of the Companies Act 1863 , section 171, and may be altered from time to time by rules made under the provisions of that section. ˙ Notices to policyholders 38.(1) Except as by this Act otherwise provided, any notice which is by this Act required to be given to any policyholder may be addressed and sent to the person to whom notices respecting such policy are usually sent. (2) Any notice so addressed and sent shall be deemed and taken to be notice to the holder of such policy. ˙ Probate or administration may be dispensed with in certain cases 39.(1) Where— (a) there is only one policy under which moneys are payable by the company to the personal representative of a deceased person and those moneys do not, excluding bonus additions, exceed $6 000; or (b) there are 2 or more policies under which moneys are so payable and the aggregate of those moneys does not, excluding bonus additions, exceed $6 000;

s 41 29 s 42 Life Assurance Companies Act 1901 the company may, without requiring the production of any probate or letters of administration, pay the moneys, together with the bonuses (if any) which may have been added to the policy or policies, to a person— (c) who is the husband, wife, father, mother, child, brother, sister, nephew or niece of the deceased person; or (d) who satisfies the company that the person is entitled to the property of the deceased person under the deceased person’s will or under the law relating to the disposition of the property of deceased persons, or that the person is entitled to obtain probate of the will of the deceased person, or to take out letters of administration of the deceased person’s estate. (2) The company making any such payment shall be thereby discharged from all further liability in respect of the moneys payable under the policy or policies. (3) All persons to whom any such moneys are paid shall apply those moneys in due course of administration and, if the company thinks fit, it may require those persons to give sufficient security by bond or otherwise that the moneys so paid will be so applied. ˙ Power to pay money into court 40.(1) A company may, subject to any rules of court in that behalf, pay into court any moneys payable by the company in respect of a policy for which in the opinion of the company no sufficient discharge can otherwise be obtained. (2) The receipt or certificate of the proper officer of the Court shall be a sufficient discharge to the company for the moneys so paid into court, and such moneys shall, subject to such rules of court, be dealt with according to the orders of the Court. ˙ Assignment of policies 41.(1) No assignment of a policy made after 1 January 1902, shall be valid unless it is made in the form prescribed by this Act nor until it has been registered as herein after provided.

s 43 30 s 44 Life Assurance Companies Act 1901 Schedule 11 (2) Every such assignment shall be made by memorandum of transfer endorsed upon such policy, in the form in schedule 11. (3) Every such assignment shall be registered within 60 days, in a book kept by the company for that purpose, and the date of such registration shall also be endorsed upon such policy by the proper officer of the company, who shall sign such endorsement. (4) The transferee under a duly registered assignment shall have all the powers and shall be subject to all the liabilities of the transferror of the policy assigned, and may sue, in the transferee’s own name, on the policy. (4A) However, when the policy is assigned by way of mortgage only, both the transferee and the transferror or the legal personal representative of the transferror, as the case may be, must, unless the Court otherwise orders, join in suing on the policy. (5) The receipt of such transferee shall be a sufficient discharge to the company for all moneys paid by the company in respect of such policy. (6) The production of the policy endorsed with the date of registration of the transfer, and signed as aforesaid, shall be conclusive evidence of the registration of the transfer and of the date of such registration. (7) No assignment or transfer of an indefeasible policy shall be registered by the company, and the company shall at all times during and after the termination of the currency of an indefeasible policy, but subject nevertheless to the provisions of section 22, be liable for the full amount of such indefeasible policy and of any bonus additions or other accretions thereto until duly discharged from such liability according to law. ˙ No notice of mortgage or trusts 42.(1) When a policy is assigned by way of mortgage, or upon any trust, such mortgage or trust shall be effected by a separate instrument by way of defeasance or declaration of trust. Schedule 11 (2) No notice of any mortgage or trust shall be entered on the memorandum of transfer or endorsed on the policy, except as regards the column in the form in schedule 11 headed ‘Consideration for transfer’, so

s 45 31 s 47 Life Assurance Companies Act 1901 far as it may be necessary for the purposes of stamp duty to mention in such column any mortgage or trust. (3) The company shall not be affected either by express, implied, or constructive notice of any such mortgage or trust; and notwithstanding that such mortgage or trust is mentioned or referred to in any memorandum of transfer, the company may at all times act as if the same had not been mentioned or referred to therein. ˙ Company not bound to see to application of moneys paid by it 43. The company shall not under any circumstances be bound or concerned to see to the application of any moneys paid by the company in respect of any policy. ˙ Lost policy 44.(1) If a policy is lost or destroyed, the company liable upon the policy may, upon such evidence of loss or destruction as the company deems sufficient, issue to the policyholder a special policy. (2) Every special policy shall contain a copy of the lost or destroyed policy, and of every endorsement thereon registered by the company, and shall state the reason for the issue thereof. (3) Before issuing a special policy, the company shall, if the amount assured exceeds $3 000, give at least 1 month’s notice of its intention so to do in the gazette, and in at least 1 newspaper circulating in Brisbane, and in at least 1 newspaper circulating in the neighbourhood where the policyholder resides. (3A) The expenses of such advertisement and all other costs of the issue of a special policy shall be paid by the policyholder prior to its issue to the policyholder. (4) The fact of the issue of a special policy, with the reason for such issue, shall be registered in a book provided by the company for that purpose. (5) Every special policy shall be valid and available for all purposes for which the lost or destroyed policy would have been valid and available, and after the issue thereof the lost or destroyed policy shall be absolutely null

s 48 32 s 51 Life Assurance Companies Act 1901 and void. (6) If the company fails to issue a special policy within 6 months after being requested in writing so to do by the policyholder, the Court may, upon application by summons made after due notice to the company, and upon such evidence as to the loss or destruction of the policy as the Court deems sufficient, order the company, upon such terms and within such time as the Court thinks fit, to issue such special policy. (7) In the event of the loss or destruction of a special policy, the provisions of this section shall apply as if the same were an original policy issued by the company. ˙ Policies on Queensland register subject to laws of Queensland 45. All policies for the time being in existence upon the Queensland register of a company shall be treated as Queensland assets belonging to the respective policyholders, and as Queensland liabilities of such company, and shall be subject to the laws of Queensland. ˙ Transfer 46.(1) A policy may, on the request in writing of the policyholder, and with the consent of the company which granted such policy, be transferred from the company’s register in any other State or country to its register in Queensland, or from the register of the company in Queensland to its register in any other State or country, and shall in the latter event thereupon cease to be subject to the laws of Queensland. (2) The provisions of this section shall extend to transfers of policies already made, as well as to those made after the passing of this Act. ˙ Statements to be laid before Parliament 47. In every year all statements and abstracts of companies deposited at the office of the registrar under the provisions of this Act during the preceding year shall be laid before the Legislative Assembly.

s 52 33 s 52 Life Assurance Companies Act 1901 ˙ Inspection of deposited documents 48. Any person may, upon payment of the fees prescribed by any rules of court in that behalf, inspect at the office of the registrar any printed or other document required by this Act to be deposited thereat, and may procure any copy thereof or extract therefrom. ˙ Documents to be received in evidence 49. Every document purporting to be certified by the registrar to be a document deposited at the registrar’s office under the provisions of this Act, and every document purporting to be similarly certified to be a copy of such document, shall be deemed to be such document, 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. ˙ Penalty for non-compliance with Act 50.(1) Except as by this Act otherwise provided, if default in complying with any of the requirements of this Act is made by any company then the company and every person acting as director, manager, or agent thereof, shall severally be liable to a penalty not exceeding $100 for every day during which the default continues. (2) In the case of companies registered under the Companies Acts, if default continues for a period of 3 months after notice of default given by the Treasurer, and published in the gazette, and in such newspapers as the Treasurer directs, the Court may, upon the application of 1 or more policyholders or shareholders of the company, order the company to be wound up. ˙ Recovery etc. of penalties 51.(1) All penalties for offences against this Act may be recovered by complaint in a summary way under the Justices Acts 1886 . (2) All penalties recovered shall be paid to the credit of a special account of the Treasurer, and there shall be paid thereout all expenses incurred in administering this Act.

s 52 34 s 52 Life Assurance Companies Act 1901 ˙ Act to apply to all companies and policies 52.(1) The provisions of this Act shall extend and apply to all companies, and to all policies and contracts for life assurance endowments and annuities heretofore granted or made or hereafter to be granted or made, whether such companies or the policies or contracts for life assurance endowment or annuities made with them are subject to the provisions of many particular or special statute or otherwise. (2) The provisions of this Act, so far as the same are applicable, shall also extend and apply to all contracts or policies entered into by the Treasurer or other officer under the provisions of the Act passed in the 29th year of Her late Majesty’s reign and numbered 18, intituled ‘An Act to grant facilities for the purchase of small government annuities and for assuring payments of money on death’.

35 Life Assurance Companies Act 1901 ¡ SCHEDULE 2 section 9 REVENUE ACCOUNT FOR THE YEAR ENDING NOTE 1—Companies having separate accounts for annuities, must return particulars of their annuity business in a separate statement. NOTE 2—Items in this account and in the accounts if schedules 4 and 7 are to be the net amounts, after the deduction of the amounts paid and received in respect of re-assurances.

36 Life Assurance Companies Act 1901 ¡ SCHEDULE 3 section 9 BALANCE SHEET OF THE ON THE 19

37 Life Assurance Companies Act 1901 SCHEDULE 3 (continued) * These items are included in the corresponding items in schedule 2.

38 Life Assurance Companies Act 1901 ¡ SCHEDULE 4 section 10 REVENUE ACCOUNTS OF THE THE YEAR ENDING FOR NO. 1—LIFE ASSURANCE ACCOUNT NOTE—Companies having separate accounts for annuities must return the particulars of their annuity business in a separate statement.

39 Life Assurance Companies Act 1901 SCHEDULE 4 (continued) NO. 2—FIRE ACCOUNT NOTE—When marine assurance or any other branch of business is carried on, the income and expenditure thereof are to be in like manner stated in a separate account. NO. 3—PROFIT AND LOSS ACCOUNT NOTE—This account is not required if the items have been incorporated in the other accounts of the schedule.

40 Life Assurance Companies Act 1901 ¡ SCHEDULE 5 section 10 BALANCE SHEET OF THE ON THE 19

41 Life Assurance Companies Act 1901 SCHEDULE 5 (continued) * If the life assurance fund is, in accordance with section 8, a separate trust fund for the sole security of the life policyholders, a separate balance sheet for the life branch, may be given in the form contained in schedule 3. In other respects the company is to observe the above form. See also note to schedule 3.

42 Life Assurance Companies Act 1901 ¡ SCHEDULE 6 1. New policies issued by the during the year ending section 11 2. Policies discontinued in the during the year ending 3. Policies of the existing on the

43 Life Assurance Companies Act 1901 SCHEDULE 6 (continued) 4. Progress of the life assurance business of the establishment to since its * Exclusive of bonus additions.

44 Life Assurance Companies Act 1901 ¡ SCHEDULE 7 section 12 STATEMENT RESPECTING THE VALUATION OF THE LIABILITIES UNDER LIFE POLICIES AND ANNUITIES OF THE TO BE MADE BY THE ACTUARY [The answers should be numbered to accord with the numbers of the corresponding questions] 1. The date up to which the valuation was made? 2. The principles upon which the valuation was made, and whether these principles were determined by the instrument constituting the company or by its regulations, or by by-laws or otherwise? (a) Were the policies valued individually or in classes? (b) If in classes, how was the valuation age determined? (c) What portion (if any) of a year’s premium was assumed to be due? (d) Were lives assured at increased rates assumed to be of the age at entry corresponding to the premium charged? 3. The table or tables of mortality used in the valuation? 4. The rate or rates of interest assumed in the calculations? 5. By what table of mortality, and according to what rate of interest, have the net premiums valued been computed? Give specimens of such premiums for a whole life policy of $1 000, for ages at entry, 20, 25, 30, 35, 40, 45, 50, 55, 60; also for an endowment assurance policy of $1 000 payable at age 60, for ages at entry, 20, 25, 30, 35, 40, 45, 50, 55. 6. The proportion of the annual premium income (if any) reserved as a provision for future expenses and profits? [ If none, state how this provision is made .]

45 Life Assurance Companies Act 1901 SCHEDULE 7 (continued) 7. Give particulars as to how the ‘loading’ on single premium and limited premium policies has been adjusted to provide for future expenses and profits. 8. 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 must be made in the form annexed.] 9. 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 annually under each class of policies, both with and without participation in profits, and also the net liabilities and assets of the company, with the amount of surplus or deficiency? [These returns must be made in the forms annexed.] 10. The principles upon which the distributions of profit are made? 11. The time during which a policy must be in force to entitle it to share in the profits? 12. The results of the valuation, showing— (a) the total amount of profit made by the company; (b) the amount of profit divided among the policyholders, and the number and amount of policies which participated; (c) specimens of bonuses allotted to whole life policies for $1 000, effected at the respective ages of 20, 30, 40, 50, and having been respectively in force for 5 years, 10 years, and upwards, at intervals of 5 years, together with the amount appropriated under the various modes in which the bonus might be received; (d) similar specimens of bonuses allotted to endowment assurance policies for $1 000, payable at age 60.

46 Life Assurance Companies Act 1901 SCHEDULE 7 (continued) [Form referred to under heading No. 8 in schedule 7.] CONSOLIDATED REVENUE ACCOUNT OF THE FOR YEARS, COMMENCING AND ENDING

47 Life Assurance Companies Act 1901 SCHEDULE 7 (continued) [Form referred to under heading No. 9 in schedule 7.] SUMMARY AND VALUATION OF THE POLICIES OF THE AS AT

48 Life Assurance Companies Act 1901 SCHEDULE 7 (continued) The term “extra premiums” in this Act shall be taken to mean the charge for any risk not provided for in the minimum contract premium. If policies are issued in or for any country at rates of premium deduced from tables other than the European mortality tables adopted by the company, separate schedules similar in form to the above must be furnished.

49 Life Assurance Companies Act 1901 SCHEDULE 7 (continued) [Form referred to under heading No. 9 in schedule 7.] VALUATION BALANCE SHEET OF 19 AT

50 Life Assurance Companies Act 1901 ¡ SCHEDULE 8 section 13 STATEMENT OF THE LIFE ASSURANCE AND ANNUITY BUSINESS OF THE ON THE 19 [The answers should be numbered to accord with the numbers of the corresponding questions. Statements of re-assurances, corresponding to the statements in respect of assurances under headings 2, 3, 4, 5, 6, and 7, are to be given.] 1. The published table or tables of premiums for assurances for the whole term of life which were in use at the date above mentioned? 2. The total number of policies and amounts assured on lives for the whole term of life which were in existence at the date abovementioned, distinguishing 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? 3. 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 premiums? 4. The total number of policies and amounts assured under classes of assurance business other than for the whole term of life, distinguishing the number of policies and the sums assured under each class, and stating separately the amount assured, with and without profits, and the total amount of reversionary bonuses? 5. The amount of premiums receivable annually in respect of each such special class of assurances mentioned under heading No. 4, distinguishing ordinary from extra premiums? 6. The total amount of immediate annuities on lives, distinguishing the amount for each year of life?

51 Life Assurance Companies Act 1901 SCHEDULE 8 (continued) 7. The amount of all annuities other than those specified under heading No. 7, distinguishing the amount payable under each class, the amount of premiums annually receivable, and the amount of consideration money received in respect of each such class, and the total amount of premiums received from the commencement upon all deferred annuities? 8. 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, together with a statement of the manner in which such average has been computed? 9. A table of minimum values (if any) allowed for the surrender of policies for the whole term of life, and for endowments, and endowment assurances, or a statement of the method pursued 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? 10. Separate statements to be furnished for business at other than European rates, together with a statement of the manner in which policies on unhealthy lives are dealt with?

52 Life Assurance Companies Act 1901 ¡ SCHEDULE 9 sections 36 and 37 RULE FOR VALUING AN ANNUITY 1. An annuity shall be valued according to the tables used by the company which granted such annuity at the time of granting the same; and where such tables cannot be ascertained or adopted to the satisfaction of the Court, then according to the table known in England as the Government Annuities Experience Table, 1884, interest being reckoned at the rate of 4% per annum. RULE FOR VALUING A POLICY 2. The value of a policy is to be the difference between the present value of the reversion in the sum assured, including any bonus or addition thereto made before the commencement of the winding-up, and the present value of the future annual premiums. 3. In calculating such present value the rate of interest is to be assumed as being 4% per annum, and the mortality tables shall be those known in England as the Institute of Actuaries’ HM Life Tables. The English Life Table No. 3, is to be employed for industrial policies. 4. The premium to be calculated is to be such a premium as, according to the said rate of interest and rate of mortality, is sufficient to provide for the risk incurred by the office in issuing the policy, exclusive of any addition thereto for office expenses and other charges.

53 Life Assurance Companies Act 1901 ¡ SCHEDULE 10 section 37 1. When a company is being wound up by the Court, or subject to the supervision of the Court, the liquidator in the case of all persons appearing by the books of the company to be entitled to or interested in policies granted by such company for life assurance, endowment, annuity, or other payment, is to ascertain the value of such policies, and give notice of such value to such persons, and any person to whom notice is so given shall be bound by the value so ascertained unless the person gives notice of the person’s intention to dispute such value in manner and within a time to be prescribed by a rule or order of the Court.

54 Life Assurance Companies Act 1901 ¡ SCHEDULE 11 sections 41 and 42 MEMORANDUM OF TRANSFER

55 Life Assurance Companies Act 1901 ENDNOTES ´ 1 Index to endnotes Page 2 Date to which amendments incorporated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 3 Key . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 4 List of legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 5 List of annotations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 6 Table of changed names and titles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 7 Table of obsolete and redundant provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 8 Table of corrected minor errors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 9 Table of renumbered provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 10 Table of comparative legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 ´ 2 Date to which amendments incorporated This is the reprint date mentioned in the ReprintsAct1992, section 5(c). Accordingly, this reprint includes all amendments that commenced operation on or before 1 March 1996. Future amendments of the Life Assurance Companies Act 1901 may be made in accordance with this reprint under the ReprintsAct1992, section 49.

56 Life Assurance Companies Act 1901 3 ´ AIA amd ch def div exp gaz hdg ins lap notfd om o in c p para prec pres prev = = = = = = = = = = = = = = = = = = Key Key to abbreviations in list of legislation and annotations Acts Interpretation Act 1954 amended chapter definition division expires/expired gazette heading inserted lapsed notified omitted order in council page paragraph preceding present previous (prev) proc prov pt pubd R[X] RA reloc renum rep s sch sdiv SIA SL sub unnum = = = = = = = = = = = = = = = = = previously proclamation provision part published Reprint No.[X] Reprints Act 1992 relocated renumbered repealed section schedule subdivision Statutory Instruments Act 1992 subordinate legislation substituted unnumbered ´ 4 List of legislation Life Assurance Companies Act 1901 1 Edw 7 No. 20 date of assent 31 December 1901 commenced on date of assent as amended by— Acts Citation Act 1903 3Edw7 No. 10 s 10 sch 3 (prev Acts Shortening Act Amendment Act 1903) date of assent 13 November 1903 commenced on date of assent Statute Law Revision Act 1908 8 Edw 7 No. 18 s 2 sch 1 date of assent 23 December 1908 commenced on date of assent Insurance Act 1923 14 Geo 5 No. 29 s 2 date of assent 12 November 1923 commenced on date of assent Order in council (pubd gaz 15 June 1929 p 1578) issued under Commonwealth and State Financial Agreement Ratification Act 1927 18 Geo 5 No. 22 s 6 date of publication 15 June 1929 p 1578 commenced on date of publication Financial Emergency Act 1931 22 Geo 5 No. 1 s 25(i) date of assent 29 June 1931 commenced 1 July 1931 (see s 1 and proc pubd gaz 30 June 1931 p 2050

57 Life Assurance Companies Act 1901 Life Assurance Companies Acts Amendment Act 1933 24 Geo 5 No. 24 date of assent 14 December 1933 commenced on date of assent Insurance Acts Amendment Act 1934 25 Geo 5 No. 40 pt 2 date of assent 20 December 1934 commenced on date of assent Life Assurance Companies Acts Amendment Act 1962 No. 36 date of assent 19 December 1962 commenced on date of assent Age of Majority Act 1974 No. 57 s 8 sch date of assent 27 September 1974 commenced 1 March 1975 (proc pubd gaz 16 November 1974 p 1083) Life Assurance Companies Act Amendment Act 1978 No. 17 date of assent 2 June 1978 commenced on date of assent ´ 5 List of annotations Division s 2 om R1 (see RA s 36) Repeal. Schedule I s 3 om 1908 8 Edw 7 No. 18 s 2 sch Interpretation s 4 amd 1933 24 Geo 5 No. 24 s 2(h) def “collecting book” ins 1933 24 Geo 5 No. 24 s 2(a) def “collector” ins 1933 24 Geo 5 No. 24 s 2(a) def “Companies Acts” sub 1933 24 Geo 5 No. 24 s 2(b) def “company” sub 1933 24 Geo 5 No. 24 s 2(c) def “industrial insurance business” ins 1933 24 Geo 5 No. 24 s 2(d) def “industrial policy” ins 1933 24 Geo 5 No. 24 s 2(d) def “insurance business” ins 1933 24 Geo 5 No. 24 s 2(d) def “life insurance business” ins 1933 24 Geo 5 No. 24 s 2(d) def “life policy” ins 1933 24 Geo 5 No. 24 s 2(e) def “mortgage” ins 1933 24 Geo 5 No. 24 s 2(f) def “Policy” or “Policy of Assurance” om 1933 24 Geo 5 No. 24 s 2(e) def “reserve value” ins 1933 24 Geo 5 No. 24 s 2(g) Companies to deposit securities with Treasurer s 5 amd o in c pubd gaz 15 June 1929 p 1578; 1978 No. 17 s 4 sch Further deposit s 5A ins 1923 14 Geo 5 No. 29 s 2(1) amd 1978 No. 17 s 4 sch

58 Life Assurance Companies Act 1901 Conditions on which companies may transact life assurance business in Queensland s 7A ins 1923 14 Geo 5 No. 29 s 2(2) amd 1934 25 Geo 5 No. 40 s 4(i); 1978 No. 17 s 4 sch Company making deposit entitled to interest s 7B ins 1923 14 Geo 5 No. 29 s 2(2) amd 1931 22 Geo 5 No. 1 s 25(i); 1934 25 Geo 5 No. 40 s 4(ii); 1978 No. 17 s 4 sch Cancellation of licence of company s 7C ins 1923 14 Geo 5 No. 29 s 2(2) Life assurance fund s 8 amd 1933 24 Geo 5 No. 24 s 3 Statements etc. to be signed and printed and deposited with registrar s 15 amd 1923 14 Geo 5 No. 29 s 2(3); 1978 No. 17 s 4 sch Foreign company to be registered s 17 amd 1978 No. 17 s 4 sch Interest of assured protected in certain cases s 18 amd 1978 No. 17 s 4 sch Married women—trustees s 19 1978 No. 17 s 4 sch Minors s 20 amd 1974 No. 57 s 8 sch Policyholder desiring to discontinue further premium payments s 20A ins 1933 24 Geo 5 No. 24 s 4 Meaning of “surrender value” s 20B ins 1933 24 Geo 5 No. 24 s 5 Policies issued on assessment principle s 24 amd 1978 No. 17 s 4 sch Industrial policy not to be forfeited except after certain notices s 25 amd 1933 24 Geo 5 No. 24 s 6 Proprietary companies s 28 amd 1978 No. 17 s 4 sch Constitution when to be printed s 29 amd 1978 No. 17 s 4 sch Winding-up of company s 33 amd 1978 No. 17 s 4 sch Rules in schedules 9 and 10 to be rules of court s 37 amd 1903 3 Edw 7 No. 10 s 10 sch 3

59 Life Assurance Companies Act 1901 Probate or administration may be dispensed with in certain cases s 39 amd 1933 24 Geo 5 No. 24 s 7 sub 1962 No. 36 s 2 amd 1978 No. 17 s 2 Lost policy s 44 amd 1962 No. 36 s 3; 1978 No. 17 s 3 Penalty for non-compliance with Act s 50 amd 1978 No. 17 s 4 sch Recovery etc. of penalties s 51 sub 1923 14 Geo 5 No. 29 s 2(4) FIRST SCHEDULE om 1908 8 Edw 7 No. 18 s 2 sch SCHEDULE 2 amd 1978 No. 17 s 7 SCHEDULE 3 amd 1978 No. 17 s 7 SCHEDULE 4 amd 1978 No. 17 s 7 SCHEDULE 5 amd 1978 No. 17 s 7 SCHEDULE 6 amd 1978 No. 17 s 7 SCHEDULE 7 amd 1978 No. 17 ss 5 and 7 SCHEDULE 9 amd 1978 No. 17 s 6 ´ 6 Table of changed names and titles TABLE OF CHANGED NAMES AND TITLES under the Reprints Act 1992 ss 23 and 23A Old New Reference provision both Houses (of the Parliament) Full Court the Legislative Assembly Court of Appeal Constitution Act Amendment Act 1922 s 2(5) Supreme Court of QueenslandAct 1991 s 4

60 Life Assurance Companies Act 1901 ´ 7 Table of obsolete and redundant provisions TABLE OF OBSOLETE AND REDUNDANT PROVISIONS under the Reprints Act 1992 s 39 Omitted provision Provision making omitted provision obsolete/redundant definitions to be read in context references to Commonwealth references to Queensland implied Acts Interpretation Act 1954 s 32A Acts Interpretation Act 1954 s 36 def “Commonwealth” Acts Interpretation Act 1954 s 35 ´ 8 Table of correct minor errors Provision TABLE OF CORRECTED MINOR ERRORS under the Reprints Act 1992 s 44 Description 7A and 7C om ‘license’ ins ‘licence’ ´ 9 Table of renumbered provisions TABLE OF RENUMBERED PROVISIONS under the Reprints Act 1992 s 43 Previous Renumbered as 4, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . . 4(1) 4, 2nd sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 4(2) 5(1), 2nd sentence . . . . . . . . . . . . . . . . . . . . . . . 5(1A) 5(1), 3rd sentence . . . . . . . . . . . . . . . . . . . . . . . . 5(1B) 5A, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . 5A(1) 5A, 2nd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 5A(2) 7A(1), 2nd sentence . . . . . . . . . . . . . . . . . . . . . . 7A(1AA) 7A(1), 3rd sentence . . . . . . . . . . . . . . . . . . . . . . 7A(1AB) 7A(1A), 1st proviso . . . . . . . . . . . . . . . . . . . . . . . 7A(1B) 7A(1A), 2nd proviso . . . . . . . . . . . . . . . . . . . . . . 7A(1C) 7A, 4th sentence . . . . . . . . . . . . . . . . . . . . . . . . . 7A(1D) 7A(2), proviso . . . . . . . . . . . . . . . . . . . . . . . . . . . 7A(2A) 7A(2), 3rd sentence . . . . . . . . . . . . . . . . . . . . . . 7A(2B)

61 Life Assurance Companies Act 1901 7C(4), 2nd sentence . . . . . . . . . . . . . . . . . . . . . . 7C(4A) 7C(4), 3rd sentence . . . . . . . . . . . . . . . . . . . . . . 7C(4B) 7C(7), 2nd sentence . . . . . . . . . . . . . . . . . . . . . . 7C(8) 8, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . . 8(1) 8, 2nd sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 8(2) 8, 3rd sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 8(3) 8, 4th sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 8(4) 8, proviso . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8(5) 13, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 13(1) 13, proviso . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13(2) 13, proviso, (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . 13(2)(a) 13, proviso, (ii) . . . . . . . . . . . . . . . . . . . . . . . . . . 13(2)(b) 13, 3rd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 13(3) 15, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 15(1) 15, 2nd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 15(2) 15, 3rd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 15(3) 15, 4th sentence . . . . . . . . . . . . . . . . . . . . . . . . . 15(4) 17, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 17(1) 17, 2nd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 17(2) 17, 3rd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 17(3) 17, 4th sentence . . . . . . . . . . . . . . . . . . . . . . . . . 17(4) 18, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 18(1) 18, 2nd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 18(2) 18, 3rd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 18(3) 18, 1st proviso . . . . . . . . . . . . . . . . . . . . . . . . . . . 18(4) 18, 2nd proviso . . . . . . . . . . . . . . . . . . . . . . . . . . 18(5) 19(1), 2nd sentence . . . . . . . . . . . . . . . . . . . . . . 19(1A) 19(2), proviso . . . . . . . . . . . . . . . . . . . . . . . . . . . 19(2A) 20, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 20(1) 20, 2nd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 20(2) 20A, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . 20A(1) 20A, 2nd sentence . . . . . . . . . . . . . . . . . . . . . . . . 20A(2) 21, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 21(1) 21, 1st proviso . . . . . . . . . . . . . . . . . . . . . . . . . . . 21(2) 21, 2nd proviso . . . . . . . . . . . . . . . . . . . . . . . . . . 21(3) 24, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 24(1) 24, 2nd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 24(2) 26, 1st unnum para . . . . . . . . . . . . . . . . . . . . . . . 26(a) 26, 2nd unnum para . . . . . . . . . . . . . . . . . . . . . . . 26(b) 28, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 28(1) 28, 2nd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 28(2) 28, 3rd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 28(3) 30(2)(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30(2)(a) 30(2)(ii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30(2)(b) 30(2)(iii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30(2)(c) 30(2), 2nd sentence . . . . . . . . . . . . . . . . . . . . . . 30(2A)

62 Life Assurance Companies Act 1901 30(2), 3rd sentence . . . . . . . . . . . . . . . . . . . . . . . 30(2B) 30(2), 4th sentence . . . . . . . . . . . . . . . . . . . . . . . 30(2C) 30(4), 1st proviso . . . . . . . . . . . . . . . . . . . . . . . . 30(4A) 30(4), 2nd proviso . . . . . . . . . . . . . . . . . . . . . . . . 30(4B) 31, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 31(1) 31, 1st sentence, (i) . . . . . . . . . . . . . . . . . . . . . . 31(1)(a) 31, 1st sentence, (ii) . . . . . . . . . . . . . . . . . . . . . . 31(1)(b) 31, 1st sentence, (iii) . . . . . . . . . . . . . . . . . . . . . 31(1)(c) 31, 1st sentence, (iv) . . . . . . . . . . . . . . . . . . . . . 31(1)(d) 31, 2nd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 31(2) 33(1), 2nd sentence . . . . . . . . . . . . . . . . . . . . . . 33(1A) 33(3), 2nd sentence . . . . . . . . . . . . . . . . . . . . . . 33(4) 34(1), 2nd sentence . . . . . . . . . . . . . . . . . . . . . . 34(1A) 34(1), 3rd sentence . . . . . . . . . . . . . . . . . . . . . . . 34(1B) 36, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 36(1) 36, sentence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36(2) 38, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 38(1) 38, 2nd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 38(2) 40, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 40(1) 40, 2nd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 40(2) 41(4), proviso . . . . . . . . . . . . . . . . . . . . . . . . . . . 41(4A) 41(6), 2nd sentence . . . . . . . . . . . . . . . . . . . . . . 41(7) 42, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 42(1) 42, 2nd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 42(2) 42, 3rd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 42(3) 44(3), 2nd sentence . . . . . . . . . . . . . . . . . . . . . . 44(3A) 50, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 50(1) 50, 2nd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 50(2) 51, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 51(1) 51, 2nd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 51(2) 52, 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . 52(1) 52, 2nd sentence . . . . . . . . . . . . . . . . . . . . . . . . . 52(2) Schedule 9 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2nd sentence . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3rd sentence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4th sentence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Schedule 10 1st sentence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 ´ 10 Table of comparative legislation s 4 Cf. 33 & 34 Vic. c. 61, s 2 s 5 Cf. 33 & 34 Vic. c. 61, s 3

63 Life Assurance Companies Act 1901 s 8 Cf. 33 & 34 Vic. c. 61, s 4 s 9 Cf. 33 & 34 Vic. c. 61, s 5 s 10 Cf. 33 & 34 Vic. c. 61, s 6 s 12 Cf. 33 & 34 Vic. c. 61, s 7 s 13 Cf. 33 & 34 Vic. c. 61, s 8 s 14 Cf. 33 & 34 Vic. c. 61, s 9 s 15 Cf. 33 & 34 Vic. c. 61, s 10; 35 & 36 Vic. c. 41, s 3 s 16 Cf. 33 & 34 Vic. c. 61, s 11 s 18 43 Vic. No. 8, s 2, p 992 s 19 54 Vic. No. 9, s 14, p 4044; Cf. 45 & 46 Vic. c. 75, s 11 s 28 Cf. 33 & 34 Vic. c. 61, s 12 s 29 Cf. 33 & 34 Vic. c. 61, s 13 s 30 Cf. 33 & 34 Vic. c. 61, s 14 s 31 Cf. 33 & 34 Vic. c. 61, s 15 s 32 Cf. 35 & 36 Vic. c. 41, s 7 s 33 Cf. 33 & 34 Vic. c. 61, s 21 s 34 Cf. 35 & 36 Vic. c. 41, s 4 s 35 Cf. 33 & 34 Vic. c. 61, s 22 s 36 Cf. 35 & 36 Vic. c. 41, s 5 s 37 35 & 36 Vic. c. 41, s 6 s 38 Cf. 33 & 34 Vic. c. 61, s 23 s 40 Cf. 59 Vic. c. 8, ss 3, 4 s 47 Cf. 33 & 34 Vic. c. 61, s 24 s 48 Cf. 33 & 34 Vic. c. 61, s 16 s 49 Cf. 33 & 34 Vic. c. 61, s 17 s 50 Cf. 33 & 34 Vic. c. 61, s 18 s 52 43 Vic. No. 8, s 9, p 993