Life Assurance Companies Acts Amendment Act of 1933 (24 Geo v No. 24) (Qld)

COAL-COMPANIES. 14519 PART IV.- 24 GEO. V. No. 24,1933. Life Assurance Companies Acts Amendment Act. GENERAL PROVISIONS. Such Orders in Council shall be laid before the Legislative Assembly within fourteen days after such publication if Parliament is in session; or, if not, then within fourteen days after the commencement of the next session. SCHEDULE. MAP. COMMONWEALTH AND STATE INCOME TAX COLLECTION AND ASSESSMENT. See INCOME TAX. COMPANIES, LIFE ASSURANCE. An Act to Amend "The Life Assurance Companies 24 Geo. V. No. 24. Act of 1901 " (as amended by "The Insurance THE Act of 1923") in certain particulars. LIFE ASSURANCE COMPANIES [ASSENTED TO 14TH DECEMBER, 1933.] ACTS AMENDMENT B E it enacted by the King's Most Excellent Majesty, ACT OF 1933. by and with the advice and consent of the Legis- lative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- 1. (1.) This Act may be cited as "The Life Short title A8surance Companies Acts Amendment Act of 1933," : ~ ~ struction. and shall be read as one with *" The Life Assurance Companies Act of 1901 " (as amended by t" The Insurance Act of 1923 "), herein collectively referred to as the Principal Act. (2.) The Principal Act and this Act may be C.ollective collectively cited as "The Life Assurance Companies tItle. Acts, 1901 to 1933." * 1 Edw. VII. No. 20, supra, page 282. t 14 Geo. V. No. 29, supra, page 10574.

14520 COMPANIES. Life Assurance Companies Acts Amendment Act. 24 GEO. V. No. 24, Amend- 2. Section four of the Principal Act is amended mofetnhtes of s. 4 as follows : - Principal (a) Before the definition of "Companies Acts 'P Act. the following definitions are inserted, namely:- Collbcting book. " "Collecting book" includes any book or document held by a collector in which payment of premiums are recorded; Collector. "Collector" includes every person, howsoever remunerated, who, by himself 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. (b) The .definition of " Companies Acts" is repealed ftnd the following definition is inserted in lieu thereof, namely:- " "Companies Acts "-*" The Companies Act of 1931 " or any Act amending or in substitution for such Act." Company. (c) The definition of "Company" is repealed and the following definition is inserted in lieu thereof, namely:- " "Company" means a Company or association (corporate' or unincorporate) which carries on or proposes to carry on insurance business in the State of Queensland: - The term includes the State Government Insurance Office (including the Insurance Commissioner) constituted under t" The Insurance Act of 1916," but does not include a society registered under t" The Friendly Societies Acts, 1913 to 1926" (or any Act amending or in substitution for those Acts), or a trade union registered under §" The Trade Fnion Act of 1915," or 11" The Industrial Conciliation and ArbitrationAct of 1932 " (or any Act amending or in substitution for such lastmentioned Acts)." * 22 Oeo. V. No. 53, supra, page 13433. t 7 Oeo. V. No. 27, supra, page 7497. t 4 Oeo. V. No. 13 and amending Acts, supra, pages 5991 et seq. § 6 Oeo. V. No. 31, supra, page 6909. 1123 Oeo. V. No. 36, supra, page 14266.

COMPANIES. 14521 1933. Life Assurance Companies Acts Amendment Act. (d) After the definition of "Indefeasible Policy" the following definitions are inserted, namely:- " "Industrial Insurance Business" means that Industrial class of insurance business which consislis in 1~ ~ : : . e 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 In~ ustrial life or lives upon which the contributions or Pobcy, premiums payable by the insured are by the terms of the policy made payable at intervals of less than two months, and are contracted to be received, or anyone or more of which have actually been received, by means 0 f collectors ; " Insurance Business" means life insurance Insurance business and industrial insurance business; Business. " Life Insurance Business" means the issue of, or I,ife the undert ak m' g 0 f l l ' a bil 1 'tY under, life po I" lCIeS IBnussuinraenssc.e 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 his employees," (e) The definition of "Policy of Assurance" or " Policy" is repealed and the following d~ finition is inserted in lieu thereof:- " "Life Policy" means a policy other than an Life Policy. industrial policy insuring 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 hu.man 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," I (f) The following new definition is inserted after the definition of "Life Policy" (previously inserted), namely:- " " Mortgage" (as applied to a policy) means an Mortgage. instrument given as security ovet a policy

14522 COMPANIES. Dife Assumnce Companies Acts Amendment Act, 24 GEO. V. No. 24, Reservo Valuo, 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." (g) After the definition of " Registrar" the following new definition is inserted, namely:- " " 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 in accordance with this Act." (h) The last paragraph of the said section (being the following words), namely:-- " No Company shall be deemed to transact life assurance business by reason only of its assuring payments of money contingent upon the happening of accidents causing personal injury. "-is repealed. AmfmrJmonl 3. Section eight of the Principal Act is amended of !j, 8. as follows:- The second paragraph (beginning with the words "There shall be" and ending with the words "be placed "), is repealed and the following paragraph is inserted in lieu thereof:- "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." New s. 20A. 4. The following new section (20A) is inserted after section twenty of the Principal Act, as follows:- Policy. holder desiring to discontinue further premium payments. "r20A.] A policy-holder 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 three years or upwards, or on an industrial whole life assurance policy or an industrial endowment assurance policy which has been in force for four 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.

COMPANIES. 14523 1933. Life Assurance Companies Acts Amendment Act. 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 of 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 there- under shall only apply and extend in respect of any such application made after the passing of such lastmentioned Aqt." 5. The following new section (20B) is inserted after New s. 20B. section 20A of the Principal Act (as inserted by section four of this Act), namely:- " [20B.] For the purposes of section 20A of this Meaning of Act, the surrender va1ue 0 f all'ef po 1 I · Cy or an I . ndustn.a 1 v " a s l u u r e r . e " nde~ policy means an amount not less than sixty-five per centum of the reserve value of such life policy or industrial policy concerned." 6. The last paragraph of section twenty-five of the Amendment Principal Act (being the words commencing with the of s. 25. words "r n this section" and ending with the words " of collectors") is repealed. 7. In section thirty-nine of the Principal Act the Amendment words "three hundred pounds" are repealed and the of s. 39. words" five hundred pounds" are inserted in lieu thereof. ----------- * 24 Geo. V. No. 24 (this Act). COMPENSATION FOR LEAD-POISONING (MOUNT ISA). See LABOUR (2).