LIFE
INSURANCE.
No.
93 of 1959.
An Act to amend the Life Insurance Act 1945-1958.
[Assented
to 4th December, 1959.]
BE
it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of
Representatives of the Commonwealth of Australia, as follows:—
Short
title and citation.
1.—(1.) This Act may be cited as the Life
Insurance Act 1959.
(2.) The Life
Insurance Act 1945–1958 is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act,
may be cited as the Life Insurance Act 1945–1959.
Commencement.
2.This Act shall come into
operation on the day on which it receives the Royal Assent.
Application
of amendments.
3.—(1.) The Principal Act as amended by the next
two succeeding sections extends to cases in which the death of the deceased
person occurred before the commencement of this Act.
(2.) The Principal Act as amended by section six of
this Act applies to applications for the issue of a special policy made after
the commencement of this Act.
Probate
or administration may be dispensed with in certain cases.
4. Section one hundred and three of the Principal Act is amended by
omitting from paragraphs (a) and (b) of sub-section (1.) the words “Five
hundred” and inserting in their stead the words “One thousand”.
Death
of owner of policy not being life insured.
5. Section one hundred and three a
of the Principal Act is amended by omitting from paragraphs (a) and (b) of sub-section (4.) the words “Two hundred” and inserting in
their stead the words “Four hundred”.
Lost
policy.
6. Section one hundred and nineteen of the Principal Act is amended
by omitting from sub-section (4.) the words “Two hundred” and inserting in
their stead the words “Five hundred”.
The
Sixth Schedule.
7. Part II. of the Sixth Schedule to the Principal Act is amended by
omitting from paragraph (a