Life Insurance Regulations (Amendment) (Cth)

STATUTORY RULES.

1962. No. 12.

 

REGULATION UNDER THE LIFE INSURANCE ACT 1945-1961.*

WHEREAS by sub-section (2.) of section ninety-five of the Life Insurance Act 1945-1961 it is provided, amongst other things, that the Governor-General may, on the recommendation of the Insurance Commissioner, by regulation declare that the provisions of Division 4 of Part IV. of that Act shall apply in respect of any policy or class of policies with such modifications as are declared in the regulation:

And whereas by regulation 8 of the Life Insurance Regulations it is declared, on the recommendation of the Insurance Commissioner, that the provisions of Division 4 of Part IV. of that Act shall apply in respect of each of the classes of policies specified in that regulation, subject to the modifications declared in the paragraph of that regulation in which that class is specified:

And whereas the Insurance Commissioner has recommended that the provisions of Division 4 of Part IV. of that Act apply in respect of ordinary policies subject to such modifications as are set forth in the following regulation:

Now therefore I, the Governor-General in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulation under the Life Insurance Act 1945-1961.

Dated this 31st day of January, 1962.

DE L’ISLE

Governor-General.

By His Excellency’s Command,

Treasurer.

 

Amendment of the Life Insurance Regulations. 

Modifications of provisions of Act in case of certain policies.

Regulation 8 of the Life Insurance Regulations is amended by adding at the end thereof the following paragraph:—

“(g) Ordinary Policies:—The modifications are—

(a) for paragraph (b)of rule 5 of Part I. of the Sixth Schedule to the Act, substitute the following paragraph:—

‘(b)the rates of mortality shall be assumed according to the ultimate table based on the experience of insured lives for the years 1924 to 1929, and published on

* Notified in the Commonwealth Gazette on 8th February, 1962.

  Statutory Rules 1946, No. 136, as amended by Statutory Rules 1959, No. 98; and 1962, No. 3.

10019/61.—Price 3d. 9/15.12.1961.

 

behalf of The Institute of Actuaries and The Faculty of Actuaries in Scotland under the short title of A 1924-29 Table; and’; and

(b) for paragraph (c) of rule 2 of Part II. of the Sixth Schedule to the Act, substitute the following paragraph:—

‘(c) the rates of mortality shall be assumed according to the ultimate table based on the experience of insured lives for the years 1924 to 1929, and published on behalf of The Institute of Actuaries and The Faculty of Actuaries in Scotland under the short title of A 1924-29 Table; and’.”.

By Authority: A. J. Arthur, Commonwealth Government Printer, Canberra.