Life Insurance Regulations (Amendment) (Cth)

STATUTORY RULES.

1962. No. 3.

REGULATIONS UNDER THE LIFE INSURANCE ACT 1945-1961.*

I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Life Insurance Act 1945-1961.

Dated this twelfth day of January, 1962.

DE L’ISLE

Governor-General.

By His Excellency’s Command,

(Sgd) HAROLD HOLT

Treasurer.

AMENDMENTS OF THE LIFE INSURANCE REGULATIONS. 

1. Regulation 2 of the Life Insurance Regulations is repealed and the following regulation inserted in its stead:—

Parts.

“2. These Regulations are divided into Parts, as follows:—

Part I.—Preliminary (Regulations 1-3).

Part II.—Deposits (Regulations 4-7).

Part III.—Paid-up Policies, Surrender Values and Non-Forfeiture (Regulations 8-11).

Part IV.—Statistics (Regulations 12-21).

Part V.—Miscellaneous (Regulations 22-31).”.

Interpretation.

2. Regulation 3 of the Life Insurance Regulations is amended by omitting sub-regulation (1.) and inserting in its stead the following sub-regulation:—

“(1.) In these Regulations, unless the contrary intention appears, ‘the Act’ means the Life Insurance Act 1945-1961.”.

3. Regulation 4 of the Life Insurance Regulations is repealed and the following regulation inserted in its stead:—

Bank guarantees and undertakings.

“4. For the purpose of paragraph (e)of the definition of ‘approved securities’ in sub-section (1.) of section four of the Act, a bank guarantee or undertaking—

(a) shall be in accordance with Form 1; and

* Notified in the Commonwealth Gazette on 18th January, 1962.

  Statutory Rules 1946, No. 136, as amended by Statutory Rules 1959, No. 98.

8484/61.—PRICE 8D. 9/15.12.1961.

(b)shall be executed—

(i) by the bank under its seal; or

(ii) on behalf of the bank under the hand and seal of a person appointed by the bank under its seal to execute the guarantee or undertaking or a class of documents in which the guarantee or undertaking is included.”.

Repeal of regulations 9 and 10.

4. Regulations 9 and 10 of the Life Insurance Regulations are repealed.

Interest on overdue premiums on ordinary policies.

5. Regulation 11 of the Life Insurance Regulations is amended by omitting the word “six” and inserting in its stead the word “seven”.

Additional annual return of policies.

6.Regulation 13 of the Life Insurance Regulations is amended—

(a)by inserting in paragraphs (a)and (b)of sub-regulation (1.), after the word “business”, the words “(other than superannuation business)”; and

(b)by inserting after paragraph (b) of sub-regulation (9.) the following paragraph:—

“(ba)Items on the lines entitled ‘Conversion’ shall be the net loss or gain to superannuation business in the register resulting from transfers within the register to or from superannuation business during the year;”.

Returns in respect of superannuation business.

7. Regulation 13A of the Life Insurance Regulations is amended—

(a)by inserting in paragraph (b)of sub-regulation (3.), after the word “Items”, the words “in Part I. or II.”; and

(b)by inserting in paragraph (m)of sub-regulation (3.), after the word “headed”, the words “‘Bonus Additions’ and”.

Additional annual financial returns.

8. Regulation 14 of the Life Insurance Regulations is amended by omitting paragraphs (a) and (b)of sub-regulation (1.) and inserting in their stead the following paragraphs:—

“(a)a return in respect of its ordinary life insurance business (other than superannuation business) in Australia;

“(b)a return in respect of its industrial insurance business (other than superannuation business) in Australia; and

“(c) a return in respect of its superannuation business in Australia,”.

Alterations to First Schedule to Life Insurance Act 1945-1958.

9. Regulation 27 of the Life Insurance Regulations is amended by omitting the words “the Act” and inserting in their stead the words “the Life Insurance Act 1945-1958”.

10. After regulation 27 of the Life Insurance Regulations the following regulation is inserted:—

Alterations to First Schedule to Life Insurance Act 1945-1961.

“27A. The First Schedule to the Act is amended by adding at the end of Form A the following note:—

‘Note 3.—Where an amount shown in this account has been ascertained by apportionment by the company under Division 4 of Part III., the persons signing this account shall also sign an appended statement showing the basis of the apportionment.’.”.

11. Regulation 29 of the Life Insurance Regulations is repealed and the following regulation inserted in its stead:—

Substantial compliance with certain forms sufficient.

“29. Where the Commissioner is satisfied that a return furnished to him, being a return that is required by these Regulations to be in accordance with Form 3, 3A, 4, 5, 6 or 7, is substantially in accordance with that form, the return shall be deemed to be in accordance with that form.”.

First Schedule—Forms 1 and 2.

12. The First Schedule to the Life Insurance Regulations is amended by omitting Forms 1 and 2 and inserting in their stead the following form:—

FORM 1.

Regulation 4.

COMMONWEALTH OF AUSTRALIA.

Life Insurance Act 1945-1961.

BANK (1) GUARANTEE/UNDERTAKING

1. [Name of Bank] (in this (1)Guarantee/Undertaking referred to as “the Bank”) hereby (1)guarantees/undertakes to the Treasurer of the Commonwealth (in this (1)Guarantee/Undertaking referred to as “the Treasurer”) that, in the event of the winding-up of, or of any part of the life insurance business of, [name of Company] while this (1)Guarantee/Undertaking is in force, the Bank will pay to the Treasurer the sum of(2)

2. This (1)Guarantee/Undertaking is a continuing (1)Guarantee/Undertaking and may be revoked by the Bank only—

(a) with the consent in writing of the Treasurer; or

(b)after the expiration of twelve months after notice in writing of the intention of the Bank to revoke this (1)Guarantee/Undertaking has been given to the Treasurer.

3. The revocation of this (1)Guarantee/Undertaking does not release the Bank from, or affect, any liability of the Bank under this (1) Guarantee/Undertaking existing immediately before the revocation.

Dated at this day of , 19 .

The seal of  was affixed to this (1) Guarantee/Undertaking by in the presence of

(1)Strike out whichever is inapplicable. (2)Here insert amount of guarantee or undertaking.

First Schedule—Form 3.

13. The First Schedule to the Life Insurance Regulations is amended by omitting from Part II. of Form 3 the words—

“Transfer

Other Causes (to be specified)”

(wherever occurring) and inserting in their stead the words—

“Transfer

Conversion

Other Causes (to be specified)”.

First Schedule—Form 3A.

14. The First Schedule to the Life Insurance Regulations is amended by omitting Part III. of Form 3A and inserting in its stead the following Part:—

PART III.

Superannuation Business Existing on Register maintained in respect

of at , 19 .

Type of Policy.	Number of Policies.	Sum Insured.	Bonus Additions.	Annual Premium.
£	£	£
Individual Whole of Life Insurance ....................
Individual Endowment Insurance .......................
Individual Temporary Insurance .........................
Individual Endowment .......................................
Blanket Endowment Insurance ...........................
Blanket Temporary Insurance .............................
Blanket Endowment ..........................................
Deposit Administration ......................................
Other Insurance .................................................
Total ...................................................
Annuities—	(Per annum.)
Not Yet Entered on—
Individual Deferred Annuity ........................
Blanket Deferred Annuity ...........................
Other Annuity ............................................
Entered on .....................................................

First Schedule—Form 4.

15. The First Schedule to the Life Insurance Regulations is amended by omitting Form 4 and inserting in its stead the following form:—

FORM 4.

Regulation 14.

COMMONWEALTH OF AUSTRALIA.

Life Insurance Act 1945-1961.

AUSTRALIAN LIFE INSURANCE STATISTICS.

Annual Return of Premiums, Claims, Surrenders, Annuities and Cash Bonuses

for Year ended .

Name of Company

Class of Life Insurance Business

PART I.

Insurance Premiums and Consideration for Annuities received and outstanding, and Reserves Transferred on Conversion, for the year ended

State or Territory.	Insurance Premiums.		Consideration for Annuities.		Reserves Transferred on Conversion.
	Single Premiums.	Other Premiums.	Single Premiums.	Other Premiums.
£	£	£	£	£
New South Wales ...........................
Victoria ..........................................
Queensland ....................................
South Australia ...............................
Western Australia ...........................
Tasmania .......................................
Australian Capital Territory .............
Northern Territory ..........................
Papua and New Guinea ...................
Total .....................................

PART II.

Claims, Surrenders, Annuities and Cash Bonuses paid and outstanding, and Reserves Transferred on Conversion, for the year ended

State or Territory.	Claims.		Surrenders (including surrenders of bonus).	Annuities.	Cash Bonuses.	Reserves Transferred on Conversion.
	By Death or Disability.	By Maturity
£	£	£	£	£	£
New South Wales ................
Victoria ..............................
Queensland .........................
South Australia ...................
Western Australia ................
Tasmania ............................
Australian Capital Territory.
Northern Territory ...............
Papua and New Guinea........
Total .........................

First Schedule—Form 5.

16. The First Schedule to the Life Insurance Regulations is amended by omitting Part I. of Form 5 and inserting in its stead the following Part:—

PART I.

Loans made by Company and outstanding at

State or Territory.	On Mortgage of Real Estate.			On Policies.		To Controlled Companies.	To Building or Housing Societies.	Other.	Total.
	Rural (not including mortgages where the security relates only to a dwelling).	Housing (including mortgages of rural property where the security relates only to a dwelling but not including mortgages where the security relates to flats, apartments or shops with dwellings).	Other.	Advances of Premiums.	Other.
£	£	£	£	£	£	£	£	£
New South Wales ............................
Victoria ............................
Queensland ............................
South Australia............................
Western Australia ............................
Tasmania ............................
Australian Capital Territory ............................
Northern Territory ............................
Papua and New Guinea............................
Total ............................

First Schedule—Form 6.

17. The First Schedule to the Life Insurance Regulations is amended by omitting Form 6 and inserting in its stead the following form:—

FORM 6.

Regulation 16.

COMMONWEALTH OF AUSTRALIA.

Life Insurance Act 1945-1961.

AUSTRALIAN LIFE INSURANCE STATISTICS.

Quarterly Return of Ledger Balances of Certain Assets and Certain Liabilities Held in Australia of [name of company]as at [date].

PART I.

Class of Assets.	Ledger Balances of Assets.
	Assets in Australia of Statutory Funds maintained under the Act solely in respect of Superannuation Business carried on in Australia.	Assets in Australia of other Statutory Funds maintained under the Act in respect of any Life Insurance Business carried on in or outside Australia.	Total.
£	£	£
Fixed Assets—
Freehold and leasehold property .................
Office furniture, fittings, equipment and motor vehicles .................................................
Total fixed assets ...........................
Loans (excluding advances of premiums)—
On mortgage of real estate—
(a) Rural (not including mortgages where the security relates only to a dwelling).....................................
(b)Housing (including mortgages of rural property where the security relates only to a dwelling but not including mortgages where the security relates to flats, apartments or shops with dwellings) ...................................
(c) Other .............................................
On policies ...........................................
To controlled companies .......................
To building or housings ocieties.............
Other ....................................................
Total loans .....................................
Investments—
Government securities—
Australia ...............................................
New Zealand ........................................
Great Britain .........................................
Other ....................................................

PART I.—continued.

Class of Assets.	Ledger Balances of Assets.
	Assets in Australia of Statutory Funds maintained under the Act solely in respect of Superannuation Business carried on in Australia.	Assets in Australia of other Statutory Funds maintained under the Act in respect of any Life Insurance Business carried on in or outside Australia.	Total.
£	£	£
Investments—continued
Securities of local government and semi-governmental bodies ...........................
Company securities—
Debentures .........................................
Secured and unsecured notes ...............
Preference shares ................................
Ordinary shares ..................................
Holdings in controlled companies.........
Other ......................................................
Total investments ......................
Cash—
On deposit—
Banks .................................................
Other ..................................................
On current account and in hand ...............
Total cash .....................................
Grand total ...................................

PART II.

Class of Liabilities.	Ledger Balances of Liabilities.
	Liabilities in Australia of Statutory Funds maintained under the Act solely in respect of Superannuation Business carried on in Australia.	Liabilities in Australia of other Statutory Funds maintained under the Act in respect of any Life Insurance Business carried on in or outside Australia.	Total.
£	£	£
Bank overdrafts .........................................
Deposits ....................................................
Total ...................................

First Schedule—Form 7.

18. The First Schedule to the Life Insurance Regulations is amended by omitting Form 7 and inserting in its stead the following form:—

FORM 7. Regulation 17.

COMMONWEALTH OF AUSTRALIA.

Life Insurance Act 1945-1961.

AUSTRALIAN LIFE INSURANCE STATISTICS.

Return for the month of Name of Company

PART I.—NEW INSURANCES ISSUED (EXCLUDING ANNUITIES).

State or Territory.	Ordinary Life Insurance Business other than Superannuation Business.			Industrial Insurance Business other than Superannuation Business.			Superannuation Business.
	Number of Policies.	Sum Insured.	Annual Premiums.	Number of Policies.	Sum Insured.	Annual Premiums.	Number of Policies.	Sum Insured.	Annual Premiums.
	£	£	£	£	£	£
New South Wales ..........................
Victoria ..........................
Queensland ..........................
South Australia ..........................
Western Australia ..........................
Tasmania ..........................
Australian Capital Territory ..........................
Northern Territory ..........................
Papua and New Guinea..........................
Total ...................

PART II.—INSURANCES DISCONTINUED OR REDUCED (EXCLUDING ANNUITIES).

State or Territory.	Ordinary Life Insurance Business other than Superannuation Business.			Industrial Insurance Business other than Superannuation Business.			Superannuation Business.
	Number of Policies.	Sum Insured.	Annual Premiums.	Number of Policies.	Sum Insured.	Annual Premiums.	Number of Policies.	Sum Insured.	Annual Premiums.
£	£	£	£	£	£
New South Wales ..........................
Victoria ..........................
Queensland ..........................
South Australia ..........................
Western Australia ..........................
Tasmania ..........................
Australian Capital Territory ..........................

Northern Territory ..........................

Papua and New Guinea..........................

Total ...................

FORM 7—continued.

PART III.—NEW LOANS (EXCLUDING ADVANCES OF PREMIUMS) PAID OVER.

State or Territory.	On Mortgage of Real Estate.			On Policies.	To Controlled Companies.	To Building or Housing Societies.	Other.	Total
	Rural (not including mortgages where the security relates only to a dwelling).	Housing (including mortgages of rural property where the security relates only to a dwelling but not including mortgages where the security relates to flats, apartments or shops with dwellings).	Other.
New South Wales
Victoria .......................
Queensland .................
South Australia ...........
Western Australia.........
Tasmania ....................
Australian Capital Territory .................
Northern Territory........
Papua and New Guinea.
Total ..............

PART IV.—PREMIUMS RECEIVED, AND CLAIMS, SURRENDERS, ETC., PAID.

Particulars.	Ordinary Life Insurance Business other than Superannuation Business.	Industrial Insurance Business other than Superannuation Business.	Superannuation Business.	Total.
£	£	£	£
Receipts—
Insurance Premiums ...................
Consideration for Annuities ........
Total ...............................
Payments—
Claims .......................................
Surrenders .................................
Annuities ...................................
Bonuses Paid in Cash .................
Total ...............................

FORM 7—continued.

PART V.—RATES OF INTEREST CHARGED ON NEW LOANS.

Particulars.	On Mortgage of Real Estate.			On Policies.	To Controlled Companies.	To Building or Housing Societies.	Other.
	Rural (not including mortgages where the security relates only to a dwelling).	Housing (including mortgages of rural property where the security relates only to a dwelling but not including mortgages where the security relates to flats, apartments or shops with dwellings).	Other.
%	%	%	%	%	%	%
Rate at end of month ..
Date from which charged ...............
Previous rate ..............

Returns under regulation 17 for year 1961.

19. Notwithstanding the amendment made by the last preceding regulation, a return in respect of the year 1961 furnished under regulation 17 of the Life Insurance Regulations shall be in accordance with Form 7 in the First Schedule to those Regulations as in force immediately before the commencement of these Regulations.

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