Life Insurance Regulations (Amendment) (Cth)

STATUTORY RULES.

1959. No. 98.

REGULATIONS UNDER THE LIFE INSURANCE ACT 1945-1958.*

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 1945-1958.

Dated this 27th day of November, 1959.

W. J. SLIM

Governor-General.

By His Excellency’s Command,

(SGD.) Harold Holt

Treasurer.

AMENDMENTS OF THE LIFE INSURANCE REGULATIONS. 

Commencement.

1.—(1.) Subject to this regulation, these Regulations shall come into operation on the first day of September, 1960.

(2.) This regulation and regulations 6, 7 and 17 of these Regulations shall come into operation on the date on which these Regulations are notified in the Gazette.

(3.) Regulations 5, 10 and 16 of these Regulations shall come into operation on the thirty-first day of December, 1959.

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 Regulation 3 of the Life Insurance Regulations is repealed and the following regulation inserted in its stead:—

Interpretation.

“3.—(1.) In these Regulations, unless the contrary intention appears—

‘superannuation business’ means business relating to the issuing of, or the undertaking of liability under, ordinary policies in connexion with a scheme or arrangement, with respect to not less than five persons engaged in a business, trade or profession or employed by an employer, or such lesser number of such persons as the Commissioner approves in a particular case, under which, in consideration of payments some or all of which are to be made by those persons (not being persons employed by an employer) or, where those persons are persons employed by an employer, some or all of which are to be made by the employer, provision is made for—

(a) pensions or payments for those persons—

(i) on their suffering injury or disability caused by accident or sickness; or

(ii) on, or in anticipation of, their ceasing to be so engaged or employed whether on retirement or otherwise; or

* Notified in the Commonwealth Gazette on 3rd December, 1959.

 Statutory Rules 1946, No. 136.

5396/59.—PRICE 1S.  15/13.11.1959.

(b)pensions or payments on the deaths of those persons either while still so engaged or employed or after retirement from that engagement or employment;

‘the Act’ means the Life Insurance Act 1945-1958.

“(2.) A reference in these Regulations to a form by number shall, unless the contrary intention appears, be read as a reference to the form so numbered in the First Schedule to these Regulations.”.

Additional annual return of policies.

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

(a)by inserting in sub-regulation (3.), after the word “reinsurances”, the words “on the coinsurance method”;

(b)by inserting after sub-regulation (4.) the following sub-regulation:—

“(4A.) Items in Part I. or II. of returns in Form 3 shall not include, either as new insurances or discontinued insurances, policies that are merely renewed in the exercise of rights under those policies.”; and

(c) by omitting paragraph (c) of sub-regulation (9.) and inserting in its stead the following paragraphs:—

“(c) Where a company, in consideration of a reduction in the sum insured under a policy, agrees to a reduction in the amount of premium payable under the policy, the particulars of the resulting discontinuance or reduction shall be shown on the lines entitled ‘Surrender’ or ‘Forfeiture’, as the case may be, in Part II.;

(ca)Where a policy is cancelled and all premiums paid are refunded, the necessary entries shall be treated as deductions from the figures in Part I. relating to the type of policy in which the policy is included;

(cb)Items on the lines entitled ‘Other events provided for in the policy (including expiry)’ shall be the net loss or gain to the register resulting from the happening of those events;”.

4. After regulation 13 of the Life Insurance Regulations the following regulation is inserted:—

Returns in respect of superannuation business.

“13A.—(1.) Every company shall, in respect of each financial year of the company, prepare, in accordance with Form 3A, returns in respect of its superannuation business in Australia, including in each return the appropriate portion of any continuous disability insurance business irrespective of whether a separate statutory fund has been set up for that business.

“(2.) The returns specified in the last preceding sub-regulation shall comprise—

(a)a separate return in respect of the register or registers maintained by the company in respect of each State or Territory; and

(b)a return in respect of all the registers maintained by the company in Australia.

“(3.) The following rules shall apply to the preparation of returns in Form 3A:—

(a)Items shall be shown after deduction of amounts in respect of reinsurances on the coinsurance method of the risks of the company;

(b)Items shall be shown exclusive of bonus additions;

(c) Items in Part I. shall not include policies in respect of proposals that have been accepted by the company but on which the first premium has not been paid;

(d)Items in Part I. or II. shall not include, either as new insurances or discontinued insurances, policies, or particulars of policies, that are merely renewed in the exercise of rights under those policies;

(e) Where a company, in consideration of a reduction in the sum insured under a policy, agrees to a reduction in the amount of premium payable under the policy, the particulars of the resulting discontinuance or reduction shall be shown on the lines entitled ‘Surrender’ or ‘Forfeiture’, as the case may be in Part II.;

(f) Where a policy is cancelled and all premiums paid are refunded, the necessary entries shall be treated as deductions from the figures in Part I. relating to the type of policy in which the policy is included;

(g) Items on the lines entitled ‘Other events provided for in the policy (including expiry)’ shall be the net loss or gain to superannuation business in the register resulting from the happening of those events;

(h)Where a policy has acquired a surrender value and is forfeited after having had one or more overdue premiums advanced out of the surrender value, the particulars of the policy shall be shown on the lines entitled ‘Surrender’ and not on the lines entitled ‘Forfeiture’;

(i) Items on the lines entitled ‘Transfer’ shall be the net loss or gain to superannuation business in the appropriate register resulting from transfers between various registers during the year;

(j) 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;

(k)Where a policy has been reinstated, the necessary entries shall be treated as deductions from the figures relating to the cause under which the policy was discontinued;

(l) The following amounts shall not be included in the items headed ‘Sum Insured’—

 (i) benefits, other than the basic sum insured, attaching to Family Income Policies;

 (ii) benefits payable on death by accident or specified sickness only; and

(iii) continuous disability insurance benefits;

(m) For the purposes of the items headed 'Annual Premiums' in Part III., a company may, if any of those items is not ascertainable from the records maintained by the company, ascertain the item by method of apportionment based on sums insured under policies of the type to which the item relates;

(n) Notes shall be added to Part I. and Part III. stating what types of policy have been included on the lines entitled 'Other Insurance' and 'Other Annuity’.”.

5. Regulation 16 of the Life Insurance Regulations is repealed and the following regulation inserted in its stead:—

Quarterly returns.

“16.—(1.) Every company shall, as at the thirty-first day of March, the thirtieth day of June, the thirtieth day of September and the thirty-first day of December in each year, prepare a return in accordance with Form 6.

“(2.) Items shown in a return under this regulation shall be the balances according to the company’s ledger as at the date as at which the return is prepared without adjustment for any accrued or outstanding interest or other items which have not been brought into account as at that date.”.

Monthly returns.

6.—(1.) Regulation 17 of the Life Insurance Regulations is amended by omitting sub-regulation (2.) and inserting in its stead the following sub-regulation:—

"(2.) An item in Part IV. of returns in Form 7 shall show—

(a) where the item is under the heading ‘Receipts’—the amount received after deduction of any amounts paid in respect of reinsurance of the risks of the company; or

(b)where the item is under the heading ‘Payments’—the amount payable before deduction of any debts owing to the company but after deduction of any amounts received in respect of reinsurance of the risks of the company.”.

First returns.

7. Regulation 18 of the Life Insurance Regulations is repealed.

Time for making returns.

8. Regulation 19 of the Life Insurance Regulations is amended by inserting in sub-regulation (1.), after the figure “3,”, the figure and letter “3A,”.

Number of copies and signatures.

9. Regulation 20 of the Life Insurance Regulations is amended—

(a) by omitting from sub-regulation (1.) the word and figure “Form 3” and inserting in their stead the words and figures “Forms 3 and 3A”; and

(b)by inserting in sub-regulation (2.), after the figure “3,”, the figure and letter “3A,”.

10. Regulation 22 of the Life Insurance Regulations is repealed and the following regulation inserted in its stead:—

Prescribed time for purposes of section 23.

“22. For the purposes of section 23 of the Act, the prescribed time is the period of three months commencing on the date on which the change mentioned in that section takes place.”.

11. Regulation 27 of the Life Insurance Regulations is repealed and the following regulation inserted in its stead:—

Alterations to First Schedule to the Act.

“27. The First Schedule to the Act is amended by omitting Forms A, B, C, D, E, F and G and inserting in their stead Forms A, B, C, D, E, F and G in the Second Schedule to these Regulations.”.

Forms.

12. Regulation 29 of the Life Insurance Regulations is amended by inserting after the figure “3,” the figure and letter “3A,”.

The Schedule-Heading.

13. The Schedule to the Life Insurance Regulations is amended by omitting the heading and inserting in its stead the following headings:—

“THE SCHEDULES.

FIRST SCHEDULE.”.

The Schedule— Form 3.

14. Form 3 in the Schedule to the Life Insurance Regulations is repealed and the following form inserted in its stead:—

FORM 3.  Regulation 13.

COMMONWEALTH OF AUSTRALIA.

Life Insurance Act 1945-1958.

AUSTRALIAN LIFE INSURANCE STATISTICS.

Annual Return of Policies for the Year Ended

Name of Company
State or Territory	Type of Business	Ordinary*
		Industrial*
* Strike out whichever is inapplicable.

PART I.

New Insurances Issued during the year ended and placed

on Register maintained in respect of

Type of Policy.	Number of Policies.	Sum Insured.	Single Premiums.	Annual Premiums.
£	£	£
Whole of Life Insurance ....................................
Endowment Insurance .......................................
Temporary Insurance .........................................
Other Insurance .................................................
Endowment ......................................................
Total ......................................................
Annuity ............................................................	(Per annum.)

PART II.

Insurances or Premiums Discontinued or Reduced during the year ended in respect of the Register maintained in respect of

Type of Policy and Cause of Discontinuance.	Number of Policies.	Sum Insured.	Annual Premiums.
Insurance, Endowment, &c.—	£	£
Death ......................................................................
Maturity ..................................................................
Other events provided for in the policy (including expiry) ............................................................................ .
Surrender ................................................................
Forfeiture ................................................................
Transfer ..................................................................
Other Causes (to be specified) ..................................
Total ................................................................
(Per annum.)
Annuity—
Death ......................................................................
Expiry .....................................................................
Surrender ................................................................
Forfeiture ................................................................
Transfer ..................................................................
Other Causes (to be specified) ..................................
Total ................................................................

PART III.

Insurances Existing on Register maintained in respect of

  at 19

Type of Policy.	Number of Policies.	Sum Insured.	Bonus Additions.	Annual Premiums.
£	£	£
Whole of Life Insurance .........................................
Endowment Insurance ............................................
Temporary Insurance .............................................
Other Insurance .....................................................
Endowment ...........................................................
Total ..........................................................
Annuity .................................................................	(Per annum.)

The Schedule–Form 3A.

15. After Form 3 in the Schedule to the Life Insurance Regulations the following form is inserted:—

FORM 3A.  Regulation 13A.

COMMONWEALTH OF AUSTRALIA.

Life Insurance Act 1945-1958.

AUSTRALIAN LIFE INSURANCE STATISTICS.

Annual Return of Superannuation Business for the Year Ended

Name of Company

State or Territory

PART I.

Superannuation Business Issued during the year ended and

placed on Register maintained in respect of

Type of Policy.	Number of Policies.	Sum Insured.	Single Premiums.	Annual Premiums.
£	£	£
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 .....................................................
(Per annum.)
Individual Deferred Annuity ..............................
Blanket Deferred Annuity ..................................
Immediate Annuity ...........................................
Other Annuity ...................................................

Part II.

Superannuation Business Discontinued during the year ended in respect of Register maintained in respect of

Type of Policy and Cause of Discontinuance.	Number of Policies.	Sum Insured.	Annual Premiums.
£	£
Insurance, Endowment, &c.—
Death ......................................................................
Maturity ..................................................................
Other events provided for in the policy (including expiry)
Surrender ................................................................
Forfeiture ...............................................................
Transfer ..................................................................
Conversion .............................................................
Other Causes (to be specified) ..................................
Total ..............................................................

Part II.—continued.

Type of Policy and Cause of Discontinuance.	Number of Policies.	Sum Insured.	Annual Premiums.
£	£
(Per annum.)
Annuities not yet Entered on—
Death ......................................................................
Surrender ................................................................
Forfeiture ...............................................................
Transfer ..................................................................
Conversion .............................................................
Entered on ..............................................................
Other Causes (to be specified) ..................................
Total ..............................................................
Annuities Entered on—
Death ......................................................................
Expiry ....................................................................
Surrender ................................................................
Transfer ..................................................................
Other Causes (to be specified) ..................................
Total ..............................................................

  

PART III.

Superannuation Business Existing on Register maintained in respect of
at	19

  

Type of Policy.	Number of Policies.	Sum Insured.	Annual Premiums.
£	£
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 ..............................................................

The Schedule-Form 6.

16. Form 6 in the Schedule to the Life Insurance Regulations is repealed and the following form inserted in its stead:—

FORM 6. Regulation 16.

COMMONWEALTH OF AUSTRALIA.

Life Insurance Act 1945-1958.

AUSTRALIAN LIFE INSURANCE STATISTICS.

QUARTERLY RETURN OF LEDGER BALANCES OF VARIOUS ASSETS HELD IN AUSTRALIA AS AT [date] BY [name of company].

Assets.	£
Fixed Assets—
Freehold and leasehold property ............................................................................
Office furniture, fittings, equipment and motor vehicles ..........................................
Total fixed assets ...................................................................................

Loans (excluding advances of premiums)—

On mortgage—

(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 housing societies .......................................................................

Other ..............................................................................................................

Total loans ....................................................................................................

Investments—

Government securities—

Australia ..................................................................................................................................

New Zealand ...........................................................................................................................

Great Britain ............................................................................................................................

Other .......................................................................................................................................

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 ......................................................

The Schedule-Form 7.

17.—(1.) Form 7 in the Schedule to the Life Insurance Regulations is repealed and the following form inserted in its stead:—

FORM 7. Regulation 17.

COMMONWEALTH OF AUSTRALIA.

Life Insurance Act 1945-1958.

AUSTRALIAN LIFE INSURANCE STATISTICS.

 Return for the Month of

 Name of Company

PART I.

New Insurances Issued (excluding Annuities).

State or Territory.

Total Ordinary Life Insurance Business.

Superannuation Business included in Total Ordinary Life Insurance Business.

Industrial Insurance Business.

Number of Policies.

Sum Insured.

Number of Policies.

Sum Insured.

Number of Policies.

Sum Insured.

£

£

£

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.	Total Ordinary Life Insurance Business.		Superannuation Business included in Total Ordinary Life Insurance Business.		Industrial Insurance Business.
Number of Policies.	Sum Insured.	Number of Policies.	Sum Insured.	Number of Policies.	Sum Insured.
£	£	£
New South Wales ............................
Victoria ...........................................
Queensland ......................................
South Australia ................................
Western Australia ............................
Tasmania .........................................
Australian Capital Territory ..............
Northern Territory ............................
Papua and New Guinea ....................
Total ....................................

PART III.

New Loans (excluding Advances of Premiums) Granted.

State of Territory.	On Mortgage of Real Estate.		On Company’s Policies.			Other.			Total.
£		£			£			£
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, &c., Paid.
Particulars.		Ordinary Department.		Industrial Department.				Total.
Receipts—		£		£				£
Insurance Premiums .................................................
Consideration for Annuities ......................................
Total ..............................................................
Payments—
Claims .....................................................................
Surrenders ...............................................................
Annuities ................................................................
Bonuses Paid in Cash ...............................................
Total ..............................................................
PART V.
Rate of Interest charged on New Loans.
Type of Loan.		Rate at end of Month.			Date from which charged.		Previous Rate.
Per cent.			Per cent.
On Company’s Policies ..............................................		/   /  .
On First Mortgages on Real Estate ..............................		/  /  .
Other (to be specified) ................................................		/   /  .
/   /  .
/  /  .
/   /  .

(2.) Notwithstanding the amendment effected by the last preceding sub-regulation, a return in respect of the year One thousand nine hundred and fifty-nine furnished under regulation 17 of the Life Insurance Regulations shall be in accordance with Form 7 in the Schedule to those Regulations as in force immediately before the commencement of this regulation.

Second Schedule.

18. The Life Insurance Regulations are amended by adding at the end thereof the following Schedule:—

“SECOND SCHEDULE. Regulation 27.

FORMS TO BE SUBSTITUTED FOR FORMS A, B, C, D, E, F AND G IN THE FIRST SCHEDULE TO THE ACT.

Section 44. FORM A.

REVENUE ACCOUNT OF THE [name of company] FOR THE YEAR ENDED [date] IN RESPECT OF [description of life insurance business].

Particulars.	Business in Australia.	Business outside Australia.	Total.	Particulars.	Business in Australia.	Business outside Australia.	Total.
£	£	£	£	£	£
Balance of Account at beginning of year ...................................................................	Amounts Paid or Outstanding Under Policies—
Claims—Death .........................................................................................
Insurance Premiums—	Maturity .. .. .. ..
Single Premiums ...................................................................	Other .. .. .. ..
Other Premiums ...................................................................	Surrenders (including surrenders of bonus) .........................................................................................
Consideration for Annuities Granted—	Bonuses paid in Cash .........................................................................................
Single Premiums ...................................................................	Annuities .........................................................................................
Other Premiums ...................................................................
Total Premiums, &c....................................................................	Total Policy Payments, &c..........................................................................................
Interest, Dividends and Rents ...................................................................	Expenses and Other Outgo—
Rates and Taxes thereon ...................................................................	Commission .........................................................................................
Salaries .........................................................................................  ..
Net Interest, &c. ...................................................................	Travelling Expenses .........................................................................................
Contributions to Staff Superannuation Fund .........................................................................................
Transfers from Reserves (to be specified) ...................................................................	Directors’ Fees .........................................................................................
Appreciation of Assets ...................................................................	Auditors’ Fees .........................................................................................
Profit on Sale of Assets ...................................................................	Medical Fees .........................................................................................
Other Income (to be specified) ...................................................................	Legal Expenses .........................................................................................
Office Rent .........................................................................................
Hire and maintenance of machines .........................................................................................
Advertising .........................................................................................
Printing and Stationery .........................................................................................
Postage .........................................................................................
General Expenses .........................................................................................
Taxes (other than those charged on Interest, Dividends and Rents) ...............................................................................
Shareholders’ Dividends .........................................................................................
Transfers to Profit and Loss .........................................................................................
Other (to be specified) .........................................................................................
Total Expenses, &c..........................................................................................
Transfers to Reserves (to be specified) .........................................................................................
Depreciation of Assets .........................................................................................
Loss on Sale of Assets .........................................................................................
Balance of Account at end of year .........................................................................................
Grand Totals ...................................................................	Grand Totals .........................................................................................

NOTE 1.—If any sum has been deducted from an expenditure item and entered on the assets side of the Balance-sheet, the amount so deducted shall be shown separately.

NOTE 2.—Amounts shown in this Account shall be net amounts after deduction of sums paid or received in respect of reinsurances of the risks of the company.

NOTE 3.—The columns headed “Business in Australia” apply to income and expenditure relating to policies registered by the company in Australia.

NOTE 4.—Where any statutory fund is maintained in respect of both ordinary life insurance business and industrial insurance business, a separate revenue account in accordance with the above form shall be prepared separately for each of those businesses.

Section 44.   FORM B.

REVENUE ACCOUNT OF THE [name of company] FOR THE YEAR ENDED [date] IN RESPECT OF [type of insurance, other than life insurance, business].

Particulars.	Business in Australia.	Business outside Australia.	Total.	Particulars.	Business in Australia.	Business outside Australia.	Total.
£	£	£	£	£	£
Balance of Account at beginning of year ..............................................................................	Claims under insurance contracts paid and outstanding, including medical and legal expenses directly incurred in settling claims....................................................................................................
Reserve for Unexpired Risks ..............................................................................
Additional Reserve (if any) ..............................................................................	Expenses and Other Outgo—
Total Reserves ..............................................................................	Commission .........................................................................................................
Premiums..............................................................................	Salaries .........................................................................................................
	Travelling Expenses .........................................................................................................
	Contributions to Staff Superannuation Fund .........................................................................................................
Interest, Dividends and Rents..............................................................................	Directors’ Fees.........................................................................................................
Rates and Taxes thereon ..............................................................................	Auditors’ Fees .........................................................................................................
Net Interest, &c...............................................................................

Medical Fees .........................................................................................................
Legal Expenses .........................................................................................................
Office Rent .........................................................................................................
Transfers from Reserves (to be specified) ..............................................................................	Hire and maintenance of machines .........................................................................................................
Appreciation of Assets ..............................................................................	Advertising .........................................................................................................
Profit on Sale of Assets ..............................................................................	Printing and Stationery .........................................................................................................
Other Income (to be specified) ..............................................................................	Postage .........................................................................................................
General Expenses .........................................................................................................
Taxes (other than those charged on Interest, Dividends and Rents) .. ........................................................................................
Shareholders’ Dividends .........................................................................................................
Transfers to Profit and Loss .........................................................................................................
Other (to be specified) .........................................................................................................
Total Expenses, &c. .. .. ..
Transfers to Reserves (to be specified) .........................................................................................................
Depreciation of Assets .........................................................................................................
Loss on Sale of Assets .........................................................................................................
Balance of Account at end of year .........................................................................................................
Reserve for Unexpired Risks .........................................................................................................
Additional Reserve (if any) .........................................................................................................
Grand Totals .............................................................................. .	Grand Totals .........................................................................................................

NOTE 1.—If any sum has been deducted from an expenditure item and entered on the assets side of the Balance-sheet, the amount so deducted shall be shown separately.

NOTE 2.—Amounts shown in this Account shall be net amounts after deduction of sums paid or received in respect of reinsurances of the risks of the company.

 

Section 44. FORM C.

PROFIT AND LOSS ACCOUNT OF THE [name of company]FOR THE YEAR ENDED [date].

Particulars.	Business in Australia.	Business outside Australia.	Total.	Particulars.	Business in Australia.	Business outside Australia.	Total.
£	£	£	£	£	£
Balance brought forward at beginning of year ........................................................................	—	—	Dividends paid to shareholders, not charged to other Accounts ...................................................................................	—	—
Interest, Dividends and Rents not carried to other Accounts ...................................................................	Expenses not charged to other Accounts (to be specified) ...................................................................................
Profits transferred from Revenue and other Accounts (to be specified) ...................................................................	Transfers to Revenue and Other Accounts (to be specified) ...................................................................................
Other Income (to be specified) ........................................................................	Balance at end of year, as shown in the Balance-sheet ...................................................................................	—	—
Total ........................................................................	—	—	Total ........................................................................................	—	—

NOTE 1.—If any sum has been deducted from the Expenses item and entered on the assets side of the Balance-sheet, the amount so deducted shall be shown separately

NOTE 2.—Where this account includes any amounts of dividends or other payments to shareholders, the financial year in respect of which those dividends or other payments are made shall also be stated.

NOTE 3.—An entry shall not be made in a space marked "—".

Section 44. FORM D.

BALANCE-SHEET OF [name of company] AS AT [date].

Liabilities.		Life Insurance Business.	Other Classes of Business.	Total.	Assets.	Life Insurance Business.	Other Classes of Business.	Total.	Amount of Assets held in Australia.
Life Insurance Business.	Other Classes of Business.	Total.
£	£	£	£	£	£	£	£	£
Shareholders’ Capital— £	£	Fixed Assets—
Authorized ................................................................... .	—	—	—	Freehold and Leasehold Property .................................................................
Less Unissued ...................................................................	—	—	—	Office Furniture, fittings and equipment, and motor vehicles .......................................................
Subscribed Capital ...................................................................	—	—	—	Total Fixed Assets .............................................................
Paid-up—in money .............................................		—	Loans—
otherwise than in money ..........		—	On Mortgage ...................................................................
Total Capital ..........................................		—	On Debentures or Shares .................................................................
			On Policies of the company .................................................................
Balances of Revenue Accounts and Reserve		On Life Interests and Reversions ................................................
Accounts (to be specified separately) in		On Personal Security .................................................................
respect of life insurance business		—	To Controlled Companies .................................................................
Balances of Revenue Accounts and Reserve		Other Loans (to be specified) .................................................................
Accounts (to be specified separately) in		Total Loans .................................................................
respect of other classes of business			—
Profit and Loss Account Balance..............................		—	Investments—
Total Balances ................................................		Government Securities—
		Australia .................................................................
Bank Overdraft  ...............................................		New Zealand ...................................................................
		Great Britain ...................................................................
Other Liabilities—		Other ...................................................................
Deposits .....................................................................................		Securities of Local Government and semi-
Claims admitted or intimated but not paid*		governmental bodies ..............................................................
Annuities due and unpaid*..................................		—	Company Securities—
Sundry Creditors .........................................		Debentures .................................................................
Other Liabilities (to be specified) .......................		Secured and Unsecured Notes ...................................................................
Total Other Liabilities .........................................		Preference Shares ...................................................................
		Ordinary Shares ...................................................................
		Holdings in Controlled Companies ..
Life Interests and Reversions Purchased Other Investments (to be specified) ...................................................................
Total Investments .............................................................

 

FORM D—continued.

Liabilities.	Life Insurance Business.	Other Classes of Business.	Total.	Assets.	Life Insurance Business.	Other Classes of Business.	Total.	Amount of Assets held in Australia.
								Life Insurance Business.	Other Classes of Business.	Total.
£	£	£	£	£	£	£	£	£
Cash—
On Deposit ....................................................................
On Current Account and in Hand ....................................................................
Total Cash
Other Assets—
Outstanding Premiums including advances of premiums* ...........................................................
Interest, Dividends and Rents accruing but not due* ...........................................................
Outstanding Interest, Dividends and Rents*...........................................................
Sundry Debtors ....................................................................
Other Assets (to be specified) ....................................................................
Total Other Assets ......................................................................
Total Liabilities ............................................................................	Total Assets ......................................................................

NOTE 1.—Where a company maintains more than one statutory fund in respect of its life insurance business, the amounts of the items in the balance-sheet shall be shown in separate columns in respect of each statutory fund in lieu of combining those amounts in the columns headed “Life Insurance Business”.

NOTE 2.—Assets, Liabilities and Reserves not allocated to any class of life insurance business, and Shareholders’ Capital, shall be shown in the columns headed “Other Classes of Business”.

NOTE 3.—A footnote to the balance-sheet shall state what parts of the assets of the company have been deposited, in Australia or elsewhere, as security for policy owners specifying in each case the amount of the deposit, the type of security deposited, and the statutory fund, if any, of which that deposit or any portion of that deposit forms part.

NOTE 4.—Full particulars shall be stated of holdings in, and loans to, controlled companies (whether they transact life insurance business, or not), giving the name of each such company, the number, description and amounts paid up on the shares held in each, and the value at which the holdings in each such company stand in the balance-sheet. A company shall be regarded as a controlled company if the company in respect of which the balance-sheet is prepared has the power directly or indirectly to exercise decisive influence over its policy or management.

NOTE 5.—Amounts due from directors and officers of the company, unless fully secured, shall be shown separately.

NOTE 6.—Items marked * are, or have been, included in the corresponding items in the Revenue Accounts.

NOTE 7.—Investments in debentures, loans or other securities of Local Government and semi-governmental bodies shall be shown as securities of Local Government and semi-governmental bodies.

NOTE 8—The balance-sheet shall be made up in Australian currency and the basis of any conversion of other currencies into Australian currency shall be stated.

NOTE 9.—The persons signing the balance-sheet shall also sign an appended statement showing how the values of the investments are arrived at, and a certificate to the effect that, in their belief, the assets set forth in the balance-sheet are in the aggregate fully of the value stated in the balance-sheet, less any investment reserve fund taken into account.

NOTE 10.—A certificate shall be appended, signed by the same persons as signed the balance-sheet and by the auditors, to the effect that no part of the assets of any statutory fund has been applied, directly or indirectly, in contravention of the provisions of this Act relating to the application and investment of statutory funds.

NOTE 11.—An entry shall not be made in a space marked “—".

 

Section 51. FORM E.

Type of Business *	Ordinary
	Industrial

Name of Company New Insurances Issued During the Year Ended

Type of Policy.	Policies on Registers in Australia.				Policies on Registers outside Australia.
	Number of Policies.	Sum Insured.	Single Premiums.	Annual Premiums.	Number of Policies.	Sum Insured.	Single Premiums.	Annual Premiums.
£	£	£	£	£	£
Whole of Life Insurance ............................................................................................................
Endowment Insurance ............................................................................................................
Temporary Insurance ............................................................................................................
Other Insurance ............................................................................................................
Endowment ............................................................................................................
Total ............................................................................................................
Annuity ............................................................................................................	(Per annum.)	(Per annum.)

* Cross out whichever is inapplicable.

NOTE 1.—Separate returns shall be rendered for ordinary life insurance business and industrial insurance business.

NOTE 2.—Items in this return shall be shown after deductions of amounts in respect of reinsurances on the coinsurance method of the risks of the company.

Section 51. FORM F.

Type of Business *	Ordinary
	Industrial

Name of Company Insurances or Premiums Discontinued or Reduced during the Year Ended

Type of Policy and Cause of Discontinuance.	Policies on Registers in Australia.			Policies on Registers outside Australia.
	Number of Policies.	Sum Insured.	Annual Premiums.	Number of Policies.	Sum Insured.	Annual Premiums.
£	£	£	£
Insurance, Endowment, &c.
Death ......................................................................................................................
Maturity ......................................................................................................................
Other events provided for in the policy (including expiry) ......................................................................................................................
Surrender ......................................................................................................................
Forfeiture ......................................................................................................................
Transfer......................................................................................................................

Other Causes ......................................................................................................................
Total ........................................................................................................................
Annuity (all causes) ........................................................................................................................	(Per annum.)	(Per annum.)

* Cross out whichever is inapplicable.

NOTE 1.—Separate returns shall be rendered for ordinary life insurance business and industrial insurance business.

NOTE 2.—Items in this return shall be shown after deduction of amounts in respect of reinsurances on the coinsurance method of the risks of the company.

NOTE 3.—Items in this return shall be shown exclusive of bonus additions.

NOTE 4.—Items on the lines entitled “Transfer” shall be the net loss or gain to the appropriate registers resulting from transfers between various registers during the year.

Section 51. FORM G.

Type of Business *	Ordinary
	Industrial

Name of Company Insurances Existing on

Type of Policy.	Policies on Registers in Australia.			Policies on Registers outside Australia.
	Number of Policies.	Sum Insured.	Annual Premiums.	Number of Policies.	Sum Insured.	Annual Premiums.
£	£	£	£
Whole of Life Insurance .....................................................................................................................
Endowment Insurance .....................................................................................................................
Temporary Insurance .....................................................................................................................
Other Insurance .....................................................................................................................
Endowment .....................................................................................................................
Total .....................................................................................................................
Annuity .....................................................................................................................	(Per annum.)	(Per annum.)

* Cross out whichever is inapplicable.

NOTE 1.—Separate returns shall be rendered for ordinary life insurance business and industrial insurance business.

NOTE 2.—Items in this return shall be shown after deduction of amounts in respect of reinsurances on the coinsurance method of the risks of the company.

              

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