State Government Insurance Office (Queensland) Act and Another Act Amendment Act of 1965 (Qld)

428 ( Queenslanb ANNO QUARTO DECIMO ELIZABETHAE SECUNDAE REGINAE No. 29 of 1965 An Act to Amend "The State Government Insurance Office (Queensland ) Act of 1960" and "The Workers' Compensation Acts, 1916 to 1964" each in certain particulars [ASSENTED TO LOTH MAY. 1965) BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled , and by the authority of the same , as follows:- PART I-PRELIMINARY 1. Short title . This Act may be cited as " The State Government Insurance Office (Queensland) Act and Another Act Amendment Act of 1965."

gate Govt. Ins. tQ.; Act & Anotner An, Amendt. Act of 1965 , No. 29 429 2. Arrangement of Act. This Act is divided into Parts as follows:- PART I-PRELIMINARY: PART 11-AMENDMENTS TO " THE STATE GOVERNMENT INSURANCE OFFICE (QUEENSLAND) ACT OF 1960 "; PART III-AMENDMENTS TO " THE WORKERS' COMPENSATION ACTS, 1916 TO 1964 "; PART IV-GENERAL PROVISIONS. PART 11-AMENDMENTS TO " THE STATE GOVERNMENT INSURANCE OFFICE (QUEENSLAND) ACT OF 1960 " 3. (1) Principal Act. In this Part " The State Government Insurance Office (Queensland) Act of 1960 " is called the Principal Act. (2) Collective title. The Principal Act and this Part may be collectively cited as "The State Government Insurance Office (Queensland) Acts, 1960 to 1965." 4 Amendment to s. 3. Section three of the Principal Act is amended by inserting after the definition " Insurance " the following definition:- " " Minister "-The Minister of the Crown for the time being charged with the administration of this Act: The term includes any person for the time being performing the duties of the Minister;". 5. Aeesiwests to s. 15 . Section fifteen of the Principal Act is amended by- (a) omitting subsection (1) and inserting in its stead the following subsection :- " (1) There shall be kept separate and distinct in the Office the following funds:- (a) in respect of life assurance business, the Life Assurance Fund; (b) in respect of business under " The Workers' Compensation Acts, 1916 to 1965," the Workers' Compensation Fund; (c) in respect of all business of the Office other than business referred to in paragraphs (a) and (b) of this subsection, the General Insurance Fund; (d) the General Reserve Fund."; (b) in subsection (2), omitting the words " under this Act " and inserting in their stead the words " in the conduct of its business "; (c) in subsection (3), omitting the words " or deemed by this Act to have been made "; (d) in subsection (4),- (i) omitting the words " and in the administration of this Act "; (ii) omitting the words " created under this Act and the State Accident Insurance Fund created under " The Workers' Compensation Acts, 1916 to 1960," " and inserting in their stead the words " required by this Act to be kept ".

430 State Govt . Ins. (Q .) Act & Another Act Amends . Act of 1965, No. 29 6. New s. 15A . The Principal Act is amended by inserting after section fifteen the following section:- " [15A.) General Reserve Fund . (1) The amount of £10,256,512 shown in the final accounts of the Office as at the thirtieth day of June one thousand nine hundred and sixty-four as a General Reserve shall, at and from the commencement of " The State Government Insurance Office (Queensland) Act Amendment Act of 1965," be credited to and form the General Reserve Fund required by this Act to be kept. For the purposes of this Act the amount of the General Reserve Fund shall be deemed to have been contributed as follows:- (a) the Workers' Compensation Fund shall be deemed to have contributed eighty per centum thereof; (b) the General Insurance Fund shall be deemed to have contributed twenty per centum thereof. No further payments of capital money shall be made into the General Reserve Fund save repayments to that fund on account of moneys paid from that fund in accordance with this section. (2) The net income arising from the investment of moneys for the time being forming the General Reserve Fund in each financial year shall be divided into two equal parts and, subject to this section , shall be distributed as follows:- (a) As to one part,- (i) eighty per centum thereof to be credited to the Workers' Compensation Fund; (ii) twenty per centum thereof to be credited to the General Insurance Fund; (b) As to the other part, the whole thereof to be credited to such one or more of the funds required by this Act to be kept as the Governor in Council by Order in Council, from time to time, declares and in such proportions as the Governor in Council in like manner declares. (3) If in any financial year any of the departments of the Office suffers a substantial loss in the conduct of its business due to a cause which is unlikely to recur, the Governor in Council by Order in Council may approve that recourse be had to the moneys, other than income arising from the 'investment thereof, for the time being forming the General Reserve Fund for the purpose of making good such loss to such department. Upon approval by the Governor in Council, the General Reserve Fund may be applied accordingly. Moneys from time to time applied from the General Reserve Fund to a department in respect of the business of which a fund is required by this Act to be kept (either exclusively or in conjunction with other business) and is deemed by this Act to have contributed to the General Reserve Fund shall be deemed to have been withdrawn from the

State Govt. his. ! Q.) Act & Another Act .Amend:. Act of 1965. _Vo, 29 431 contribution deemed to have been made to that fund by the fund required by this Act to be kept in respect of the business of such department: Provided that where the amount of such moneys exceeds the tow" contribution deemed by subsection (1) of this section to have been so contributed by such fund such excess shall be withdrawn from the contribution deemed to have been made by the other fund deemed by this Act to have so contributed. When moneys are applied from the General Reserve Fund to a department and the fund required by this Act to be kept in respect of the business of that department is not deemed by this Act to have contributed to such General Reserve Fund such moneys shall be deemed to have been withdrawn from the contributions of the funds which are deemed by this Act to have so contributed in the proportions which the contribution of each of such contributing funds for the time being standing to the credit of the General Reserve Fund bears to the total amount of capital moneys for the time being standing to the credit of the General Reserve Fund. (4) When moneys have been withdrawn from the contribution deemed by this Act to have been made by any fund to the General Reserve Fund and have been applied to a department other than a department in respect of the business of which such contributing fund is required by this Act to be kept the fund required by this Act to be kept in respect of the business of that department shall repay to the contribution from which such withdrawal has been made , from the net surplus profits of the Office which, but for the provisions of this subsection, would be paid to the reserve account or accounts of the department or departments in respect of the business of which such fund is kept, all moneys so withdrawn. (5) When the General Reserve Fund or any part thereof has been applied under the last preceding subsection the distribution under paragraph (a) of subsection (2) of this section of income arising from the investment of the General Reserve Fund shall be adjusted from time to time so that each fund entitled under that paragraph to share in such distribution shall so share in the proportion which its contribution for the time being standing to the credit of the General Reserve Fund bears to the total amount of capital moneys for the time being standing to the credit of the General Reserve Fund : Provided that when all moneys from time to time applied from the General Reserve Fund under the last preceding subsection have been repaid to the General Reserve Fund the funds entitled to share in such distribution shall share in the proportion set out in paragraph (a) of subsection (2) of this section. (6) When during any financial year a fund or department repays to the General Reserve Fund on account of money applied to a department under subsection (3) of this section the adjustment required to be made under the last preceding subsection shall be effective only on and from the date such repayment is made. (7) The Governor in Council may so declare under paragraph (b) of subsection (2) of this section that any part of the income required to be distributed under that paragraph in accordance with such declaration may be thereunder applied in making repayments to the General Reserve Fund on account of moneys applied to any department of the Office under subsection (3) of this section."

432 State Govt. Ins. (Q .) Act & Another Act Amends. Act of 1965, No. 29 7. Repeal of and new s. 19. The Principal Act is amender by repealing section nineteen and inserting in its stead the following section:- " [19.] Investments . Subject to this Act and to the investment policy for the time being laid down by the Investment Board established under this Act the Office may invest the assets of the funds required by this Act to be kept as the General Manager considers proper." 8. New ss. 19A and 19B . The Principal Act is amended by inserting after section nineteen the following sections:- "[19A.] Investment Board . (1) There shall be a Board called the Investment Board which shall consist of five members as follows:- (a) the Under Treasurer of Queensland who shall be an ex-officio member or a person nominated by him; (b) the General Manager who shall be an ex-officio member; (c) three persons who are not members of the Public Service of Queensland appointed by the Governor in Council by notification published in the Gazette. Upon publication in the Gazette of the appointment of the members of the Board under paragraph (c) of this subsection the first Investment Board shall be deemed to be duly constituted. (2) The Governor in Council by notification published in the Gazette may appoint a secretary to the Investment Board who may hold such appointment in addition to any position he may hold in the Public Service of Queensland. The members of the Investment Board appointed by the Governor in Council and the secretary to the Investment Board shall hold their respective appointments during the pleasure of the Governor in Council. A member of the Investment Board other than an ex-officio member thereof or the nominee of an ex-off icio member shall be paid such allowances as are prescribed. (3) The power conferred by section twenty-two of this Act to make regulations includes power to make regulations in respect of- (a) the qualifications of persons to be appointed by the Governor in Council as members of the Investment Board; (b) the appointment of a chairman and deputy chairman of the Investment Board, the quorum of such Board, the summoning of meetings of such Board and the method of conducting the business and performing the functions of such Board; (c) the fees to be paid to members of the Investment Board other than ex-officio members or the nominee of an ex-officio member; (d) the participation of a member of the Investment Board in the business of such Board in which he has a financial interest; (e) the maximum amount which the General Manager may, in his own discretion, invest from the funds of the Office in a particular investment; (f) the reports to be furnished by the Board to the Treasurer and the form and content of such reports.

.irate Govt. Irs. i Q. i Act & Another Act Amendt. Act of 1965, No. 29 43: 119B.] Functions of the Investment Board . (1) The functions of the Investment Board shall be- (a) to fix, from time to time, the total amount of the funds of the Office which should be invested; (b) to lay down and to supervise policy for the investment o funds of the Office with particular regard to the production of a reasonable yield on investment for the benefit of policy holders; (c) to examine and approve or reject all contracts proposed to be entered into by the Office for the underwriting or sub- underwriting of the issue of shares in any body corporate or the raising of loans; (d) to examine and approve or reject any particular investment proposed to be made by the Office of an amount in excess of the prescribed maximum amount which the General Manager may, in his own discretion, invest from the funds of the Office in a particular investment; (e) to advise on and assist generally in the prudent investment of the funds of the Office; (f) such other functions as are prescribed. (2) When making an appointment of a member of the Investment Board the Governor in Council shall, so far as practicable, appoint a person with the qualifications prescribed or, in so far as no qualifications are prescribed, a person who, in his opinion, can adequately perform the functions in this section specified. (3) Subject to this Act and to the investment policy laid down by the Investment Board, the General Manager is charged with the duty of determining in which investments the funds of the Office shall be invested and into which investment contracts the Office shall enter except- (a) where the amount proposed to be invested exceeds the prescribed maximum amount which the General Manager may, in his own discretion, invest from the fiends of the Office in a particular investment; (b) when the proposed contract is a contract to underwrite or sub-underwrite an issue of shares in any body corporate or a raising of a loan." 9. Repeal of and new s. 20. The Principal Act is amended by repealing section twenty and inserting in its stead the following section:- " [20.] Annual balance sleet . (1) As soon as practicable after the completion of each financial year the General Manager shall prepare and transmit to the Minister a balance sheet and statements of accounts and shall therein set forth a true statement of the financial position of each fund required by this Act to be kept and of the transactions of the Office for the last preceding financial year certified by the Auditor-General. A copy of such balance sheet and each statement of account shall be laid before the Legislative Assembly as soon as practicable. (2) With respect to the audit and accounts of the Office the Auditor- General shall have all the powers and authorities conferred on him by " The Audit Acts, 1874 to 1965 "."

434 State Govt. Ins. (Q.) Act & Another Act Amends. Act of 1965, No. 29 10. Amendments to s. 21 . Section twenty-one of the Principal Act is amended by- (a) in subsection (1) inserting after the word " actuary " the words or other competent person "; (b) in subsection (3), inserting after the word " actuary " the words " or other person "; (c) adding the following subsection:- " (4) Subject to this Act, the net surplus profits of the Office retained by each fund required by this Act to be kept shall be credited to the reserve account or accounts of the department or departments in respect of the business of which such fund is kept. When such profits are to be credited to more than one such reserve account they shall be apportioned in such proportions as the Minister, upon the recommendation of the General Manager, approves and shall be credited to the reserve accounts of such departments in accordance with such approval." PART 111-AMENDMENTS TO " THE WORKERS' COMPENSATION ACTS, 1916 To 1964" 11. (1) Principal Act. In this Part " The Workers' Compensation Acts, 1916 to 1964 " are called the Principal Act. (2) Collective title . The Principal Act and this Part may be collectively cited as " The Workers' Compensation Acts, 1916 to 1965." 1.2. Amendment to s. 3. Section three of the Principal Act is amended by, in subsection (1), omitting the definition " Fund " and inserting in its stead the following definition:- Fuunndd "-The Workers' Compensation Fund created by this Act; ". 13. Amendment to s. 5 . Section five of the Principal Act is amended by omitting the symbols and words " State Accident Insurance Fund " and inserting in their stead the symbols and words " Workers' Compensation Fund ". 14. Amendment to Schedule to Principal Act. The Schedule to the Principal Act is amended by omitting clauses two and three and inserting in their stead the following clause:- " 2. Appropriation of surplus . Where at the end of any financial year a surplus remains in the fund after providing for all liabilities, it shall be dealt with as part of the net surplus profits of the Office under " The State Government Insurance Office (Queensland) Acts, 1960 to 1965 "." 15. References to State Accident Insurance Fund . Every reference in the Principal Act or any other Act to the State Accident Insurance Fund shall be read and construed as a reference to the Workers' Compensation Fund created by " The Workers' Compensation Acts. 1916 to 1965."

t;Tte Govt . Ins. (Q.) Act & Another A ct Amends . Act of 1965, No. 29 435 PART IV--CirNERAL PROVISIONS 16. Continuation of funds. Upon the commencement of this Act,- (a) all moneys which immediately prior to such commencement stood credited to the State Life Insurance Fund shall be credited to the Life Assurance Fund; (b) all moneys which immediately prior to such commencement stood credited to the State Accident Insurance Fund shall be credited to the Workers' Compensation Fund; (c) all moneys which immediately prior to such commencement stood credited to any other fund kept in relation to the conduct of the business of any department of the Office other than those moneys which under this Act are to be credited to the General Reserve Fund shall be credited to the General Insurance Fund.