Trustee Act 1925 Regulation relating to authorised investments and prescribed insurers (1992-132) [GG No 38 of 20.3.1992] (NSW)

1992—No. 132

TRUSTEE ACT 1925—REGULATION

(Relating to authorised investments and prescribed insurers)

NEW SOUTH WALES

[Published in Gazette No. 38 of 20 March 1992]

HIS Excellency the Governor, with the advice of the Executive Council, and in pursuance of the Trustee Act 1925, has been pleased to make the Regulation set forth hereunder.

PETER COLLINS

Attorney General.

The Trustee Regulation 1988 is amended:

(a) by omitting clause 6 (1) (b) and by inserting instead the following paragraph:

(b) “Aaa”, “Aa1”, “Aa2” and “Aa3” ratings given by Moody’s Investors Service, Inc.:

(b) by omitting clauses 6 (1) (c) and 7 (1) (c).

(c) by omitting clause 7 (1) (b) and by inserting instead the following paragraph:

(b) “Aaa”, “Aa1 ”, “Aa2”, “Aa3” and “Prime—1” ratings given by Moody’s Investors Service, Inc.;

(d) by inserting in clause 9, in alphabetical order, the following name:

Sun Alliance Mortgage Insurance Limited

EXPLANATORY NOTE

The object of this Regulation is to amend the Trustee Regulation 1988:

(a) to enable trustees to invest in prescribed securities which have been given, or have been issued by a company or body which has been given, a “Aa3” credit rating by Moody’s Investors Service, Inc. (as an alternative to one of the existing credit ratings); and

1992—No. 132

(b) to include Sun Alliance Mortgage Insurance Ltd as a prescribed insurer. Under section 18 (3) of the Trustee Act 1925, the amount of a loan by a trustee on the security of any property is allowed to exceed two-thirds of the value of the property if the repayment of the loan is underwritten by an insurer prescribed by the regulations.