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The Pamphlet Collection of Sir Robert Stout: Volume 20

New Zealand. Government Life Insurance and Annuities

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New Zealand. Government Life Insurance and Annuities.

A Summary of the Acts and Plain Directions for the Guidance of Persons Desiring to Insure their Lives or to Purchase Annuities.

The Government having been empowered by recent Acts of the Legislature to enter into contracts for Insurances on Life, and for the grant of Endowments and Annuities, the Commissioner, acting under the provisions of the Acts, thinks it necessary to call public attention to the particular classes of business which will be undertaken, and to the advantages secured to persons insuring under them.

The Acts referred to are "The Government Annuities Act, 1869," and "The New Zealand Government Insurance and Annuities Act, 1870."

I. The Commissioner is authorized to enter into contracts

Nature of contracts the Commissioner authorized to enter into.

for—

1. The sale of Immediate Life Annuities depending on single lives; or on joint lives with benefit of survivorship; or on the joint continuance of two lives.

2. The sale of Deferred Life Annuities depending on single lives.

3. The payment of a Sum of Money on Death; or on death within a period agreed upon; or at the expiration of a period agreed upon; but only in respect of persons between the ages of sixteen and sixty.

4. The granting of Endowments.

5. Generally, any contract whatever in the nature of Insurance, Endowment, or Annuity, dependent on the contingencies of human life, where not repugnant to public policy.

For the purposes of such of these various transactions as are

Tables.

immediately contemplated, tables have been framed showing the purchase-moneys or annual or other periodical payments to be made in respect to the various Annuities, according to the several contingencies under which they are payable, and the premiums chargeable in respect of the several classes of Insurance and Endowment.?
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Special powers of Commissioner.

II. Amongst the special powers given to the Commissioner are the following, namely:—

1. That he may contract for the grant of Deferred Life Annuities on condition that the purchase-money paid shall, at the option of the purchaser, be returnable at any time before an actual payment of the Annuity, or that the purchase-money shall not be returnable.

2. That he may, in the case of inability to continue the payment of annual premiums for the purchase of a Deferred Annuity, grant to the person on whose behalf the payments have been made, an Immediate or Deferred Annuity equivalent in value to the amount actually paid.

3. Where a single sum has been paid for the purchase of a Deferred Life Annuity, he may grant, in lieu thereof, at the request of the person interested, an Immediate Life Annuity, proportionate to the amount paid.

Classes of Life Assurance confined to, &c.

III. With regard to Life Assurance, it is proposed at present to limit operations to Assurances in the following cases, namely—
1. For the payment of money at the death of the party whose life is insured—
a.By payment of premiums during the whole term of life.
b.By payment of premiums for a specified number of years.
c.On death occurring within one or seven years, by payment of annual premiums.
2. For the payment of money on death or attaining a specified age, whichever may first happen—
a.By payment of premiums until death or until the specified age is attained.

3. For the payment of money on the death of either of two lives.

4. For the payment of money upon the death of one life, provided another he then living.

The tables before referred to show the premiums payable in each separate case.

IV. It is intended, for the present, to confine transactions in the nature of Endowments to Endowments for Children, to be effected either by the payment of one sum or of annual,

Classes of Endowment confined to, &c.

half-yearly, or quarterly premiums, according to the tables annexed.
Contracts of this nature may be made conditioned—
1.Without return of premiums, in case death happens before the specified age.
2.With return of premiums in such case.?
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V. In the case of any Insurance for the payment of a fixed

Insurance may at death be commuted for an Annuity.

sum of money at death, the person insuring may, during his life, direct that the sum so payable shall at his death be commuted for an Annuity, according to the then tabular value, in favour of some person to be at the same time nominated.
VI. The following advantages are secured by special pro-

Advantages provided in the Act.

visions in the Acts to persons contracting under them:—
1. All money received and paid by the Government under

Account laid annually before the General Assembly.

the Acts is kept in a separate account, the particulars of which must be annually laid before the General Assembly.
2. In ease the funds held by the Government under the

Any deficiency to be met out of Consolidated Revenue.

Acts shall be insufficient to meet the liabilities, the deficiency is to be met out of the Consolidated Revenue.

Insurers are thus not only enabled to obtain authoritative information of the exact position in each year of the transactions effected under the Acts, but have also the security of the Consolidated Revenue for the performance of the Commissioner's contracts.

3. Annuities payable under the Act are exempted from all

Exempted from taxation.

taxation.
4. Policies, powers of attorney authorizing the receipt of

Exempted from stamp duty.

moneys, and receipts for moneys payable under the Acts are exempted from stamp duty.
5. The following transactions, subject to the limitations

Transactions exempted from Bankruptcy laws or seizure.

noted below, are exempted from liability to the law of Bankruptcy, and from seizure under process of execution, namely—
a.A Policy of Assurance bond fide effected by the Assured upon the life of himself.
b.A Policy for a future Endowment for the wife or any child of the Assured.
c.Any purchase of an Annuity for the wife or any child of the Assured.
In the cases a and b, however, no policy or the contri-

Restrictions on exemption of policies and premiums from Bankruptcy laws and seizure.

butions made towards the same is protected until it has endured for at least two years, in which case the protection extends to the sum of £200;

After five years to £500;

After seven years to £1,000; and

After ten years to £2,000.

In the case c, the Annuity and the contributions towards it

Restrictions on exemption of Annuity Contracts and Premiums from Bankruptcy law and seizure.

are only protected—
(1.)When payments on behalf of the Annuity have extended over six years; or
(2.)When it has been purchased at least six years before the commencement of the Annuity; and
(3.)When the Annuity does not exceed £100 per annum.
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Further restriction on protection of policies and Annuity contracts.

Further, the protection applies, in the case of an Assurance Policy, only in favour of the personal representative of the Assured; in the case of an Endowment Policy, only in favour of the nominee; and in the case of an Annuity, only in favour of the actual Annuitant, and then to such parts only of the Annuity as shall be payable after the Annuitant attains the age of fifty years.

Married women may contract as if sole.

6. Married women may effect policies and dispose of the money assured by will, as if single; and policies effected by married women are, subject to the following restrictions, freed from the debts or control of their husbands. The restrictions are—

Restrictions on protection of policies held by married women.

a. That a policy or contract for a Payment to be made on Death or otherwise, or for a Life Assurance or Endowment, held by any married woman, shall not be protected against the debts of her husband, unless it has endured for two years and then only to the extent of £200;
  • If for five years, £500;
  • If for seven years, £1,000;
  • If for ten years, £2,000.

Restrictions on protection of Annuities purchased by married women.

b. That an Annuity shall not be so protected unless the payments made on account thereof have been made at annual or more frequent intervals during a period of at least sis years, or unless purchased more than six years prior to the commencement of the Annuity, and that such Annuity shall not exceed £104 per annum.

Insurance for benefit of wife and children.

7. Insurances may be effected by way of settlement for the benefit of the wife and children of the Assured, with power to apportion the amount; and such Insurance may be effected either in the name of the Assurer or of his wife, or of a third person as trustee, with his consent.

Duration of premiums.

The premiums may be payable during life, or any less period not under seven years, and, in any case, yearly, half-yearly, or quarterly, at the option of the Assured.

Existing policies.

Existing policies may be indorsed so as to operate as settlements, but notice of any such indorsement is to be given.

Apportionment.

When no apportionment is made on such policy in favour of children specially, all the children of the Assured living at his death share equally.

Extent of protection.

To the extent of £2,000, the money payable under any such policy is to be free from the claims of creditors.

Proof of age.

8. Proof of age once received, is sufficient for further transactions.
VII. In addition to the foregoing advantages, which are? page 5 specially provided in the Acts themselves, the following additional

Advantages provided by Regulations.

advantages are secured by the Regulations promulgated under their authority:—
1.Transactions are effected without any charge to the Assured.
2.Premiums are received in most cases either yearly, half-yearly, or quarterly, at the option of the Assured.
3.Premiums may be paid at any Money Order Office in Great Britain, Ireland, or the Australian Colonies, on the due dates.
4.Days of grace are allowed for payment of premiums; and in case of death whilst any premium is in abeyance, the amount in arrears will be deducted from the sum payable to the Assured.
5.Residence is permitted in any part of the Australasian Colonies and in Europe.
6.Surrender values are granted after a contract has existed for five years, and may extend to the whole or part of a contract.
7.The Commissioner is in certain cases allowed, even on default of payment, to revive a contract.
8.Any contract open to surrender may be exchanged for any other contract within the provisions of the Acts, on reasonable terms.
9.Payments are made immediately on proof of death and compliance with the regulations in relation thereto.
10.Proposers will not be required to pay any fee for medical examination, or to pay the cost of any inquiry which the Commissioner may think fit to make with regard to their health, habits, age, and occupation, or to pay any fee for the issue of any contracts which may be made in accordance with their proposals, or to pay any postage for the transmission of their proposals, or for the transmission of any correspondence arising out of such proposals between them and the Commissioner, except as specially provided in clause 10 of Regulations.
VIII. Certain restrictions are imposed by the Acts upon deal-

Restrictions imposed by the Acts.

ings with policies.
1. By section 21 of the Act of 1869, no Annuity purchased

Annuity contract not assignable.

under the Act can be assigned except in case of bankruptcy, in which case the said Commissioner is directed to repurchase at a tabulated value.
2. By section 15 it is declared that the Commissioner is not

Commissioner not affected with notice.

to be affected with notice of any trust affecting any Annuity, or any contract for payment on death or otherwise, made under the Act.
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Contracts rendered void and payments forfeited.

3. Section 25 of the Act of 1869 expressly renders void contracts, and directs all payments made to the Government thereunder to be forfeited, on the following grounds:—
  • If any certificate or declaration shall be produced to any Officer employed in the administration of this Act which shall contain any untrue statement of the age of any person to whom an Annuity has been granted under this Act, or of any person who has contracted for a sum payable at death with intent to obtain an Annuity on the continuance of the life of any person under the age of ten years, or to obtain any higher rate or amount of Annuity or any Payment on Death greater than would or might be allowed under the provisions of this Act, according to the true age of such person.

Arbitration.

IX. Provision is made for the settlement of disputes by arbitration.

Purposes for which Regulations may be made.

X. Power is given to the Governor in Council to make Regulations for the following purposes:—

Fixing limit of risk.

1. For fixing maximum and minimum limits for the amounts of the several Annuities and Payments on Death and other payments to be contracted for under this Act.

Form of policies, &c.

2. For regulating the mode and form of making contracts under this Act, and for requiring medical certificates, either in every case or where demanded, and for providing that the rates of premiums to be paid for Annuities and Payments on Death shall be made to depend upon the goodness of the lives of applicants or others, and upon the insertion in or omission from any such contract of stipulations as to residence in the Colony or in particular places, and as to hazardous or unhealthy trades, employments, and occupations, and for requiring the payment of extra premiums or other moneys in cases where payments are to be contracted to be paid on death where the lives of the person or persons upon the deaths of whom such payments are to be paid are deemed bad, and, generally, for the payment of extra premiums or fines in cases of contingencies which may be declared by such regulations to be special risks.

Proof of age, death, and identity.

3. For prescribing the mode of proving the age and identity and the existence or death of persons, and the mode of paying sums of money payable in respect of Annuities and Payments on Death and other payments under this Act, and for dispensing with the production of probate of a will or letters of administration either generally or in any particular class of cases,?
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4. For the management of the accounts required to be kept

Management of accounts.

under this Act.
5. For prescribing beforehand the terms upon which pre-

Terms on which premiums are to be returned.

miums paid under contracts for payments to be made at death or otherwise shall be returned to any person beneficially interested in the contract, and for determining beforehand the cases or classes of cases in which no premium shall be returned.
6. For any purpose for which it may be necessary or

For any purpose that may be necessary.

expedient to make any rules or regulations for carrying this Act into effect.
7. For imposing penalties not exceeding twenty pounds

Imposing penalties. Rules and regulations to be published in Gazette.

for breach of such regulations. Provided that no such rules or regulations be inconsistent with or repugnant to this Act; and all such rules and regulations are to be published in the New Zealand Gazette, and to take effect from the day of such publication, or from such other day as shall be therein fixed.

Plain Directions for effecting Insurances and other Contracts under the before-mentioned Acts and Regulations.

1. Certain Post Offices, the names of which may be obtained

Post Offices hare been opened for receipt of proposals.

at any Post Office, have been opened for the receipt of proposals for the Insurance of Lives and the purchase of Annuities; and forms of proposal, with full instructions for filling up and delivering the forms, may be obtained at these Post Offices.
2. Tables of the various premiums to be charged may be seen

Tables may be seen and procured.

and procured at the Post Offices which have been opened for the receipt of proposals, or they will be sent post free on written application. The following pages contain the principal tables, exclusive of the Deferred Annuities.
3. Any person desirous of effecting an Insurance or Endow-

Application to be made to nearest office.

ment, or of purchasing an Immediate or Deferred Annuity, may apply to the nearest office for information.
4. The officer in charge of the office will furnish the appli-

Officer will furnish forms.

cant with a form or forms applicable to the particular transaction contemplated,
5. The applicant is advised, in each case, to produce as soon

Proof of age should be produced as soon as possible.

as possible to the officer such evidence of his age or of the age of the person upon whose life the contract is to depend, as may be in his possession; and in case the same is insufficient for the purpose of the proposed transaction, the officer will inform him in what respect it is defective.

The regulations specially bearing upon this matter are numbered 46 and 48.

As the contract is declared to be void in case of any misstatement on this point, it is essential that persons proposing transactions should be especially careful in regard to it.?

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Best proof of age.

6. Since the Registration Acts under which Births, Deaths, and Marriages are registered have been in operation, the best evidence on the subject will be an examined, certified, or office copy of, or extract from, the Register.

This should be accompanied by a statutory declaration by some third person able to speak to the fact of the identity of the person named in the copy or extract with the person on whose behalf the proposed contract is to be entered into.

Such a declaration may be made before any Justice of the Peace or Solicitor of the Supreme Court.

Commissioner may accept other proof.

7. In cases where the proposer is not in possession of any official proof of age, the Commissioner is at liberty to accept other sufficient proof, such as an entry in a family Bible, and so forth, provided the same be accompanied by reasonable evidence of the genuine character of such entry, and due proof of identity be given.

Address of proposer.

8. It would be advisable in all cases that the proper postal address of the proposer should be given to the office to whom the proposal is delivered.

Notice of claim must be given.

9. When any person is entitled, unde the terms of any contract, to the payment of moneys by the Commissioner, he should at once give notice in writing of the claim, and produce the contract upon which it is based, to the nearest officer authorized to receive proposals. The officer will indorse on the notice of claim such particulars as will direct the attention of the Commissioner to the particular transaction, and then at once forward the notice to the Commissioner.

Officer will inform proposer when any evidence is required.

10. Should any proof of age or of identity be required, the officer will inform the proposer thereof, and he is recommended to obtain the same without delay, in such form as will satisfy the requirements of the Regulations.

Notice of change of residence should be given.

11. It is essential that in all cases of proposed change of residence where the person whose life is insured intends going outside of the permitted districts, that notice in writing thereof should at once be given to the nearest officer, stating the intended place of residence and the mode of travel to reach it.

This notice will forthwith be forwarded to the Commissioner, who will then determine whether and upon what terms the requisite permission will be given.

Notice of change of occupation.

12. In case of any proposed change of trade or occupation, notice must also in each case be given in the same way; and in the event of the new trade or occupation coming within the category of "hazardous trades or occupations," the Commissioner will determine whether he will continue the risk, and upon what terms.
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Notice of the determination of the Commissioner in each of

Notice of decision of Commissioner.

the foregoing cases will, without delay, be sent to the postal address of the party affected, as given by him.
All forms of proposal, and all notices and other documents,

Handwriting should be clear and distinct.

must be written in a clear and legible hand.

Regulations Respecting Government Insurances and Annuities.

The following Regulations are made under the authority of "The Government Annuities Act, 1809," and "The New Zealand Government Insurance and Annuities Act, 1870"—

1. The Government Annuities Commissioner, appointed and

Commissioner may appoint persons to receive proposals.

acting under the provisions of the said Acts, and who throughout these Regulations is termed "the said Commissioner," may from time to time appoint persons to receive proposals for Insurance of Lives or the grant of Endowments or Annuities, and to receive and pay moneys under the said Acts, and such appointments may from time to time revoke or alter.
2. Every person who may he so appointed is, throughout

Person so appointed to be termed Officer.

these Regulations, termed "the Officer."
3. The Postmaster at any Post Office, whether the same shall

Any Postmaster may be so appointed.

be a Money Order Office or not, may be appointed by the said Commissioner as the Officer for all or any one or more of the purposes mentioned in Regulation No. 1.
4. The Officer appointed in any place as aforesaid may

Officer may receive any proposal.

receive proposals for any transaction from time to time intended to be effected under the said Acts or either of them, and shall in respect thereof strictly conform to these Regulations.
5. Any person desiring to effect any such transaction shall

Form of proposal.

make his proposal for the same in the form applicable thereto.
6. Blank forms of proposal shall, on application to the Officer

Blank forms supplied free of cost.

acting in any place, be supplied to the applicant free of charge.
7. The person making any proposal shall, at the time of

Declaration to be signed in presence of Officer.

delivering the same to the Officer, sign and make the declaration at the foot thereof in the presence of the Officer.
8. The Officer to whom any proposal has been delivered

Officer may refer Proposer to Medical Examiner.

may either forthwith direct that any person upon the continegency of whose life the particular transaction is to be dependent shall present himself for medical examination by a legally-qualified Medical Practitioner appointed by the Governor for the purpose of such examination, or may in the first instance refer such pro posal to the said Commissioner.
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Commissioner may order examination.

9. The said Commissioner may in any case direct such medical examination to he made.

One guinea to be deposited before examination.

10. In respect of each person to be so examined there shall forthwith be paid by the proposer the sum of one guinea as a deposit.

Deposit will be repaid.

11. In case the proposal be accepted after such examination and the proposed contract completed by the Proposer, the amount of deposit will be repaid to the Proposer.

Form of Medical Examination.

12. The medical examination shall be conducted according to a form applicable to the special transaction.

Medical Examiner may put other questions to Proposer.

13. In addition to the special questions set forth in any such form, the Medical Examiner may put to the person examined any other questions which he may think necessary, and may report specially to the said Commissioner in reference thereto.

Person examined to sign a declaration.

14. The answers given by the person examined to the special questions set forth in the form above referred to shall be reduced to writing by the Medical Examiner, and shall be read over to the person examined, and signed by him, and he shall at the same time make and sign a declaration of the truth of his statements at the foot of the form of examination, in the presence of the Medical Examiner.

Proposal and papers connected therewith to be sent direct to Commissioner.

15. The proposal and medical examination, and all other papers connected therewith, shall, so soon as the same have been duly completed, be transmitted by the Medical Examiner to the said Commissioner for examination and approval.

All tables to specify rate of premium for first-class lives only.

16. All tables of premiums for sums to be secured at death or otherwise shall specify the rate of premium for first-class lives only.

Premium to be fixed by Commissioner.

17. The rate of premium for each proposal shall in every case be fixed by the said Commissioner, in proportion to the eligibility of the life proposed, as evidenced by the proposal and papers connected therewith.

Commissioner to give notice of acceptance.

18. If the said Commissioner shall elect to accept the proposal, he shall determine the premium or sum of money payable in respect of the proposed transaction, and he shall forthwith cause notice thereof to be given to the person making the same, by posting to the address of such person, as given in the proposal, a notice to that effect.

Officiating Minister allowed a reduction of 5 per cent.

19. When the person desiring to insure his life is an officiating minister within the meaning of "The Marriage Act, 1854," or any Act for the time being in force amending the said Act, the premium or other payment to be paid thenceforth by such person, whether he shall thereafter cease to be such officiating minister or not, shall be such sum consisting of an integral number of pence as shall be nearest to nineteen-twentieths page 11 of the sum which would be required to be paid by such person if not an officiating minister as aforesaid.
20. Within thirty days after the receipt of such notice, the

Deposit forfeited.

Proposer shall pay or cause to be paid the premium or sum of money payable in respect of the proposed transaction; and if he shall fail to do so, then the said proposal shall be deemed to have been abandoned, and all moneys paid thereunder forfeited.
21. Upon payment of the money payable in respect of any

Contract issued upon payment of premium.

accepted proposal, the said Commissioner shall cause to be issued and delivered to the Proposer a contract in the form applicable to the particular transaction.
22. Annual payments, payable under any contract, must be

Periods of grace.

made within twenty-one days, and payments payable at less intervals than a year within fourteen days, next after the day appointed for payment; and non-payment within such periods respectively shall be deemed to be default of payment.
23. Every contract shall be deemed to be void, and all pay-

Conditions of contract.

ments made thereunder forfeited, in such of the following events as are specially applicable to the character of the same:—
1.If the statements of the Proposer, as set forth in the proposal, or of the person or persons examined by the Medical Examiner, as set forth in the medical examination, or any of such statements respectively, be untrue, or if any person whose life is assured has wilfully withheld any information required of him.
2.On default of payment of the annual or other periodical payment to be made thereunder.
3.If the person, or any of the persons upon the contingency of whose life or lives the particular transaction is to depend, shall go or travel beyond the limits allowed by the Regulations without the leave of the said Commissioner.
4.If the Assured shall adopt any trade or occupation declared by the said Commissioner to be hazardous without the leave of the said Commissioner.
5.If the Assured shall die by his own hand, or by duelling, within twelve months, or by the hands of justice.
24. Every contract for the assurance of a sum of money pay-

Voyaging and residence.

able at death shall become void if the person or any of the persons upon the contingency of whose life the same is dependent shall go beyond the limits of New Zealand and the Australasian Colonies or shall die on the high seas (except in passing in sailing vessels, being whole decked, and not less than fifty tons page 12 register, or in steam vessels, from any part of New Zealand to any other part, or in passing direct by a similar conveyance from any part of New Zealand to any of the Australasian Colonies, or in passing by a similar conveyance from any part of New Zealand to any part of the United Kingdom); and every such contract shall also become void if such person or any of such persons as aforesaid shall be actually employed in any military or naval service whatever, except such as may for the time being be in the employment of the Government of the Colony, unless special permission shall in any of the said cases have been granted by the said Commissioner, which permission may be granted by the said Commissioner on payment of such extra premium or sum of money as the said Commissioner may deem adequate to the risk incurred.

Occupation,

25. Every contract for the assurance of a sum of money payable at death shall be void if the person or persons upon the contingency of whose life or lives the same may be dependent shall engage in any trade or occupation which the said Commissioner shall from time to time notify in the New Zealand Gazette to be specially dangerous without the express permission of the said Commissioner, which permission may be granted by the said Commissioner on payment of such extra premium as the said Commissioner may deem adequate to the risk incurred.

Contract not in force till payment of first premium.

26. No contract made under the provisions of the said Acts is to be in force as against the said Commissioner until the first moneys payable thereunder, by or on behalf of the Assured, shall have been actually paid.

Contract may be renewed.

27. In case of default of payment, the said Commissioner may permit any contract of Insurance to be revived at any period not exceeding three calendar months after its expiration, on satisfactory proof being given of the unimpaired health of the person or persons upon the contingency of whoso life or lives the same may be dependent, and on payment of the premiums or other moneys payable thereunder and then in arrear, together with a fine not exceeding one-half per centum on the sum assured.

Death of Assured during days of grace.

28. The amount payable under any contract will be paid in case of the death of the Assured during the days of grace, mentioned in Regulation No. 22, notwithstanding the non-payment of the premium or other moneys for the time being payable; but the said Commissioner may, from the moneys payable under the contract, deduct the amount so remaining unpaid.

Contract voided may be revived.

29. If the person, or any of the persons, upon the contingency of whose life or lives any contract is dependent, not being the person or one of the persons for the time being beneficially interested in the same, shall go or travel beyond the limits of page 13 residence or travel allowed by the contract, or engage in any military or naval service other than as aforesaid, or adopt any trade or occupation declared by the said Commissioner to be hazardous, before notice thereof shall have been given to the said Commissioner and his permission to do so shall have been duly obtained, the contract thereby voided may be revived by the said Commissioner, if notice of such breach, non-observance, or non-performance as aforesaid shall be given by the person or any of the persons beneficially interested therein, other than the person committing such breach, non-observance, or non-performance, immediately after the fact shall come to his knowledge, upon such terms as to payment of extra premium or otherwise as the said Commissioner shall think fit; but such revival shall in no case extend to the interest of any person beneficially interested in such contract, if there be more than one, who shall himself have committed such breach, non-observance, or non-performance.
30. In case the person who has contracted for any Endow-

Non-payment of premiums caused by death not to affect interest of child.

ment shall happen to die before the whole of the premiums payable under the contract shall have been paid, and by reason of such death the premiums thereafter payable shall not be duly paid, the said Commissioner shall, on the person in whoso favour such contract shall have been effected attaining the age at which but for such failure of agreement the Endowment would have become payable, pay over to or for the benefit of such person the surrender value of such contract at the date at which the same had become void by such non-payment of premiums as aforesaid.
31. If the said Commissioner shall (either at the time of the

Age may be admitted.

making of the contract or afterwards, and before the moneys payable thereunder to the Assured shall become payable) be satisfied that the age or ages of the person or persons upon the contingency of whose life or lives the same is to be dependent has been correctly stated, he may indorse the same upon the said contract, and the age or ages thus admitted shall not subsequently be called in question.
32. The said Commissioner may, instead of charging the usual

Doubtful lives.

extra premium payable during the whole of life, indorse on the policies of those applicants for Assurance who are considered below the average standard of health, and who shall have applied for such Assurance on or before the 1st October, 1870, a sum representing the extra risk. The amount thus indorsed on the policy will be deducted from the sum assured, in the event of the policy becoming a claim before the paid-up premiums amount, at £1 per cent, compound interest, to the sum assured. But if the duration of the life be such that the premiums paid amount at compound interest at the rate aforesaid page 14 to the sum assured, then no deduction will be made, and the policy will he paid in full.

Contract may be surrendered.

33. Any contract which has existed and been duly observed by or on behalf of the Assured for the period of five years may be surrendered with the consent of the said Commissioner, either as to the whole or any part of the interest of the Assured in such contract, who shall thereupon pay to the person entitled to surrender the same a sum of money equal to the then value of such surrendered interest according to such regulations as shall then be in force in that behalf; or, at the option of the person or persons entitled to make such surrender, shall grant to such person or persons a paid-up contract of Assurance equivalent in value to the then value of the surrendered interest.

Contract may be exchanged.

34. The said Commissioner may, if he think fit, permit the person for the time being entitled to surrender any contract to exchange the same for a contract of any other class which may be made under the provisions of the said Acts, subject nevertheless to such regulations as may hereafter be in force in that behalf.

Proof of age and identity required before payment of claim.

35. Before any moneys payable in respect of any Deferred Annuity or Endowment will be paid under any contract in that behalf, the said Commissioner may require satisfactory evidence of the ago and identity of the person claiming to be entitled to the same.

Settlement of policy to be effected by Deed Poll.

36. When any person shall have effected an Insurance upon his life, for the benefit of his wife, or of his wife and children, or of his wife and some or one of his children, or of his children only, or some or one of them, as the case may be, pursuant to the provisions of the eighth section of "The New Zealand Government Insurance and Annuities Act, 1870," it shall be sufficient for him to declare the same by a Deed Poll indorsed upon the contract, and to be executed by him at the time of the issuing thereof to him, in the presence of and attested by the officer issuing the same, and either with or without any directions for the apportionment of the moneys assured, as the Assured shall think fit; and such Deed Poll shall be in the form in that behalf set forth in the Appendix to these Regulations, or as near thereto as the circumstances of the case will admit.

Form of apportionment of existing policies.

37. Any declaration and apportionment to be made pursuant to the provisions of the tenth section of "The New Zealand Government Insurance and Annuities Act, 1870," in respect of any Contract or Insurance already issued, shall be in the like form, or as near thereto as the circumstances of the case will admit.

Assignment may be made.

38. The right and interest in any contract for the assurance of a sum of money payable at death or otherwise may be assigned, page 15 but notice of every such assignment shall be given to the said Commissioner, and a fee of 10s. 6d. be paid thereon; and in every case a copy of the Deed of Assignment shall be delivered with such notice, and the contract produced to the said Commissioner, who shall indorse thereon the receipt of such notice.
39. Any premium or other payment required to be made by

Premiums may be paid by Money Orders.

for on behalf of the Assured under any contract made under the said Acts or either of them, may be paid by means of one or more Post Office Money Orders, and the person liable to the payment of the same shall not be held to have made default of payment, if such Money Order or all such Money Orders shall appear to have been issued on or before the last day on which such payment ought to be made under the provisions of the contract, exclusive of the days of grace mentioned in Regulation number 19, and to have been posted for transmission immediately after the issue thereof.
40. If any person who shall have contracted for the purchase

When purchase money is returnable, application for such return to be made on a form.

of a Deferred Annuity by payments made annually, or oftener, on condition that in the event of default of payment, or in the event of the death of the person on whose life the Annuity is to depend before the period at which the Annuity is to commence, the purchase money paid shall be returnable, shall make default of payment; or if the person on whose life the Annuity is to depend shall die before the Annuity commences, then the person for whose benefit the Annuity was purchased, or his representatives, shall make application to the said Commissioner, on a form to be obtained from any Officer appointed under Regulation No. 1, for the return of so much of the purchase money as shall have been paid.
41. No Annuity shall be granted under the said Acts other-

Annuities may be granted to trustees in certain cases.

wise than in the sole name of the person on whose life and for whose benefit the said Annuity is granted, except in the case of females, infants under the age of twenty-one years, idiots, persons of unsound mind, or incapacitated by bodily or mental infirmity from taking care of themselves, proof of which shall, in any case in which the Annuity is to be dependent upon the life of any such person, be afforded to the said Commissioner to his satisfaction at the time of making the contract, in which case it shall be lawful to grant such Annuities as are authorized upon the life of any such person to such person, and to any two or more persons not interested therein, as Trustees for such person; but in all such cases the name of the person on whoso life and for whose benefit the Annuity is granted shall be inserted in the contract as joint proprietor of the said Annuity.
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Commissioner to pay by warrants. Claims for payment to be supported by proper vouchers.

42. All payments which shall become due or payable under or in respect of any contract into which the said Commissioner shall enter under the provisions of the said Acts shall be made by warrant, which warrant shall be issued from the office of the said Commissioner in Wellington to the person entitled to receive such payment, and shall be made at such of the offices appointed for the purpose as such person shall select. The Officer shall be advised from the office of the said Commissioner in Wellington of all warrants made payable at his office, and shall not pay any warrant unless so advised, and unless the person entitled to receive such payment shall present the warrant in person, and sign the receipt at the foot of the said warrant in the presence of the paying Officer, and shall produce evidence of his identity. If, by reason of bodily infirmity, the person entitled to receive such payment shall be unable to present the warrant in person at such office, then the Officer, or some Officer of the Postal Department authorized by him, shall, on notice of such inability, carry the amount of the warrant to the residence of such person, pay him such amount, and take his signature on the receipt at the foot of the warrant. The warrant, when paid and receipted, shall be transmitted to the office of the said Commissioner in "Wellington.

Proposer to provide proof of age at his own cost, but not the cost of the Commissioner's inquiries, nor any medical fee.

43. Any person proposing to enter into any contract under the provisions of the said Acts shall provide, at his own cost, such evidence of age as shall be required by the said Commissioner, but shall not be required to pay any fee or fees for medical examination, or to pay the cost of any additional inquiry which the said Commissioner may think fit to make with regard to his health, habits, age, and occupation, or to pay any fee or fees for the issue of any contract which may be made in accordance with his proposal, or to pay any postage for the transmission of his proposal, or for the transmission of any correspondence arising out of such proposal or contract between him and the said Commissioner, except as provided by these Regulations.

Proposed Annuitants to pay a fee if required.

44. Persons proposing to purchase Deferred Annuities shall, if the said Commissioner think fit, be required to pay, at the time of purchase, a fee of one shilling for every pound of Annuity purchased.

Regulations as to Payments on Death.

Notice of death to be given.

45. On the death of any person upon the contingency of whose life any contract may be dependent under the said Acts or either of them, notice in writing of such death shall immediately be given to the said Commissioner.?
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46. In every case where the age of any person upon the

Proof of age.

contingency of whose life any contract shall be dependent has not been admitted by the said Commissioner, the age may be proved by furnishing to the said Commissioner either—
a.An examined official or certified copy or extract from the register or other official record of the birth.
b.A declaration, affirmation, or affidavit by some person other than the Assured, stating that no register or other official record of the birth is to be found, and stating with particularity the belief of the person declaring, affirming, or swearing as to the age of the Insured and the grounds of such belief. Such declaration, affirmation, or affidavit must be made in such form and manner that the person making it would, under the law of the place where it is made (if there be any such law) be criminally responsible if any statement therein be false to his or her knowledge.
47. Death may be proved by production of any of the following

Proof of death.

evidence:—
a.A certificate under the hand of the medical attendant (if any) of the deceased during his or her last illness, stating the date, and place, and cause of death.
b.An examined official or certified copy or extract from the register or other official record of the death or burial.
c.A declaration, affirmation, or affidavit staling the time and place and circumstances of the death, and that no official record of the death or burial is to be found; such declaration, affirmation, or affidavit to be made in the manner herein prescribed with regard to declarations as to age.
48. The identity of the deceased, and the person upon the

Proof of identity.

contingency of whose life the contract is dependent, shall be proved by declaration, affirmation, or affidavit made in the manner herein prescribed with regard to declarations as to age, and stating the knowledge or belief of the person making the same as to the identity of the deceased, and giving with particularity the grounds of such knowledge or belief.

N.B.—As the difficulty of proving the age increases with time, holders of contracts are advised to send in proofs of the age of the person or persons upon the contingency of whose life or lives the contract is dependent to the said Commissioner, either before or as soon as possible after the contract is effected.

When proofs have to be obtained in Great Britain, the said

On payment of a deposit, Commissioner

Commissioner will make inquiries through the Government page 18

will aid ill obtaining proofs.

Agent in London, but a sum of £5 must be deposited with the said Commissioner towards covering the expenses of searches and certificates. The balance (if any) of this sum, after deducting such expenses, and a fee of 5s., will be returned to the depositor, who will be held liable for any excess of cost.

Commissioner may discontinue or refuse to make inquiries.

The Commissioner reserves the right of refusing to make inquiries, and to discontinue inquiries commenced, at his uncontrolled discretion.

Probate and letters of administration dispensed with in certain cases.

49. Probate and letters of administration shall be dispensed with in the following cases:—
a.Where the death has happened beyond the limits of the Colony, and probate or letters of administration or some equivalent thereto, has been granted by some Court or person of competent authority out of the Colony, and an exemplification or other formal proof thereof is produced.
b.Where the money payable by the said Commissioner is received by a Curator of Intestate Estates in New Zealand duly authorized by law to receive the same.
c.Where the whole legal right to the moneys secured has been assigned to some person still living, in ac-cordance with the provisions of the said Acts, or of any Regulations for the time being relating to such transfers.

Evidence of the right of any person to receive payment of a claim must be produced.

50. All powers of attorney, probates, letters of administration, exemplifications, or other formal proofs, orders of Courts and other instruments, evidencing the right of any person to receive any money under any contract of the said Commissioner, shall be produced to the said Commissioner, or to such person as he shall in each case appoint.

Contract to be given up when claim paid.

51. The contract shall be given up when the money payable thereunder by the said Commissioner is paid.

Commissioner may accept other proofs.

52. The said Commissioner may accept proofs of age and identity or death other than as aforesaid, which shall to him appear substantially sufficient for any of the said purposes.

Proofs made at the expense of person tendering

53. All proofs shall be made at the expense of the person; tendering the same.

Payment of claim.

54. Immediately after due proof of death shall have been supplied, and the Regulations in other respects complied with, the moneys payable under the contract shall be paid by the said Commissioner.