LIFE INSURANCE AMENDMENT BILL.
(BY TELEGRAPH.—PARLIAMENTARY RE PORTER.)
Wellington, this day. The Government Life Insurance Acts Amendment Bill introduced by the Hon. Mr Ward; repeals sections 10 and 11 of the Act of 1886, and makea now provisions regarding the investment of moneys at the credit of the insurance account. It proposes that not lees than one-fourth of such moneys shall ba invested in Government securietiea, or upon loans to local bodies provided that every loan toa local body shall be assented to by the Board and approved by the Governor-in-Council. Three-fourths of the monies may be invested in the following manner :—(1) In loans to holders of policies ; (2) on firsb morgago on freehold properlty, provided advances shall nob exceed one-half the value when buildings form the principal parfi of security, and shall not exceed two-thirds the value when buildings do nob.form the principal part of security. No single loan on mortgage shall exceed £10,000 in amount, nor shall more thau £10,000 be lent on mortgage to any ono person or company. Tha power of the Insurance Commissioner to sue and be sued is extended.
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Bibliographic details
Auckland Star, Volume XXV, Issue 237, 4 October 1894, Page 12
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186LIFE INSURANCE AMENDMENT BILL. Auckland Star, Volume XXV, Issue 237, 4 October 1894, Page 12
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