The Feilding Star. Oroua & Kiwitea Counties Gazette. Published Daily. MONDAY, SEPTEMBER 12, 1898. GOVERNMENT ACCIDENT IN. SURANCE.

Feilding Star, Volume XX, Issue 62, 12 September 1898, Page 2

The Feilding Star. Oroua & Kiwitea Counties Gazette. Published Daily. MONDAY, SEPTEMBER 12, 1898. GOVERNMENT ACCIDENT IN. SURANCE.

Thb Bill bearing the above title is now before the House, and has been read a first time. The following is a summary of its principal clauses : — lt proposes to give the Government Insurance Commissioner power to enter into contracts for insuring any person against accident ; to enter into contracts with employers for insuring such employer against liability for accidents to any person in his employment, and generally to carry on the business of an insurer against accident, provided, ! however, that no such contract shall be entered into until the Governor by Order-in Council declares the department open for that purpose, and that in no case shall the maximum sum payable under any such contract exceed £2000 in respect to any acci dent to any one person. In order to provide capital for tbis branch of the department's business the Governor-in-Oouncil is to be empowered to raise sums of money not exceeding £25,000, at a rate of interest not exceeding 3_r per cent, and temporary advances may be made out of the Government Insurance Account. Securities aro to be charged on public revenues, and provision is to be made for a sinking fund, to be paid to the Public Trustee, who is to furnish annual statements asto the position of the sinking funds, such statements to be laid before Parliament. Provision is made for the keeping of a separate Government Insurance Account, and for audit, and in the event of a deficiency it shall be be the duty of tbe Controller and Auditor-General, under the " warrant of the Governor, and on the requisition of the Oolonial Treasurer, countersigned by the Commissioner, to issue the amount of such deficiency out of the Consolidated Fund, such moneys to be deemed to be advances by way of loan at 5 per cent per annum, and to be repaid as soon a? practicable. Any profits made are to be applied, half to making a reserve fund, and the otber half to providing bonuses, and the annual balance-sheet is to be laid before Parliament at the commencement of every session. The Commissioner is to be liable to assessment and taxation in respect of tbe accident insurance business in the same manner and to the same extent as in the jcase of an Accident Insurance Company,