INSURANCE LEVY
COMPANY IN LIQUIDATION POSITION OF POLICY-HOLDERS Resistance by policy-holders to the payment of their levies to facilitate the winding up of the Public Mutual Insurance Company of New Zealand was deplored by Mr. J. W. Hyland, liquidator of the company, in commenting yesterday on the resolution passed by Wellington policy-holders. Ho said the resolution was not consistent with the decision made by the advisory committee in Auckland in April, when, after considering legal opinions, it was recommended that immediate steps should be taken to induce members to pay levies. "If policyholders act as suggested by the Wellington resolution, it will he inimical to their interests," said Mr. Hyland. "Early payment nf levies will reduce the amount of the ultimate liabilities, and if it is found that too much has been paid the matter will be adjusted and any surplus refunded. It has been decided that policy-holders are legally liable. I do not wish them to believe that they are not liable for the full amount of the leyy, which was fixed by the directors. I have no power to accept any lesser sum, and am compelled to insist on payment in the interests of all concerned."
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Bibliographic details
New Zealand Herald, Volume LXXVI, Issue 23401, 18 July 1939, Page 14
Word Count
198INSURANCE LEVY New Zealand Herald, Volume LXXVI, Issue 23401, 18 July 1939, Page 14
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