GOVERNMENT LIFE INSURANCE BONUS.

Poverty Bay Herald, Volume VIII, Issue 1424, 13 September 1881, Page 2

GOVERNMENT LIFE INSURANCE BONUS.

In the House ou Friday Major Atkinson gave notice of the following scheme for tke distribution of the surplus funds of the Government Insurance Depart* ment :— That whereas the actuaries appointed in accordance with the 45th section of the Government Insurance and Annuities Act, 1874, in their report on the net surplus of profits under the said Act and the repealed Acts have recommended that a sum not exceeding £60,000 be divided amongst holders of policies under the said Acts ; and whereas it is provided by law that the sum so recommended for division, in such report or such less sum as shall be fixed by a resolution of both Houses of the General Assembly ss the amount for division, shall be divided amongst holders of policies under the said Acts in such manner and according to suoh scheme as shall be approved by such resolution. This House resolves that the som of £56,000 shall be divided by way of reversionary bonus amongst the holders of policies under the said Acts iv accordance with the following scheme: —Participation in the surplus shall be confined to holders of whole life and endowments as»uranee policies, issued under tables 1 2, and, which were in force on the 30tn June, 1880, and ttpon which two year's premiums had then been paid. The surplus shall bf divided in proportion to the loading contributed by each policy-holder, subject to a deduction of a year aud a halfs loading. In the case of policies under table 2 only the equalised loading is to be taken into account. The share of each policy-holder thus determined ahall be converted into reversionary bonus to be added to the sum assured, which bonus may be exchanged at any time for one of the following benefits :—A temporary ■ reduction of future premiums; a per*. mauent reduction of future preimiamy. Reversionary bonuses shall vest as from the 30th of June, 1880. Reversionary bonuses may be surrendered for cash. <»