3

H.—6.

Among the new tables are those relating to the deferred bonus scheme, under which insurance is proffered at rates lower than the ordinary tables. The profits accruing under the scheme will be divided on a system favourable to good lives, no share being given to the representatives of those by whose early death there is a loss. A few of the other improved conditions enumerated in the prospectus may be briefly narrated. They are —■ (1.) Policies, once issued and the age admitted, are unchallengeable except for fraud. (2.) There is now no restriction whatever on policyholders as regards travelling and residence. (3.) Proposers are now accepted without extra charge for occupation, with the single exception of those connected with the liquor traffic. (4.) Special facilities are afforded for payment of premiums by order on the assured's account in the Post-Office Savings-Bank, and by postage-stamp cards, where desirable. (5.) A liberal and early surrender value is allowed. (6.) An improved system has been established for preventing forfeiture of policies by extending the time for keeping them in force, and for giving extremely liberal terms on which lapsed policies may be revived. (7.) In case, during the currency of a quinquennial period, of the termination, by death or maturity, of a participating policy, on which two years' premiums have been paid, a prospective bonus is added to the amount insured without waiting for the next division of profits. This last method has been adopted in order to produce an approximate benefit for such terminating policies as nearly as possible equivalent to an annual division of profits without incurring the cost of yearly valuations. The Accounts of both branches for the half-year reported on, certified by the Auditor-General, are appended hereto. D. M. Luckie, Commissioner.

Revenue Account of the Government Insurance Department (Ordinary Branch) for the half-year ended 31st December, 1882.

*This amount, as heretofore, includes only the first payment of premiums whether annual, half-yearly, quarterly, or monthly, 'all subsequent payments being treated as renewals.

£ s. d. Amount of funds on 1 st July, 1882 ... 653,890 7 9 Renewal premiums—Assurance, Annuity, and Endowment ... ... ... 67,830 14 9 New premiums on 2,547 policies, assuring £6^1,279, and yielding an annual revenue of £19,185 7s. ... ... ... *8,036 18 4 Single premiums—Assurance and Endowment ... ... ... ... 1,035 >6 9 Consideration for annuities granted ... 172 1 9 Interest ... ... ... ... 17,7 11 o 11 Fees ... ... ... ... 2 8 11 £ s. d. £ s. d. Claims under policies, Assurance, including bonus additions ... I9>857 '6 o Endowments matured ... ... 500 o o Bonuses surrendered for cash ... 924 10 4 Annuities ... ... ... 1,210 6 10 Surrenders ... ... ... 4)955 2 9 Commission, New ... 5.5°2 ! 6 „ Renewal ... 644 19 7 6,147 • ' Expenses of Management,— Salaries, Head Office ... 3,216 9 4 ,, Branch Offices and Agents 813 II 3 „ Extra clerical assistance... 427 14 6 Medical fees ... ... 2,906 19 6 Travelling expenses ... 387 10 11 Advertising ... ... 526 18 o Printing"and stationery ... 748 17 3 Rent ... ... 150 o o Postage ... ... 400 o o Telegrams ... ... 120 5 5 Exchange ... ... 49 19 1 Officefurniture, depreciation 166 10 o General expenses ... 281 2 o 'o,'9S '7 3 Amount of funds on 31st December, 1882 704,888 14 II £748.679 9 2 £748.679 9 *