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1983 No. 240 LIFE INSURANCE REGULATIONS (AMENDMENT) - REG 6
First Schedule
6. The First Schedule to the Life Insurance Regulations is amended-
(a) by omitting Forms 3 to 5 (inclusive) and substituting the following
form:
FORM 3
Regulations 13 and 14
Life Insurance Act 1945
Return of policies for the quarter ended.................... Name of
company.................................................................
Statutory
fund.................................................................. Type of
business........Ordinary* Ordinary risk premium*
Superannuation*
Superannuation risk premium* Industrial* *Strike out
whichever is inapplicable
PART 1-NEW AND EXISTING BUSINESS
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-- Type of policy
---------------------------------------------------------
Individual
whole of
life,
endowment
and
endowment
insurance Individual
term Individual
investment
account
and
investment
linked Individual
accident
sickness
and
disability
Group
life
and
credit
life(1)
Other Annuities
------------------------------------------------------------------------------
-- Business in force at beginning of quarter-
-No. of policies . . .
-Sum insured(2) (3) .
-Annual premiums ($) . Business issued in quarter-
-No. of policies . . .
-Sum insured(2) (3) .
-Single premiums(4) ($) . . . . . . . . . .
-Annual premiums ($) . Business in force at end of quarter-
-No. of policies . . .
-Sum insured(2) (3) .
-Annual premiums ($) . Surrenders in quarter-
-No. of policies . . .
-Annual premiums ($) . Forfeitures in quarter-
-No. of policies . . .
-Annual premiums ($) .
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--
PART 2-DISCONTINUANCES DURING QUARTER
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--
Cause of discontinuance
-----------------------------------------------------------
blanket policies shall be included under the heading "Other".
(2) Particulars in relation to the following benefits shall not be included
beside this item: benefits, other than the basic sum insured, attaching to
family income policies; benefits payable on death by accident or specified
sickness only; and continuous disability insurance benefits.
(3) All amounts except annuities shall be in $m and given to 2 decimal places.
Annuities shall be in $.
(4) Beside this item include only particulars in relation to premiums paid on
policies without expectation, arising from those policies or otherwise, of the
payment of further premiums. Particulars in relation to other premiums
shall be included beside the item "Annual Premiums".
(5) Where a policy that has acquired a surrender value lapses after overdue
premiums are advanced out of the surrender value, particulars in relation to
that policy shall be included under this heading.
(6) Where the sum insured under a policy is reduced and, as a consequence, the
amount of premium payable under that policy is reduced, particulars in
relation to this shall-
(a) where the policy has a surrender value-be included under the heading
"Surrender"; and
(b) in any other case-be included under the heading "Forfeiture".
(7) Particulars in relation to transfers and conversions between statutory
funds and business transferred or amalgamated shall be included under this
heading.
(8) Include under this heading any variation in the number of policies, sums
insured and annual premiums resulting from the happening of those events.
(9) The returns may be signed by an officer of the company who has been
authorized for that purpose by the Principal Officer in accordance with
section 147 of the Act.
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--
DIRECTIONS Industrial*
1. A company shall prepare separate returns in duplicate in relation to-
(a) each type of business carried on by that company in Australia; and
(b) each statutory fund established by that company under section 37 of
the Act in respect of business carried on by that company in
Australia.
2. A company shall not include the following particulars in a return:
(a) amounts in respect of reinsurances on the coinsurance method of the
risks of the company;
(b) bonus additions;
(c) policies renewed in the exercise of rights under those policies; or
(d) policies in respect of which the first premium has not been paid.
3. Where a policy is cancelled and all premiums paid are refunded, the
necessary entries shall be treated as deductions from the figures in Part 1
relating to the type of policy in which the policy is included.
4. Where a policy that has been cancelled is reinstated, the necessary entries
shall be treated as deductions from the figures relating to the cause under
which the discontinuance of the policy was included.
5. Where an increased premium is paid in order to renew a policy, the renewal
of the policy shall be classified as new business.
6. The following rules shall be observed in relation to a term, accident,
sickness or disability insurance policy discontinued as a result of
non-payment of renewal premiums:
(a) where that policy is a rider to a policy, it shall be included under
the same heading as the basic insurance;
(b) where that policy is a separate policy-
(i) where the policy has a surrender value, it shall be included
under
the heading "Surrender"; and
(ii) in any other case, it shall be included under the heading
"Forfeiture"; and
(c) where that policy is a separate renewable policy discontinued at the
end of its original term, it shall be included under the heading "Other events
provided for in policy".
7. Where an option is exercised under a convertible individual insurance
policy or a rider term insurance policy to change the type of policy in force-
(a) the new type of policy shall be included under the appropriate heading
in Part 1; and
(b) any variation in the number of policies, sum insured and annual
premium
shall be included in Part 2 under the heading "Other events provided for in
policy".
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--
and
(b) by omitting Forms 6 and 7 and substituting the following forms:
FORM 6
Regulations 13 and 14
Life Insurance Act 1945
PART 1-LEDGER BALANCES OF ASSETS
------------------------------------------------------------------------------
--
Assets in Assets in
Australia of Australia
of
statutory other
statutory
funds funds
maintained maintained
under the under the
Act
Act solely in respect
of
in respect any life
of super- insurance
annuation business
business carried on
in
carried on in or outside
Class of assets Australia Australia Total
------------------------------------------------------------------------------
--
$ $ $
Fixed assets-
Freehold and leasehold property . . . . . .
Office furniture, fittings, equipment and motor vehicles . . . . . . . . . . .
. . . .
Total fixed assets . . . . . . . . . . . Loans (excluding advances of
premiums)-
On mortgage of real estate-
(a) Rural (not including mortgages where the security relates only to a
dwelling) . .
(b) Housing (including mortgages of
rural property where the security relates
only to a dwelling but not including
mortgages where the security relates to flats, apartments or shops with
dwellings) .
(c) Other . . . . . . . . . . . . . . . .
On policies . . . . . . . . . . . . . . . .
To controlled companies . . . . . . . . . .
To building or housing societies . . . . .
Other . . . . . . . . . . . . . . . . . . .
Total loans . . . . . . . . . . . . . . . Investments-
Government securities-
Australia . . . . . . . . . . . . . . . .
Papua New Guinea . . . . . . . . . . . . .
New Zealand . . . . . . . . . . . . . . .
Great Britain . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . .
Securities of local government and semi-governmental bodies . . . . . . . . .
.
Company securities-
Debentures . . . . . . . . . . . . . . . .
Secured and unsecured notes . . . . . . .
Preference shares . . . . . . . . . . . .
Ordinary shares . . . . . . . . . . . . .
Holdings in controlled companies . . . . .
Other . . . . . . . . . . . . . . . . . . .
Total investments . . . . . . . . . . . . Cash-
On deposit-
Banks . . . . . . . . . . . . . . . . . .
Short-term money market(1) . . . . . . . .
Other . . . . . . . . . . . . . . . . . .
On current account and in hand . . . . . .
Total cash . . . . . . . . . . . . . . .
Grand total . . . . . . . . . . . . . . .
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--
PART 2-LEDGER BALANCES OF LIABILITIES
------------------------------------------------------------------------------
--
Liabilities Liabilities
in in
Australia of Australia
of
statutory other
statutory
funds funds
maintained maintained
under the under the
Act
Act solely in respect
of
in respect any life
of super- insurance
annuation business
business carried on
in
carried on in or outside
Class of liabilities Australia Australia Total
------------------------------------------------------------------------------
-- $ $ $ $ Bank
overdraft . . . . . . . . . . . . . . . Deposits . . . . . . . . . . . . . . .
. . .
Total . . . . . . . . . . . . . . . . . .
Dated .........................
Signature of principal officer(2) .........................
------------------------------------------------------------------------------
--
(1) Ledger balances of cash invested by way of loans upon the security of
Commonwealth securities to persons specified as short term money market
dealers in a notice given to the company by the Commissioner (being a notice
that has not been cancelled).
(2) The returns may be signed by an officer of the company who has been
authorized for that purpose by the Principal Officer in accordance with
section 147 of the Act.
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--
DIRECTIONS
Return of ledger balances of certain assets and certain liabilities in
Australia for the quarter
ended.................................................
Name of company...............................................................
1. A company shall prepare returns in duplicate.
2. Amounts shown in this return shall be the balance according to the
company's ledger as at the date of expiration of the quarter to which the
return relates without adjustment for any accrued outstanding interest or
other particulars that have not been brought into account at that date.
------------------------------------------------------------------------------
--
FORM 7
Regulations 13 and 14
Life Insurance Act 1945
Return for the month of.......................................................
Name of company...............................................................
------------------------------------------------------------------------------
--
PART 1-NEW INSURANCES ISSUED (EXCLUDING ANNUITIES)
------------------------------------------------------------------------------
--
Ordinary life
insurance Industrial
insurance
business other
than business other
than
superannuation
business superannuation
business Superannuation
business
------------------ ------------------ ------------------
Number
Sum Number Sum Number Sum
of insured
Annual of insured
Annual of insured
State or Territory policies
(1) premiums
policies
(1) premiums
policies
(1)
------------------------------------------------------------------------------
--
$ $ $ $ $
New South Wales . . Victoria . . . . . Queensland . . . . South Australia . .
Western Australia . Tasmania . . . . .
Australian Capital Territory . . . . .
Northern Territory
Total . . . . .
------------------------------------------------------------------------------
--
PART 2-INSURANCES DISCONTINUED OR REDUCED (EXCLUDING ANNUITIES)
------------------------------------------------------------------------------
--
Ordinary life
insurance Industrial
insurance
business other
than business other
than
superannuation
business superannuation
business Superannuation
business
------------------ ------------------ ------------------
Number
Sum Number Sum Number Sum
of insured
Annual of insured
Annual of insured
State or Territory policies
(1) premiums
policies
(1) premiums
policies
(1)
------------------------------------------------------------------------------
--
$ $ $ $ New South
Wales . . Victoria . . . . . Queensland . . . . South Australia . . Western
Australia . Tasmania . . . . .
Australian Capital Territory . . . . .
Northern Territory
Total . . . . .
------------------------------------------------------------------------------
-- PART 3 - NEW LOANS (EXCLUDING ADVANCES OF PREMIUMS) PAID OVER
------------------------------------------------------------------------------
-- On mortgage of real estate
---------------------------
Rural (not Housing (including
including mortgages of rural
mortgages property where the
where the security relates
security only to a dwelling
relates but not including
only to a mortgages where the
dwelling) security relates to
flats, apartments or
shops with dwellings Other
On
policies
To
controlled
companies
To
building
or
housing
societies
Other
Total
------------------------------------------------------------------------------
--
$ $ $ $ New South Wales
Victoria . . . Queensland . . South Australia
Western Australia . . . Tasmania . . .
Australian
Capital Territory . . .
Northern Territory . . .
Total . . .
------------------------------------------------------------------------------
-- PART 4 - PREMIUMS RECEIVED, AND CLAIMS, SURRENDERS, ETC., PAID
Ordinary life Industrial
insurance insurance
business other business
than other than
superannuation superannuation
business business Superannuation business
Total
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