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Life Insurance (Amendment) Act 2004

PAPUA NEW GUINEA

LIFE INSURANCE (AMENDMENT) ACT 2004

No. 6 of 2004

Life Insurance (Amendment) Act 2004.

ARRANGEMENT OF SECTIONS.

1. Life policy (Amendment of Section 4).
2. New Section 31A.

"31A. POWER TO GIVE DIRECTIONS TO NON-LICENSED LIFE INSURANCE COMPANIES."

_____________________

AN ACT

entitled

Life Insurance (Amendment) Act 2004,

Being an Act to amend the Life Insurance Act 2000,

MADE by the National Parliament to come into operation in accordance with a notice in the National Gazette by the Head of State, acting with, and in accordance with the advice of the Minister.

1. LIFE POLICY (AMENDMENT OF SECTION 4).

Section 4 of the Principal Act is amended —

(a) by repealing Subsection (3) and replacing it with the following:–

"(3) A continuous disability policy is a contract of insurance for a minimum cover period of 104 weeks and under which a benefit is payable in the event of —

(a) the death, by accident or by some other cause stated in the contract, of the person whose life is insured; or

(b) injury to, or disability of, the insured as a result of accident or sickness; or

(c) the insured being found to have a stated condition or disease."; and

(b) in Subsection (4) by repealing the words "not more than three years" and replacing them with the following:–

"104 weeks or less".

2. NEW SECTION 31A.

Part IV of the Principal Act is amended by inserting after Section 31 the following new section:–

"31A. POWER TO GIVE DIRECTIONS TO NON LICENSED LIFE INSURANCE COMPANIES.

Sections 29, 30 and 31 also apply in respect of a life insurance company that is not a licence holder, modified as follows:-

(a) a reference in those sections to a licence holder is a reference to the life insurance company;

(b) the purposes for which a notice or direction may be issued include the purposes of ensuring the following:–

(i) the prudent management of the life insurance company;

(ii) that the interests of policy holders and prospective policy holders are properly protected,

and related purposes.".

__________________

I hereby certify that the above is a fair print of the Life Insurance (Amendment) Act 2004 which has been made by the National Parliament.

Clerk of the National Parliament.

I hereby certify that the Life Insurance (Amendment) Act 2004 was made by the National Parliament on 12 May 2004.

Speaker of the National Parliament