LIFE INSURANCE COMPANIES.
No. 11 of 1907.
1037
to mortality and interest, the value of the contingent and prospective liabilities of the company; but the court shall not hear the petition until security for costs, for such amount as the judge shall think reasonable, shall be given, and until a primâ facie case shall also be established to the satisfaction of the judge; and in the case of a proprietary life insurance company having an uncalled capital of an amount sufficient, with the future premiums receivable by the life insurance company, to make up the actual invested assets equal to the amount of the estimated liabilities, the court shall suspend further proceedings on the petition for a reasonable time (in the discretion of the court), to enable the uncalled capital or a sufficient part thereof to be called up; and if, at the end of the original or any extended time for which the proceedings shall have been suspended, such amount shall not have been realized by means of calls as with the already-invested assets to be equal to the liabilities, an order shall be made on the petition as if the life insurance company had been proved insolvent.
reduce
25. The court, in the case of a company registered as aforesaid which has been proved to be insolvent as aforesaid, may, if it thinks fit, reduce the amount of the contracts of the company upon such terms and subject to such conditions as the court thinks just, in place of making a winding-up order.
33 & 34 Vict. c. 61, s. 22.
holder.
26. Any notice which is by this Ordinance required to be sent to any policy holder may be addressed and sent to the person to whom notices respecting such policy are usually sent; and any notice so addressed and sent shall be deemed and taken to be notice to the holder of such policy.
33 & 34 Vict. c. 61, s. 23.
laid before
27. There shall be laid annually before the Legislative Council the statements and abstracts of reports deposited with the Registrar under this Ordinance during the preceding year, although the Registrar may be of opinion that they are not such statements or abstracts as are required to be prepared by this Ordinance.
33 & 34 Vict. c. 61, s. 24.
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PART II.
Penalties, striking off, etc.
33 & 34 Vict.
28. Every company which makes default in complying with any of the requirements of this Ordinance, where no other penalties are expressly provided, shall be liable to a penalty not...