INSURANCE LAW.
COMMONWEALTH COMMISSION. By TeleeraDh—Prese A«ioci»tlon—CoDrrliht. (Rec. April 21, 11.15 p.m.) Melbourne, April 21. ■ The Insurance Commission's, report suggests a uniform Federal law to deal with insurance companies, founded on the general trend -of the English Assurance Companies Act. Such legislation should recognise that the assurance and funds 'of companies are essentially trust funds. ■ ''' ' '
The report urges the appointment.of a Commonwealth. Insurance Commissioner, and the registration of companies, with heavy_ penalties against non-registration;.foreign companies to have residents in the Commonwealth as representatives; all companies to furnish substantial deposits with the ■ Federal Government, existing companies to deposit £20,000' in the first year and:£10J000 each: year'thereafter till a total deposit of; £.100,000 has been reacted. .:
Among a number of recommendations for protecting policy-holders; is one that no policy should be voided'on account of .'• capital punishment or suicide, unless,- in the latter case it' is within thirteen months of the date of the first, premium.
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Dominion, Volume 3, Issue 798, 22 April 1910, Page 7
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153INSURANCE LAW. Dominion, Volume 3, Issue 798, 22 April 1910, Page 7
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