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Grey River Argus, Volume XIII, Issue 1610, 2 October 1873, Page 2

The annual report furnished to the Assembly by Mr Gisborne, as.Government Annuities Commissioner, shows a satisfactory increase in the amount qf business -transacted. Mr Gisbprne draws attention to the fact that some new regulations have been passed which., will have a very useful effect. One such regulation provides that, after the first year is passed, a policy shall not be forfeited on account of the non-payment of premium, if the omission be corrected within a certain period. In effect, this is to extend the days of, grace usually allowed on condition that the premium is afterward paid. If it be not paid, '•' The surrender value of every such policy will be calculated on the occurrence of such default, and will be recognised as a net single premium of temporary insurance, but. the exact time for which it will insure will depend on age of the insured at date of default." This we hold to be a very useful and beneficial extension of the usual principle, which operates as a rule only after the policy has been held for three years. Another new regulation provides that payment of claims under policies of insurance not exceeding L2OO may be made on certain conditions, without requiring production; of probate or letters of administration. We should not be surprised if this rule were to prove a very considerable inducement to a larse class of small insurers. Such people are often "deterred from attempting to save money by the petty hindrances and very unreasonable cost to which they are subjected in transferring iheir property,