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Poverty Bay Standard, Volume IX, Issue 977, 14 September 1881, Page 2

With regard to the foregoing, policy holders will be glad to learn of the following scheme proposed to the House of Representatives; last Friday, by Major Atkinson. By this it will be seen that the Government are coming round to the principle of bonus additions after all : — That whereas the actuaries appointed in accordance with the 45th section of the Government Insurance and Annuities Act, 1874, in their report on the net surplus of profits under the said Act and the repealed Acts have recommended that a sum not exceeding £60,000 be divided amongst holders of policies under the said Acts ; and whereas it is provided by law that the sum so recommended for division, in sufcb report or such less sum as shall be fixed by a resolution of both Houses of the General Assembly as the amount for .division, shall be divided amongst holders of policies under the said Acts, in such manner and according to such scheme as shall■ be approved by such resolution. This House resolves that the sum of £56,000 shall be divided by way of reversionary bonus amongst the holders of policies under the said Acts in accordance with the following scheme :—'Participation in the surplus shall be confined to holders of whole life and endowment assurance policies, issued under tables 1,2, and, which were in force on the 80th June, 1880, and upon which two years’ premiums had then been paid. The surplus shall be divided in proportion to the loading contributed by each policy-holder, subject to a deduction of a year and a half’s loading. In the case of policies under table 2 only the equalised loading is to be taken into account. The share of each policy holder thus, determined ehall be converted into reversionary bonus to be added to the sum assured, which bonus may be exchanged at any time for one of the following benefits : —A temporary reduction of future premiumn ; a permanent reduction of future premiums. Reversionary bonuses shall vest as from the 30th of June, 1880. Reversionary bonuses may be surrendered for cash.