ASSURANCE LOANS
A.M.P. SOCIETY DECIDES TO CUT INTEREST RATES. An iiiivioriant point dealt,- with in ihe recent ainendment of the Nationai ExpentHtnrc Adju.ti'unt Act vehtled lo loanr on life a. urranc" policios. It appears that it was the in-l.-nlion of Ihe Government to place such loan :• on the same basis as moitgages of land, but that the Act hid not ekaily carry tliat intention i.ito ( ;r:'ct. Consitlerable doubt was ihus leffc in the minds of the Life Ollices as t> ihe proim-r and equitable method ef treaiing policy loan aeeounts, liaving regard to ihe inter4:.;t of the great majority of policyLoldeis who have not horrowcd on i heir poiicies, as well as those of the i mall rninority who have done so. Tiie amending Act. however, has : ow claiihed the pesition and we are informcd by the Manager of the \.M.P. Society that, so far as that institution is concerned, it is intended to adjust all such loan accounts right i.ack to 1st April last, whether ajipiication by the poh'cyiiolder concerned is made, as required by the Act, or not. All accounts affected will be crcdited automatically with the rebate of interest without any application whatever on the part of the borrower.
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https://paperspast.natlib.govt.nz/newspapers/RMPOST19321221.2.52
Bibliographic details
Rotorua Morning Post, Volume 2, Issue 411, 21 December 1932, Page 6
Word Count
202ASSURANCE LOANS Rotorua Morning Post, Volume 2, Issue 411, 21 December 1932, Page 6
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