PAPUA NEW GUINEA

LIFE INSURANCE (AMENDMENT) ACT 2004

No. 6 of 2004

Life Insurance (Amendment) Act 2004.

ARRANGEMENT OF SECTIONS.

1. Life policy (Amendment of Section 4).
2. New Section 31A.

"31A. POWER TO GIVE DIRECTIONS TO NON-LICENSED LIFE INSURANCE COMPANIES."
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AN ACT

entitled

Life Insurance (Amendment) Act 2004,

Being an Act to amend the Life Insurance Act 2000,

MADE by the National Parliament to come into operation in accordance with a notice in the National Gazette by the Head of State, acting with, and in accordance with the advice of the Minister.

1. LIFE POLICY (AMENDMENT OF SECTION 4).

Section 4 of the Principal Act is amended —

(a) by repealing Subsection (3) and replacing it with the following:–

"(3) A continuous disability policy is a contract of insurance for a minimum cover period of 104 weeks and under which a benefit is payable in the event of —

(a) the death, by accident or by some other cause stated in the contract, of the person whose life is insured; or

(b) injury to, or disability of, the insured as a result of accident or sickness; or

(c) the insured being found to have a stated condition or disease."; and

(b) in Subsection (4) by repealing the words "not more than three years" and replacing them with the following:–

"104 weeks or less".

2. NEW SECTION 31A.

Part IV of the Principal Act is amended by inserting after Section 31 the following new section:–

"31A. POWER TO GIVE DIRECTIONS TO NON LICENSED LIFE INSURANCE COMPANIES. 

Sections 29, 30 and 31 also apply in respect of a life insurance company that is not a licence holder, modified as follows:‑

(a) a reference in those sections to a licence holder is a reference to the life insurance company;

(b) the purposes for which a notice or direction may be issued include the purposes of ensuring the following:–

(i) the prudent management of the life insurance company;

(ii) that the interests of policy holders and prospective policy holders are properly protected,

 and related purposes.".
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I hereby certify that the above is a fair print of the Life Insurance (Amendment) Act 2004 which has been made by the National Parliament.

Clerk of the National Parliament.

I hereby certify that the Life Insurance (Amendment) Act 2004 was made by the National Parliament on 12 May 2004.

Speaker of the National Parliament