as to the payment of the insurance-money and as to the costs as to it may seem just. (4.) The payment by the insurer in accordance with the order shall discharge it from liability in respect of such payment. (5.) If the Court does not find that the proof of the maturity of the contract, of the age of the person whose life is insured, or of the right of the claimant to receive payment is sufficient, or that the presumption of death is established, the Court may order that the question or questions in issue be decided in an action brought or to be brought, or may make such other order as to it seems just as to further proof to be furnished by the claimant, as to publication of advertisements, as to further inquiry, and as to costs, or otherwise. (6.) Unless otherwise ordered by the Court, the application shall operate as a stay of any pending action with respect to the insur ance-money. 44. Where the person whose life is insured and any one or more of the beneficiaries perish in the same disaster, it shall be prima facie presumed that the beneficiary or beneficiaries died first. Miscellaneous. of actions. 45. (1.) Subject to the following subsections of this section, any Limitation action or proceeding against the insurer for the recovery of insurance-money shall be commenced within one year next after the furnishing of reasonably sufficient proof of the maturity of the contract and of the right of the claimant to receive payment, or within six years next after the maturity of the contract, whichever period shall first expire, but not afterwards. (2.) Where an order has been made declaring that death is presumed from the fact that the person whose life is insured has not been heard of for seven years, an action or proceeding shall be commenced within one year and six months from the date of the order, but not afterwards. (3.) Where the death of the person whose life is insured is unknown to the person entitled to claim under the contract, an action or proceeding may be commenced within the prescribed period or within one year and six months after the death becomes known to him. (4.) Where an action or proceeding is prematurely brought, the plaintiff may commence a new action or proceeding at any time within the prescribed period or within six months after the final determination of the first action or proceeding. trustees for 46. (1.) The powers conferred upon the insured by this Act with Appointment of regard to the designation or appointment of a beneficiary or benefi- beneficiary by ciaries, and the alteration or revocation of such designation or insured. Payment of shares of persons under disability. Payment by insured into Court in certain cases. appointment, and the apportionment or reapportionment of insurance-money between or among beneficiaries, shall include power from time to time to appoint a trustee or trustees for any beneficiary or beneficiaries, to revoke such appointment or alter its terms, to appoint a new trustee or trustees, or to make provision for the appointment of a new trustee or trustees. (2.) The appointment of a trustee or trustees for any beneficiary shall not have the effect of taking away from the Court or the insured any power of depriving the beneficiary of the benefit of the insurance-money which the Court or the insured would have under this Act if such beneficiary had been designated as beneficiary without the appointment of a trustee. (3.) Payment made to the trustee or trustees appointed as hereinbefore provided shall discharge the insurer. 47. (1.) Where no trustee is appointed to receive the shares to which minors or other persons who are under disability are entitled, or where a trustee is named, but refuses or neglects to act, the shares of such minors or other persons under disability may be paid to a guardian or tutor or trustee of such minors or to a curator, committee, or trustee of such other persons under disability duly appointed under the law of the Province. (2.) Where insurance-money not exceeding two thousand dollars is payable to the husband and children or to the wife and children, or to the children of the person whose life is insured, and one or more of the children are minors, the Court may, if the wife is the mother of such minors, appoint her their guardian, or if the husband is the father of such minors, appoint him their guardian, with or without security, and the insurance-money may be paid to him or her as guardian. (3.) Where it appears that a guardian, tutor, curator, committee, or trustee of minors or other beneficiaries under disability has been appointed in a foreign jurisdiction, and that the minors or other beneficiaries are resident within that jurisdiction, the Court may authorize payment of the insurance-money to the guardian, tutor, curator, committee, or trustee with or without security in the Province. 48. (1.) Where the insurer admits liability for the insurancemoney or any part thereof, and :— (a.) There are adverse claimants; or (b.) The place of abode of a person entitled is unknown; or (c.) There is no person capable of giving a valid discharge,the insurer may, at any time after the expiration of one month from the maturity of the contract, apply to the Court for an order for payment of the money into Court. (2.) Where the insurer admits liability for the insurance-money or any part thereof payable to a minor, and there is no person capable of giving a valid discharge therefor, the insurer may at any time after the expiration of one month from the maturity of the contract pay such money, less the costs mentioned in subsection (3), into Court to the credit of the minor. (3.) The insurer may retain out of the insurance-money for costs ten dollars if the amount does not exceed one thousand dollars, and fifteen dollars in other cases, and payment of the remainder into Court shall discharge the insurer. (4.) No order shall be necessary for payment into Court under subsection (2), but the accountant or other proper officer shall receive the money upon the insurer filing with him an affidavit showing the amount payable and the name, date of birth, and residence of the minor, and upon such payment being made the insurer shall forthwith notify the Official Guardian of infants and deliver to him a copy of the affidavit. 49. Where the insurer does not within two months after due proof of the claim pay the insurance-money to some person competent to receive the same under this Act or into Court, the Court may, upon application of any person, order that the insurance-money, or any part thereof, be paid into Court or may make such other order as to the distribution of such money as to the Court may seem just, and payment made in accordance with such order shall be a sufficient discharge to the insurer. 50. The Court may order the costs incurred upon or in connec tion with any application or order made under section 48 or 49 to be paid out of the insurance-money or by the insurer or the applicant or otherwise as may seem just. Power of Court where insurer fails to pay after proof. Costs of proceed49. ings under ss. 48, tion of Act. 51. This Act shall be so interpreted and construed as to effect Uniform interpretaits general purpose of making uniform the law of those Provinces which enact it. 52. The "Life-insurance Policies Act," being chapter 115 of the Repeal. "Revised Statutes of British Columbia, 1911," is hereby repealed. 53. This Act shall come into force on a date to be fixed by the Commencement. Lieutenant-Governor by his Proclamation. VICTORIA, B.C.: Printed by WILLIAM H. CULLIN, Printer to the King's Most Excellent Majesty. 1923. H' CHAPTER 28. An Act to amend the "Mutual Fire Insurance Companies Act." [Assented to 21st December, 1923.] IS MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows: R.S.B.C. 1911, 1. This Act may be cited as the "Mutual Fire Insurance Com- Short title. panies Act Amendment Act, 1923." 2. Section 25 of the "Mutual Fire Insurance Companies Act," Re-enacts s. 25. being chapter 117 of the "Revised Statutes of British Columbia, 1911," is repealed, and the following is substituted therefor : "25. Every company shall maintain a reserve fund at the rate of Reserve fund. two hundred and fifty dollars for every one hundred thousand dollars of the first one million dollars at risk, and fifteen hundred dollars for each additional one million dollars or part thereof. The fund shall be formed from assessments upon the premium notes at a rate not exceeding fifteen per cent. and not less than five per cent. of the original amount of the notes and from such moneys as the directors may set aside out of the surplus of the company's revenue over its expenditure, and if at any time the fund is less than the amount prescribed, the directors shall within three months from such time levy an assessment to make good the deficiency. The directors may invest the fund and from time to time pay therefrom the claims and demands which cannot be met from the ordinary receipts of the company." VICTORIA, B.C.: Printed by WILLIAM H. CULLIN, Printer to the King's Most Excellent Majesty. |