Motor Vehicle (Third Party Insurance) Act Amendment Act 1960 (WA)

No. 31.] Motor Vehicle (Third Party [1960.

Insurance).

MOTOR VEHICLE (THIRD

PARTY INSURANCE).

9° Elizabeth II., ,No. XXXI.

No. 31 of 1960.

AN ACT to amend the Motor Vehicle (Third Party

Insurance) Act, 1943-1959.

[Assented to 21st October, 1960.]

RE it enacted by the Queen's Most Excellent ." Majesty, by and with the advice and consent of the Legislative Council and the Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:—

Short title

and citation.	1. (1) This Act may be cited as the Motor Vehicle (Third Party Insurance) Act Amendment Act, 1960.
Vol. 11

Reprinted	(2) In this Act the Motor Vehicle (Third Party
Acts,

approved	Insurance) Act, 1943-1959, is referred to as the
for reprint
12th June,	principal Act.
1957,

amended by	(3) The principal Act as amended by this Act
Acts Nos.

77 of 1957,	may be cited as the Motor Vehicle (Third Party
and 18 and
25 of 1959.	Insurance) Act, 1943-1960.

1960.] Motor Vehicle (Third Party [No. 31.

Insurance).

2. Section three of the principal Act is emended.

amended

(a) by substituting for the interpretation, "Participating approved insurer" the fol- lowing interpretation

"participating approved insurer" means

(a)	any approved insurer which was on the thirtieth day of June, one thousand nine hundred and fifty- nine or which for any period prior to that date had been a partici- pant in the Fund; or
(b)	any person to whom the whole or any part of the interest in the Fund of such an approved insurer is transferred pursuant to section three L of this Act;

(b) by adding after the interpretation, "Traffic Act" the following interpretation

"transferee insurer" means a person referred to in paragraph (b) of the interpretation, "participating approved insurer."

S. 3L

3. Section three L of the principal Act is repealed

repealed and

re-enacted

and re-enacted with amendments as follows:—

with

amendments.

Interest of

3L. (1) The interest of each participating approved insurer in the Fund, except a trans-

participating

approved

insurers

feree insurer, as from the commencement of

in Fund.

the Fund shall be in the same proportion as its gross premiums received during the year ended on the thirtieth day of June, one thousand nine hundred and forty-eight, bear to the total gross premiums received by all participating approved insurers during that year.

(2) For the purpose of subsection (1) of this

section a premium received during the year

ended on the thirtieth day of June, one

No. 31.] Motor Vehicle (Third Party [1960.

Insurance).

thousand nine hundred and forty-eight, means a premium received during that year by a participating approved insurer as an approved insurer under this Act in respect of any insurance that commenced during that year either by way of the issue or the renewal of a policy of insurance.

The interest in the Fund of a transferee insurer is the interest or that part of the interest in the Fund of a participating approved insurer which is transferred to the transferee insurer pursuant to subsection (5) of this section.

(3)

(4) The percentage amount of each interest referred to in subsection (1) of this section shall be determined by the chairman of the com- mittee appointed under section thirty-one of this Act and certified in writing by him to the Trust.

(a) Any participating approved insurer may, in writing at any time with the written consent of the Trust and upon such terms and conditions as the Trust may require, transfer its interest or any part of its interest in the Fund to any person carrying on the business of insurance.

(5)

(b) A transfer made under authority of this subsection shall, subject to the written consent of the Trust, operate and take effect as from such date (in this section called the "transfer date") whether that date is before, on or after the date of

(i)  the execution of the document of transfer; or

(ii)    the coming into operation of the Motor Vehicle (Third Party Insurance) Act Amendment Act, 1960,

as the parties to the transfer may agree upon.

1960.] Motor Vehicle (Third Party [No. 31.

Insurance.

(c) On and from the transfer date the

transferee insurer

(i)    has in respect of the interest so trans- ferred to it, all the same rights and duties including the same right to participate in and the same duty to contribute to the Fund, as the trans- feror of that interest had immediately prior to the transfer date;

(ii)    shall be deemed to be a participating approved insurer for the purposes of this Act.

(6) (a) A participating approved insurer may, on giving to the Trust at any time before the thirty-first day of December in any one year written notice of its intention so to do, withdraw from participation in and contri- bution to the Fund on and including the thirtieth day of June in the year next succeed- ing the thirty-first day of December, before which the notice was given.

(b) Where a participating approved insurer so withdraws, the interest of that insurer shall be apportioned among the remaining partici- pating approved insurers in proportion to their interests as they then exist in the Fund.