Riverina Insurance Company Limited and Another Insurance Company (Amendment) Act 1977 (NSW)

RIVERINA INSURANCE COMPANY LIMITED

AND ANOTHER INSURANCE COMPANY

(AMENDMENT) ACT, 1977

ANNO VICESIMO SEXTO

ELIZABETHE II REGINE

Act No. 65, 1977.

An Act to amend the Riverina Insurance Company Limited and Another Insurance Company Act, 1971, with respect to the satisfaction of certain claims, judgments and awards arising from or pertaining to policies of insurance issued by the Riverina Insurance Company Limited and the Country Traders Mutual Insurance Limited. [Assented to, 7th September, 1977.] BE

Council and Legislative Assembly of New South Wales in	BE it enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative
Parliament assembled, and by the authority of the same, as follows:—

1. This Act may be cited as the "Riverina Insurance

Company Limited and Another Insurance Company

(Amendment) Act, 1 9 7 7 " .

2. The Riverina Insurance Company Limited and

Another Insurance Company Act, 1 9 7 1 , is amended—

(a) by inserting in section 2 after the definition of "Company" the following definition :—

"Contribution Fund" means the Insurers' Con­

tribution Fund established under section

30H ( 1 ) of the Workers' Compensation

Act, 1 9 2 6 .

(b) by inserting after section 7 the following sections :— 7A .

( 1 ) When the Company has been dissolved, a person who would have had, but for the disso­ lution of the Company, an entitlement to payment of any amount arising from or pertaining to any policy of insurance issued by the Company, other than an entitlement to payment of an amount under section 7 , shall be entitled to payment of that amount out of the Contribution Fund.

( 2 )

(2) A person referred to in subsection ( 1 ) may make a claim against the Government Insur­ ance Office, as manager of the Contribution Fund, in respect of an entitlement to payment of an amount under that subsection.

7B. The Government Insurance Office, as

manager of the Contribution Fund—

(a)	may in all respects deal with and finalise a claim made under section 7A ( 2 ) ; and
(b)	may exercise any right the Company would have had but for its dissolution arising from or pertaining to that claim or any judgment or award made pursuant to that claim,

as if the Government Insurance Office had been the insurer under the policy from which that claim arises or to which it pertains.

7c. Out of the Contribution Fund, the

Government Insurance Office—

(a)	shall, as manager of the Contribution Fund, satisfy any liability the Company would have had but for its dissolution
made under section 7A (2) or any judg­arising from or pertaining to a claim ment or award made pursuant to that

claim; and

(b) is entitled—

(i)   to be paid, as manager of the Contribution Fund, the costs of administration of the Contribution Fund arising under this Act; and

(ii)

(ii)   to be indemnified against all liabilities met by it and all costs and expenses that it may incur, as manager of the Contribution Fund, in or in connection with the exercise or performance or the purported exercise or performance of its powers, authorities, duties and functions

under sections 7A and 7B and this

section.

7D. If, after payment out of the fund of all money authorised or required to be paid out of the fund by this Act, any money remains in the fund, the Government Insurance Office shall pay that money remaining in the fund into the Contribution Fund.

(c) by inserting at the end of section 9 the following subsection :—

(2) The amendments made to this Act by the Riverina Insurance Company Limited and Another Insurance Company (Amendment) Act, 1977, apply, mutatis mutandis, to and in respect of the Country Traders Mutual Insurance Limited, as they apply to the Company.