Standard Insurance Company Limited Act 1962 (Vic)

Version No. 001

Standard Insurance Company Limited Act 1962

Act No. 6862/1962

Version incorporating amendments as at 17 August 2001

TABLE OF PROVISIONS

Section  Page

1.Short title and Division into Parts

PART I—THIRD-PARTY INSURANCE

2.Application of this Part

3.Definitions

4.Incorporated Nominal Defendant to be liable for certain claims against Standard Insurance Company

5.Powers and duties of liquidator of Standard Insurance Company

6.As to extent of liability of Incorporated Nominal Defendant

7.Rights of Incorporated Nominal Defendant against Standard Insurance Company

PART II—WORKERS COMPENSATION INSURANCE

8.Application of Part II

9.Powers and duties of Insurance Commissioner

10.Duties of liquidator of Standard Insurance Company

11.As to extent of Insurance Commissioner's liabilities

12.Rights of Insurance Commissioner against Standard Insurance Company Limited

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ENDNOTES

1.  General Information

2.  Table of Amendments

3.  Explanatory Details

Version No. 001

Standard Insurance Company Limited Act 1962

Act No. 6862/1962

Version incorporating amendments as at 17 August 2001

An Act relating to Claims against and Liabilities incurred by the Standard Insurance Company Limited in respect of Contracts of Insurance under Division One of Part V of the Motor Car Act 1958 and in relation to Policies of Accident Insurance or Indemnity against Awards of Compensation under the Workers Compensation Act 1958, and for other purposes.

BE 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 Victoria in this present Parliament assembled and by the authority of the same as follows (that is to say):

1.Short title and Division into Parts

(1)This Act may be cited as the Standard Insurance Company Limited Act 1962.

(2)This Act is divided into Parts as follows:

Part I—Third-Party Insurance.

Part II—Workers Compensation Insurance.

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PART I—THIRD-PARTY INSURANCE

2.Application of this Part

This Part applies to any claim or judgment against the owner or driver of a motor car in respect of the death of or bodily injury to any person caused by or arising out of the use of a motor car before four o'clock in the afternoon of the thirty-first day of March One thousand nine hundred and sixty-one in respect of which there was a contract of insurance with the Standard Insurance Company Limited.

3.Definitions

(1)In this Part unless inconsistent with the context or subject-matter—

"authorized insurer" means any body corporate or unincorporate which was approved as an authorized insurer under Division 1 of Part V of the Motor Car Act 1958 at the thirty-first day of March One thousand nine hundred and sixty-one and includes the Insurance Commissioner;

"contract of insurance" means a contract of insurance with the Standard Insurance Company Limited made pursuant to the requirements of Division 1 of Part V of the Motor Car Act 1958.

(2)This Part shall be read and construed as one with Division 1 of Part V of the Motor Car Act 1958.

4.Incorporated Nominal Defendant to be liable for certain claims against Standard Insurance Company

The Incorporated Nominal Defendant shall have the same duties and liabilities and shall have and may exercise the same rights and powers in respect of any claim or judgment to which this Part applies as the Standard Insurance Company Limited would have had under the contract of insurance if the Company had not gone into liquidation.

5.Powers and duties of liquidator of Standard Insurance Company

(1)The liquidator in Victoria of the Standard Insurance Company Limited shall forthwith on the commencement of this Act notify the Incorporated Nominal Defendant of all claims made in respect of any claim or judgment to which this Part applies.

(2)The liquidator shall make available to the Incorporated Nominal Defendant all books and papers of the Standard Insurance Company Limited relating to any claim or judgment to which this Part applies and shall give the Incorporated Nominal Defendant such assistance as he requires in relation to any such claim or judgment.

6.As to extent of liability of Incorporated Nominal Defendant

(1)The authorized insurers in proportion to be determined by the Minister shall reimburse the Incorporated Nominal Defendant for all amounts paid out (including costs incurred by the Incorporated Nominal Defendant) in respect of any claim or judgment to which this Part applies.

(2)In determining the proportions payable by the respective authorized insurers the Minister shall have regard so far as practicable to the premium income in respect of contracts of insurance under Division 1 of Part V of the Motor Car Act 1958 received by the authorized insurer in the financial year ending the thirtieth day of June One thousand nine hundred and sixty-one.

7.Rights of Incorporated Nominal Defendant against Standard Insurance Company

To the extent of amounts paid out by the Incorporated Nominal Defendant in respect of any claim or judgment to which this Part applies (including costs incurred by the Incorporated Nominal Defendant) the Incorporated Nominal Defendant shall—

(a)(in any case where if the Standard Insurance Company Limited or the liquidator thereof had discharged its or his liability under the contract of insurance it or he would have been entitled to recover any sum under any contract or arrangement for re-insurance) be entitled to the benefit of and may exercise the rights and powers of the Standard Insurance Company Limited or the liquidator thereof under that contract or arrangement so as to enable the Incorporated Nominal Defendant to recover from the re-insurer and retain the amount due under that contract or arrangement; and

(b)(to the extent that recovery is not made from a re-insurer in pursuance of the foregoing provisions) be a creditor of and have the same rights against the Standard Insurance Company Limited as the respective owners or drivers would have had if those amounts had not been so paid out.

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PART II—WORKERS COMPENSATION INSURANCE

8.Application of Part II

(1)This Part applies to any claim or award against an employer in respect of personal injury to a worker arising out of or in the course of his employment before four o'clock in the afternoon of the thirty-first day of March One thousand nine hundred and sixty-one and in respect of which the employer was insured with the Standard Insurance Company Limited against his liability in accordance with the provisions of the Workers Compensation Act 1958 to the extent that such claim was required to be insured against by the Workers Compensation Act 1958.

(2)In this Part unless inconsistent with the context or subject-matter—

"approved insurer" means the Insurance Commissioner or an insurer who was at the thirty-first day of March One thousand nine hundred and sixty-one approved by the Governor in Council for the purposes of the Workers Compensation Act 1958.

(3)This Part shall be read and construed as one with the Workers Compensation Act 1958.

9.Powers and duties of Insurance Commissioner

The Insurance Commissioner shall have the same duties and liabilities and shall have and may exercise the same rights and powers in respect of any claim or award to which this Part applies as the Standard Insurance Company Limited would have had if the company had not gone into liquidation.

10.Duties of liquidator of Standard Insurance Company

(1)The liquidator in Victoria of the Standard Insurance Company Limited shall forthwith on the commencement of this Act notify the Insurance Commissioner of all claims made in respect of any claim or award to which this Part applies.

(2)The liquidator shall make available to the Insurance Commissioner all books and papers of the Standard Insurance Company Limited relating to any claim or award to which this Part applies and shall give the Insurance Commissioner such assistance as he requires in relation to any such claim or award.

11.As to extent of Insurance Commissioner's liabilities

(1)The approved insurers in proportions to be determined by the Minister shall reimburse the Insurance Commissioner with all amounts paid out (including costs incurred by the Insurance Commissioner) in respect of any claim or award to which this Part applies.

(2)In determining the proportions payable by the respective approved insurers the Minister shall have regard so far as practicable to the premium income in respect of policies of accident insurance or indemnity in relation to liability under the Workers Compensation Act 1958 received by the approved insurer in the financial year ending the thirtieth day of June One thousand nine hundred and sixty-one.

12.Rights of Insurance Commissioner against Standard Insurance Company Limited

To the extent of amounts paid out by the Insurance Commissioner in respect of any claim or award to which this Part applies (including costs incurred by the Insurance Commissioner) the Insurance Commissioner shall—

(a)(in any case where if the Standard Insurance Company Limited or the liquidator thereof had discharged its or his liability under the contract of insurance, it or he would have been entitled to recover any sum under any contract or arrangement for re-insurance) be entitled to the benefit of and may exercise the rights and powers of the Standard Insurance Company Limited or the liquidator thereof under that contract or arrangement so as to enable the Insurance Commissioner to recover from the re-insurer and retain the amount due under that contract or arrangement; and

(b)(to the extent that recovery is not made from a re-insurer in pursuance of the foregoing provisions) be a creditor of and have the same rights against the Standard Insurance Company Limited as the respective employers would have had if those amounts had not been so paid out.

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ENDNOTES

1.     General Information

The Standard Insurance Company Limited Act 1962 was assented to on 16 April 1962 and came into operation on 16 April 1962.

2.     Table of Amendments

This Version incorporates amendments made to the Standard Insurance Company Limited Act 1962 by Acts and subordinate instruments.

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Standard Insurance Company Limited (Amendment) Act 1963, No. 7059/1963

Assent Date:	26.11.63
Commencement Date:	16.4.62: s. 1(3)
Current State:	All of Act in operation

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3.     Explanatory Details

No entries at date of publication.