The Standard Insurance Company Limited and Certain Other Insurance Companies (Amendment) Act 1977 (NSW)

THE STANDARD INSURANCE COMPANY

LIMITED AND CERTAIN OTHER INSURANCE

COMPANIES (AMENDMENT) ACT, 1977

ANNO VICESIMO SEXTO

ELIZABETHiE II REGIN^E

Act No. 67, 1977.

An Act to amend The Standard Insurance Company Limited and Certain Other Insurance Companies Act, 1963, with respect to the satisfaction of certain claims, judgments and awards arising from or pertaining to policies of insurance issued by The Standard Insurance Company Limited. [Assented to, 7th September, 1977.1

BE

Act No. 67, 1977.

The Standard Insurance Company Limited and Certain Other

Insurance Companies {Amendment).

O E it enacted by the Queen’s Most Excellent Majesty, by ^ and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows; —

1.     This Act may be cited as “The Standard Insurance Short title.

Company Limited and Certain Other Insurance Companies

(Amendment) Act, 1977”.

2. The Standard Insurance Company Limited and Cer- Amendment

tain Other Insurance Companies Act, 1963, is amended—

(a)	by inserting in section 2 after the definition of Sec. 2.
“Authorised insurer” the following definition :— taUon̂ )"̂ *

“Contribution Fund” means the Insurers’ Con­ tribution Fund established under section 3 Oh (1) of the Workers’ Compensation Act, 1926.

(b)

by inserting after section 7 the following sections :— ■ ggcs. 7a-7d.

7a. (1) When The Standard Insurance Com- Entitlements

pany Limited has been dissolved, a person who payable after

would have had, but for the dissolution of that of’̂ e

company, an entitlement to payment of any amount standard

ansmg from or pertaining to any policy of insurance company

issued by that company, other than an entitlement Limited,

to payment of an amount under section 7 (1),

shall be entitled to payment of that amount out

of the Contribution Fund.

(2)

Act No. 67, 1977.

The Standard Insurance Company Limited and Certain Other

Insurance Companies (.Amendment).

(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.

Powers of	7b . The Government Insurance Office, as
Government

Insurance	manager of the Contribution Fund—
Office with

respect to	(a) may in all respects deal with and finahse
certain

claims. a claim made under section 7a (2 ); and

(b) may exercise any right The Standard Insurance Company Limited 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.

Application	7c. Out of the Contribution Fund, the Govern­
of the

Contribution	ment Insurance Office—
Fund.

(a) shall, as manager of the Contribution Fund, satisfy any liability The Standard Insurance Company Limited would have had but for its dissolution arising from or pertaining to a claim made under section

7a (2) or any judgment 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 Contribu­ tion Fund arising under this Act; and

(ii)

Act No. 67, 1977.

The Standard Insurance Company Limited and Certain Other

Insurance Companies (Amendment).

(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.

I d. If, after payment out of the fund of all Final

money authorised or required to be paid out of ofmoney °

the fund by this Act, any money remains in the “ fund,

fund, the Government Insurance Office shall pay

that money remaining in the fund into the Contri­

bution Fund.