Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 62ZW

    The main purpose of this Part   is to provide for a scheme that:

  (a)   allows the Minister to make a declaration about a general insurer:

  (i)   that is under judicial management and APRA believes is insolvent; or

  (ia)   that is under statutory management under Division   1A of Part   VB; or

  (ii)   for which an external administrator has been appointed under Chapter   5 of the Corporations Act 2001 and APRA believes is insolvent; and

  (b)   entitles certain persons, who have valid claims connected with certain protected policies issued by a declared general insurer, to be paid certain amounts before they would receive payment in a winding up of the general insurer; and

  (c)   substitutes APRA for those persons as a creditor of the declared general insurer to the extent of the entitlements; and

  (d)   allows APRA to facilitate a transfer of business from the declared general insurer to a receiving body under the Financial Sector (Transfer and Restructure) Act 1999 by entitling the receiving body to amounts in respect of the protected policies.