Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 62ZZG

Who this section covers

  (1)   This section applies to a person if:

  (a)   the person may recover an amount (the recoverable amount ) in accordance with a determination made by APRA under subsection   62ZZJ(4); and

  (aa)   the person makes a claim in relation to the recoverable amount, in the approved form (if any), within the period:

  (i)   starting on the day prescribed by the regulations for the purposes of this subparagraph; and

  (ii)   ending on a day prescribed by the regulations for the purposes of this subparagraph or, if APRA specifies a later day, that later day; and

  (b)   the person is not covered by a determination under section   62ZZ.

Recoverable amounts less than $5,000

  (2)   The person is entitled to be paid by APRA an amount equal to the recoverable amount if APRA determines that the recoverable amount is less than $5,000.

Note:   Section   62ZZJ requires APRA to determine not only whether it is satisfied the person could recover under various provisions but also the amount the person could recover.

Recoverable amounts of $5,000 or more

  (3)   The person is entitled to be paid by APRA an amount equal to the recoverable amount if APRA determines that:

  (a)   the recoverable amount is $5,000 or more; and

  (b)   the person meets the conditions prescribed by the regulations for the purposes of this paragraph.

Note 1:   Section   62ZZJ requires APRA to determine not only whether it is satisfied the person could recover under various provisions but also the amount the person could recover.

Note 2:   Section   62ZZJ requires APRA to determine whether the person meets the prescribed conditions, if the person applies for the determination.