(1) Subject to this Part and Part 5, a person may make a claim for compensation against the Nominal Insurer if the following conditions are met:
(a) the person claims to be entitled to compensation from an employer:
(i) who employed a worker at the time the worker sustained a compensable injury; or
(ii) if the compensable injury is a disease – who last employed the worker in the employment that caused the disease;
(b) the employer is dead, cannot be located or, in the case of a company, has been wound up;
(c) the approved insurer of that employer cannot be identified;
(d) a principal contractor, within the meaning of section 127, is not liable under that section to pay the compensation.
(2) A person may also make a claim for compensation against the Nominal Insurer if:
(a) the person claims to be entitled to compensation from an employer; and
(b) the liability of the employer to pay the compensation is not covered in full by one or more policies of insurance or indemnity in accordance with this Act.