Victorian Current Acts

STANDARD INSURANCE COMPANY LIMITED ACT 1962 - SECT 7

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.

_______________

PART II—WORKERS COMPENSATION INSURANCE