INSURANCE ACT 1973 - SECT 62ZZM Meeting of entitlement taken to be payment by insurer

INSURANCE ACT 1973 - SECT 62ZZM

  (1)   When an amount of a person's entitlement under this Division connected with a general insurer and a protected policy is met, the person is taken to have been paid the amount by the general insurer under the terms and conditions of the policy.

  (1A)   To avoid doubt, for the purposes of subsection   562(1) of the Corporations Act 2001 , the amount taken to have been paid by the general insurer to the person under subsection   (1) is taken to have been received by the person from the general insurer.

  (2)   However, the regulations may prescribe a purpose for which a person is taken not to have been paid an amount, under the terms and conditions of a policy, by:

  (a)   a general insurer; or

  (b)   a class of general insurers; or

  (c)   all general insurers.

  (3)   To avoid doubt, subsection   (1) does not affect the rights APRA has under section   62ZZL against the general insurer.