New South Wales Consolidated Acts

ASSOCIATED GENERAL CONTRACTORS INSURANCE COMPANY LIMITED ACT 1980 - SECT 13A

13A Recoveries under indemnity given by Palmdale Insurance to Company

(1) Any money received by the Government Insurance Office from the liquidator of Palmdale Insurance Limited in connection with the indemnity given by Palmdale Insurance Limited to the Company by Deed of Indemnity dated 31 March 1976 is to be paid into the fund or, after the closure of the fund, in accordance with section 16A.

(2) For the purpose of determining any entitlement to such a payment, the liabilities of the Company include any contingent liability of the Government Insurance Office in respect of money which will in future be required to be borrowed by the liquidator of the Company from the fund, or which will in future be required to be paid by the Government Insurance Office from the fund or paid from the Contribution Fund, for the purpose of satisfying any claim, judgment or award arising from or pertaining to any policy of insurance issued by the Company.