New South Wales Consolidated Acts

ASSOCIATED GENERAL CONTRACTORS INSURANCE COMPANY LIMITED ACT 1980 - SECT 15

15 Entitlements payable after dissolution of the Company

(1) When the Company has been dissolved, a person who would have had (but for the dissolution taking place) an entitlement to payment of any amount arising from or pertaining to any policy of insurance issued by the Company is entitled to payment of that amount:

(a) out of the fund, and

(b) after the fund is closed, out of the Contribution Fund.

(2) A person referred to in subsection (1) may make a claim against the Government Insurance Office, as manager of the Contribution Fund, in respect of an entitlement to payment of an amount under that subsection.

(3) The Government Insurance Office, as manager of the Contribution Fund:

(a) may in all respects deal with and finalise a claim made under subsection (2), and

(b) may exercise any right the Company would have had but for its dissolution arising from or pertaining to that claim or any judgment or award made pursuant to that claim,

as if the Government Insurance Office had been the insurer under the policy from which that claim arises or to which it pertains.

(3A) When the Company has been dissolved, the payments of compensation under judgments or awards pertaining to policies of insurance issued by the Company which would (but for the dissolution taking place) be payable by the Company are to continue and be paid by the Government Insurance Office:

(a) out of the fund, and

(b) after the fund is closed, out of the Contribution Fund.

(4) Out of the Contribution Fund, the Government Insurance Office:

(a) shall, as manager of the Contribution Fund, satisfy any liability the Company would have had but for its dissolution arising from or pertaining to a claim made under subsection (2) or any judgment or award made pursuant to that claim or referred to in subsection (3A), and

(b) is entitled:

(i) to be paid, as manager of the Contribution Fund, the costs of administration of the Contribution Fund arising under this Act, and

(ii) to be indemnified against all liabilities met by it and all costs and expenses that it may incur, as manager of the Contribution Fund, in or in connection with the exercise or performance or the purported exercise or performance of its powers, authorities, duties and functions under this section.