New South Wales Consolidated Acts

BISHOPSGATE INSURANCE AUSTRALIA LIMITED ACT 1983 - SECT 10

10 Application of fund

(1) Out of the fund, the Government Insurance Office as manager of the fund:

(a) shall pay the amount of any claim, judgment or award arising from or pertaining to any policy of insurance issued by the Company, being a claim, judgment or award that it proposes to satisfy as agent and attorney of an employer, and any other amounts required by this Act to be paid from the fund,

(b) shall pay to the general fund kept by the Government Insurance Office for the purposes of the Government Insurance Act 1927 :

(i) an amount equivalent to the sum of the payments made by that Office out of that general fund, being the payments validated by section 5 of the Bishopsgate Insurance Australia Limited (Amendment) Act 1984 , and

(ii) interest on the amount referred to in subparagraph (i) at a rate agreed upon by the Attorney General and the Treasurer, and

(c) is entitled:

(i) to be paid the costs of administration of the fund (including such management fee, not exceeding the maximum amount (if any) prescribed, as is reasonable having regard to the work involving the fund), and

(ii) to be indemnified against all payments made by it and all costs and expenses that it may incur in or in connection with the exercise or performance or the purported exercise or performance of its powers, authorities, duties and functions under this Act.

(2) A payment made by the Government Insurance Office to or in respect of a worker, being a payment validated by section 5 of the Bishopsgate Insurance Australia Limited (Amendment) Act 1984 , shall be deemed to have been made by the Government Insurance Office under subsection (1) (a) as agent and attorney of the employer of that worker.

(3) Where a payment is made by the Government Insurance Office as agent and attorney of an employer, being a payment authorised by this Act, the Government Insurance Office shall not be entitled to recover the amount of that payment from the employer.