New South Wales Consolidated Acts

BISHOPSGATE INSURANCE AUSTRALIA LIMITED ACT 1983 - 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.

(1A) When the fund has been closed and a person has an entitlement to payment of any amount arising from or pertaining to any policy of insurance issued by the Company, being an amount:

(a) which has not been paid out of, or for which provision has not been made from, the fund, and

(b) which is payable by a company referred to in paragraphs (a)-(c) of the definition of "policy of insurance issued by the Company" in section 2 (1) or by a company prescribed for the purposes of paragraph (d) of that definition,

the person shall be entitled to payment of the amount out of the Contribution Fund.

(2) A person referred to in subsection (1) or (1A) may make a claim against the WorkCover Authority, as manager of the Contribution Fund, in respect of an entitlement to payment of an amount under either of those subsections.

(3) The WorkCover Authority, as manager of the Contribution Fund, is entitled to deal with and finalise a claim made under subsection (2) to the same extent as it would have been entitled to do so:

(a) as manager of the fund, and

(b) in the case of a claim arising under or pertaining to a policy of insurance issued by the Company in respect of which the Company is the insurer-if the Company had not been dissolved.

(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:

(a) out of the fund, and

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

(4) Out of the Contribution Fund, the WorkCover Authority:

(a) shall, as manager of the Contribution Fund, satisfy any liability 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.