New South Wales Consolidated Acts

BISHOPSGATE INSURANCE AUSTRALIA LIMITED ACT 1983 - SECT 16

16 Application of surplus money in fund

(1) Money that remains in the fund after the Government Insurance Office has paid out (or made provision for paying out) all money authorised or required to be paid out of the fund by this Act is to be repaid in accordance with this section to the persons who have made contributions to the fund.

(2) The Government Insurance Office is required to make provision for all liabilities (including contingent liabilities) of the fund after its closure, including by making an appropriate payment to the Contribution Fund.

(3) If the Government Insurance Office is satisfied that contributors will become entitled to a repayment from the fund, it may make periodic interim repayments of money in the fund to contributors in accordance with this section.

(4) The Government Insurance Office is entitled to rely on the advice of an actuary as to the amount available for repayments under this section.

(5) Money is to be repaid to contributors under this section in the same proportions as the contributions were made.

(6) The Government Insurance Office may require each contributor who is repaid money by way of an interim repayment under this section to make a payment (not exceeding the amount repaid) to the fund if the amount standing to the credit of the fund before its closure is insufficient to meet the estimated liabilities (including contingent liabilities) of the fund.

(7) The Government Insurance Office may recover any amount overpaid or required to be paid under subsection (6) as a debt due to the Office.

(8) Repayments are not to be made under this section to the following contributors:

(a) contributors who no longer exist or who cannot be located by the Government Insurance Office after due inquiry,

(b) defaulting insurers within the meaning of Division 6A of Part 7 of the Workers Compensation Act 1987 or insolvent insurers within the meaning of Division 7 of Part 7 of that Act,

(c) companies in liquidation.

Money otherwise payable to any such contributor may be paid into a suspense account by the Government Insurance Office and may, at any time, be paid into the Contribution Fund.