New South Wales Consolidated Acts

INSURANCE PROTECTION TAX ACT 2001 - SECT 16G

16G Repayments to Policyholders Protection Fund-money recovered from motor accident insolvent insurers and re-insurers

(1) This section applies in relation to money recovered by the Nominal Defendant:

(a) from a re-insurer under section 191 of the Motor Accidents Compensation Act 1999 in connection with a third-party policy issued by a declared insolvent insurer, or

(b) in connection with the winding up of a declared insolvent insurer.

(2) If the Treasurer determines that any money to which this section applies is not needed for payments in connection with third-party policies issued by declared insolvent insurers, the money is to be paid from the Nominal Defendant’s Fund into the Policyholders Protection Fund in accordance with arrangements made between the Treasurer and the Nominal Defendant.