WORKERS COMPENSATION ACT 1987 - SECT 191
Power of Supreme Court to deal with insurers or former insurers unable to meet liabilities etc
WORKERS COMPENSATION ACT 1987 - SECT 191
Power of Supreme Court to deal with insurers or former insurers unable to meet liabilities etc
191 Power of Supreme Court to deal with insurers or former insurers unable to
meet liabilities etc
(1) The Supreme Court may, on the application of the
Authority, make such orders as the Supreme Court considers necessary or
desirable for the purpose of protecting the interests of--
(a) the holders of
policies of insurance issued or renewed by a licensed insurer or a
former licensed insurer (whether before or after the commencement of this
section), and
(a) is not able to meet the insurer's liabilities
under the policies of insurance or may not be able to do so, or
(b) has acted
or may act in a manner that is prejudicial to the interests of the holders of
the policies of insurance or the workers to whom those policies apply.
(3)
Without limiting the generality of subsection (1), the Supreme Court may make
the following orders--
(a) an order regulating the administration and payment
of claims under the policies of insurance,
(c) if the licensed insurer or
former licensed insurer is a corporation--an order requiring it to discharge
its liabilities under the policies of insurance out of the assets of the
corporation and the assets of any related corporation,
(d) if the
licensed insurer or former licensed insurer is a corporation--an order
appointing a receiver or receiver and manager, having such powers as the
Supreme Court orders, of the property or of part of the property of the
corporation or of any related corporation.
(4) If an application is made to
the Supreme Court for an order under subsection (1), the Supreme Court may, if
in its opinion it is desirable to do so, before considering the application,
grant an interim order, being an order of the kind applied for that is
expressed to have effect pending the determination of the application.
(5) If
an application is made to the Supreme Court for an order under subsection (1),
the Supreme Court shall not require the Authority or any other person, as a
condition of granting an interim order, to give any undertaking as to damages.
(6) If the Supreme Court has made an order under this section, the Supreme
Court may, on application by the Authority or by any person affected by the
order, make a further order rescinding or varying the firstmentioned order.
(7) A person shall not contravene, whether by act or omission, an order made
by the Supreme Court under this section that is applicable to the person.
:
Maximum penalty--20 penalty units or imprisonment for 6 months, or both.
(8)
The Supreme Court shall not exercise its powers under this section in respect
of a corporation which is in the course of being wound up.
(9) The powers of
the Supreme Court under this section are in addition to any other powers of
the Supreme Court.
