WORKERS COMPENSATION REGULATION 2003 - REG 245 Termination of temporary agency arrangements

This legislation has been repealed.

WORKERS COMPENSATION REGULATION 2003 - REG 245

245 Termination of temporary agency arrangements

(1) If a managed fund insurer or GIO General Limited is appointed as a scheme agent, the authority of the insurer or GIO General Limited to act as a temporary agent is terminated when the appointment as scheme agent takes effect.

(2) The authority of a managed fund insurer or GIO General Limited to act as a temporary agent can also be terminated at any time by the Nominal Insurer by giving notice of termination to the insurer or GIO General Limited in writing.

(3) No compensation is payable for or in respect of the termination of the authority of a managed fund insurer or GIO General Limited to act as a temporary agent.

(4) On the termination under this clause of a managed fund insurer's authority, or of the authority of GIO General Limited, to act as a temporary agent:

(a) the insurance records of the insurer or GIO General Limited (as the case requires) become the property of the Nominal Insurer, and

(b) the insurer or GIO General Limited must, in accordance with the directions of the Nominal Insurer, give possession of those insurance records to the Nominal Insurer or to such other person as the Nominal Insurer may direct.

Maximum penalty: 100 penalty units.

(5) In this clause:

"insurance records" of a managed fund insurer or GIO General Limited means all records that are the property of the insurer or GIO General Limited and that relate to policies of insurance issued by the insurer or GIO General Limited as a temporary agent or in respect of which the insurer or GIO General Limited exercised functions as a temporary agent, or to any claim, judgment or award made in respect of any such policies.