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RETIREMENT VILLAGES ACT 1999 - SECT 237G Insurance

RETIREMENT VILLAGES ACT 1999 - SECT 237G

Insurance

237G Insurance

(1) This section applies if—
(a) immediately before the commencement of this section, the insurance for a retirement village taken out by the scheme operator is subject to an excess; and
(b) the amount of the excess is more than the maximum excess prescribed under a regulation under section 110(4).
(2) During the transitional period, the scheme operator is taken not to have contravened section 110(4) even though—
(a) the residents have not, by special resolution at a residents meeting, agreed to the excess; or
(b) the excess may be more than 1% of the insured value of the retirement village.
(3) In this section—


"transitional period" means the period—
(a) starting on the day this section commences; and
(b) ending on the day the insurance contract ends or is renewed or renegotiated.