WORKERS REHABILITATION AND COMPENSATION ACT 1986 - SECT 50
This legislation has been repealed.
WORKERS REHABILITATION AND COMPENSATION ACT 1986 - SECT 50
50—Corporation as insurer of last resort
(1) If a self-insured
employer has ceased to be registered as a self-insured employer under this
Act, the Corporation may, in its discretion, undertake, in whole or part,
liabilities related to compensable injuries arising from employment during the
period of that registration.
(2) The Corporation
must undertake the liabilities of a formerly self-insured employer under subsection (1)
if the employer—
(a)
becomes insolvent; or
(b)
ceases to carry on business in the State and fails to make provision that the
Corporation considers adequate for dealing with claims, and meeting
liabilities and responsibilities related to compensable injuries, arising from
employment during the period of the employer's registration as a self-insured
employer.
(3) The Corporation
may recover the amount of liabilities undertaken by the Corporation under this
section as a debt due to the Corporation from the employer (and, if the
employer is being wound up, a claim for the relevant amount may be made in the
winding up).
(4) If a claim is made
under subsection (3)
for an amount representing liabilities that have not fallen due, or have not
been ascertained, as at the date of the claim, the liabilities will be
estimated and capitalised in accordance with principles stated, or referred
to, in the regulations.