{"id":"standard-insurance-company-limited-act-1962","name":"Standard Insurance Company Limited Act 1962","slug":"standard-insurance-company-limited-act-1962","collection":"act","jurisdiction":"vic","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":177858,"registerId":"vic-standard-insurance-company-limited-act-1962-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Standard Insurance Company Limited Act 1962","content":"Victorian Legislation and Parliamentary Documentsi\nVersion No. 001\nStandard Insurance Company Limited Act\n1962\nAct No. 6862/1962\nVersion incorporating amendments as at 17 August 2001\nTABLE OF PROVISIONS\nSection Page\n1. Short title and Division into Parts 1\nPART I—THIRD-PARTY INSURANCE 2\n2. Application of this Part 2\n3. Definitions 2\n4. Incorporated Nominal Defendant to be liable for certain claims\nagainst Standard Insurance Company 2\n5. Powers and duties of liquidator of Standard Insurance Company 3\n6. As to extent of liability of Incorporated Nominal Defendant 3\n7. Rights of Incorporated Nominal Defendant against Standard\nInsurance Company 4\nPART II—WORKERS COMPENSATION INSURANCE 5\n8. Application of Part II 5\n9. Powers and duties of Insurance Commissioner 5\n10. Duties of liquidator of Standard Insurance Company 6\n11. As to extent of Insurance Commissioner's liabilities 6\n12. Rights of Insurance Commissioner against Standard Insurance\nCompany Limited 7\n═══════════════\nENDNOTES 8\n1. General Information 8\n2. Table of Amendments 9\n3. Explanatory Details 10\n\nVictorian Legislation and Parliamentary Documents1\nVersion No. 001\nStandard Insurance Company Limited Act\n1962\nAct No. 6862/1962\nVersion incorporating amendments as at 17 August 2001\nAn Act relating to Claims against and Liabilities incurred by the\nStandard Insurance Company Limited in respect of Contracts of\nInsurance under Division One of Part V of the Motor Car Act\n1958 and in relation to Policies of Accident Insurance or\nIndemnity against Awards of Compensation under the Workers\nCompensation Act 1958, and for other purposes.\nBE IT ENACTED by the Queen's Most Excellent Majesty by\nand with the advice and consent of the Legislative Council\nand the Legislative Assembly of Victoria in this present\nParliament assembled and by the authority of the same as\nfollows (that is to say):\n1. Short title and Division into Parts\n(1) This Act may be cited as the Standard Insurance\nCompany Limited Act 1962.\n(2) This Act is divided into Parts as follows:\nPart I—Third-Party Insurance.\nPart II—Workers Compensation Insurance.\n_______________\n\nVictorian Legislation and Parliamentary DocumentsPart I—Third-Party Insurance\nStandard Insurance Company Limited Act 1962\nAct No. 6862/1962\n2\nPART I—THIRD-PARTY INSURANCE\n2. Application of this Part\nThis Part applies to any claim or judgment against\nthe owner or driver of a motor car in respect of the\ndeath of or bodily injury to any person caused by\nor arising out of the use of a motor car before four\no'clock in the afternoon of the thirty-first day of\nMarch One thousand nine hundred and sixty-one\nin respect of which there was a contract of\ninsurance with the Standard Insurance Company\nLimited.\n3. Definitions\n(1) In this Part unless inconsistent with the context or\nsubject-matter—\n\"authorized insurer\" means any body corporate\nor unincorporate which was approved as an\nauthorized insurer under Division 1 of Part V\nof the Motor Car Act 1958 at the thirty-first\nday of March One thousand nine hundred\nand sixty-one and includes the Insurance\nCommissioner;\n\"contract of insurance\" means a contract of\ninsurance with the Standard Insurance\nCompany Limited made pursuant to the\nrequirements of Division 1 of Part V of the\nMotor Car Act 1958.\n(2) This Part shall be read and construed as one with\nDivision 1 of Part V of the Motor Car Act 1958.\n4. Incorporated Nominal Defendant to be liable for\ncertain claims against Standard Insurance\nCompany\nThe Incorporated Nominal Defendant shall have\nthe same duties and liabilities and shall have and\nmay exercise the same rights and powers in\ns. 2\n\nVictorian Legislation and Parliamentary DocumentsPart I—Third-Party Insurance\nStandard Insurance Company Limited Act 1962\nAct No. 6862/1962\n3\nrespect of any claim or judgment to which this\nPart applies as the Standard Insurance Company\nLimited would have had under the contract of\ninsurance if the Company had not gone into\nliquidation.\n5. Powers and duties of liquidator of Standard\nInsurance Company\n(1) The liquidator in Victoria of the Standard\nInsurance Company Limited shall forthwith on the\ncommencement of this Act notify the Incorporated\nNominal Defendant of all claims made in respect\nof any claim or judgment to which this Part\napplies.\n(2) The liquidator shall make available to the\nIncorporated Nominal Defendant all books and\npapers of the Standard Insurance Company\nLimited relating to any claim or judgment to\nwhich this Part applies and shall give the\nIncorporated Nominal Defendant such assistance\nas he requires in relation to any such claim or\njudgment.\n6. As to extent of liability of Incorporated Nominal\nDefendant\n(1) The authorized insurers in proportion to be\ndetermined by the Minister shall reimburse the\nIncorporated Nominal Defendant for all amounts\npaid out (including costs incurred by the\nIncorporated Nominal Defendant) in respect of\nany claim or judgment to which this Part applies.\n(2) In determining the proportions payable by the\nrespective authorized insurers the Minister shall\nhave regard so far as practicable to the premium\nincome in respect of contracts of insurance under\nDivision 1 of Part V of the Motor Car Act 1958\nreceived by the authorized insurer in the financial\ns. 5\n\nVictorian Legislation and Parliamentary DocumentsPart I—Third-Party Insurance\nStandard Insurance Company Limited Act 1962\nAct No. 6862/1962\n4\nyear ending the thirtieth day of June One thousand\nnine hundred and sixty-one.\n7. Rights of Incorporated Nominal Defendant against\nStandard Insurance Company\nTo the extent of amounts paid out by the\nIncorporated Nominal Defendant in respect of any\nclaim or judgment to which this Part applies\n(including costs incurred by the Incorporated\nNominal Defendant) the Incorporated Nominal\nDefendant shall—\n(a) (in any case where if the Standard Insurance\nCompany Limited or the liquidator thereof\nhad discharged its or his liability under the\ncontract of insurance it or he would have\nbeen entitled to recover any sum under any\ncontract or arrangement for re-insurance) be\nentitled to the benefit of and may exercise\nthe rights and powers of the Standard\nInsurance Company Limited or the liquidator\nthereof under that contract or arrangement so\nas to enable the Incorporated Nominal\nDefendant to recover from the re-insurer and\nretain the amount due under that contract or\narrangement; and\n(b) (to the extent that recovery is not made from\na re-insurer in pursuance of the foregoing\nprovisions) be a creditor of and have the\nsame rights against the Standard Insurance\nCompany Limited as the respective owners\nor drivers would have had if those amounts\nhad not been so paid out.\n_______________\nS. 7\nsubstituted by\nNo. 7059\ns. 2(a).\ns. 7\n\nVictorian Legislation and Parliamentary DocumentsPart II—Workers Compensation Insurance\nStandard Insurance Company Limited Act 1962\nAct No. 6862/1962\n5\nPART II—WORKERS COMPENSATION INSURANCE\n8. Application of Part II\n(1) This Part applies to any claim or award against an\nemployer in respect of personal injury to a worker\narising out of or in the course of his employment\nbefore four o'clock in the afternoon of the thirty-\nfirst day of March One thousand nine hundred and\nsixty-one and in respect of which the employer\nwas insured with the Standard Insurance\nCompany Limited against his liability in\naccordance with the provisions of the Workers\nCompensation Act 1958 to the extent that such\nclaim was required to be insured against by the\nWorkers Compensation Act 1958.\n(2) In this Part unless inconsistent with the context or\nsubject-matter—\n\"approved insurer\" means the Insurance\nCommissioner or an insurer who was at the\nthirty-first day of March One thousand nine\nhundred and sixty-one approved by the\nGovernor in Council for the purposes of the\nWorkers Compensation Act 1958.\n(3) This Part shall be read and construed as one with\nthe Workers Compensation Act 1958.\n9. Powers and duties of Insurance Commissioner\nThe Insurance Commissioner shall have the same\nduties and liabilities and shall have and may\nexercise the same rights and powers in respect of\nany claim or award to which this Part applies as\nthe Standard Insurance Company Limited would\nhave had if the company had not gone into\nliquidation.\ns. 8\n\nVictorian Legislation and Parliamentary DocumentsPart II—Workers Compensation Insurance\nStandard Insurance Company Limited Act 1962\nAct No. 6862/1962\n6\n10. Duties of liquidator of Standard Insurance\nCompany\n(1) The liquidator in Victoria of the Standard\nInsurance Company Limited shall forthwith on the\ncommencement of this Act notify the Insurance\nCommissioner of all claims made in respect of\nany claim or award to which this Part applies.\n(2) The liquidator shall make available to the\nInsurance Commissioner all books and papers of\nthe Standard Insurance Company Limited relating\nto any claim or award to which this Part applies\nand shall give the Insurance Commissioner such\nassistance as he requires in relation to any such\nclaim or award.\n11. As to extent of Insurance Commissioner's liabilities\n(1) The approved insurers in proportions to be\ndetermined by the Minister shall reimburse the\nInsurance Commissioner with all amounts paid\nout (including costs incurred by the Insurance\nCommissioner) in respect of any claim or award\nto which this Part applies.\n(2) In determining the proportions payable by the\nrespective approved insurers the Minister shall\nhave regard so far as practicable to the premium\nincome in respect of policies of accident insurance\nor indemnity in relation to liability under the\nWorkers Compensation Act 1958 received by\nthe approved insurer in the financial year ending\nthe thirtieth day of June One thousand nine\nhundred and sixty-one.\ns. 10\n\nVictorian Legislation and Parliamentary DocumentsPart II—Workers Compensation Insurance\nStandard Insurance Company Limited Act 1962\nAct No. 6862/1962\n7\n12. Rights of Insurance Commissioner against Standard\nInsurance Company Limited\nTo the extent of amounts paid out by the\nInsurance Commissioner in respect of any claim\nor award to which this Part applies (including\ncosts incurred by the Insurance Commissioner)\nthe Insurance Commissioner shall—\n(a) (in any case where if the Standard Insurance\nCompany Limited or the liquidator thereof\nhad discharged its or his liability under the\ncontract of insurance, it or he would have\nbeen entitled to recover any sum under any\ncontract or arrangement for re-insurance) be\nentitled to the benefit of and may exercise\nthe rights and powers of the Standard\nInsurance Company Limited or the liquidator\nthereof under that contract or arrangement so\nas to enable the Insurance Commissioner to\nrecover from the re-insurer and retain the\namount due under that contract or\narrangement; and\n(b) (to the extent that recovery is not made from\na re-insurer in pursuance of the foregoing\nprovisions) be a creditor of and have the\nsame rights against the Standard Insurance\nCompany Limited as the respective\nemployers would have had if those amounts\nhad not been so paid out.\n═══════════════\nS. 12\nsubstituted by\nNo. 7059\ns. 2(b).\ns. 12\n\nVictorian Legislation and Parliamentary DocumentsStandard Insurance Company Limited Act 1962\nAct No. 6862/1962\n8\nENDNOTES\n1. General Information\nThe Standard Insurance Company Limited Act 1962 was assented to on\n16 April 1962 and came into operation on 16 April 1962.\nEndnotes\n\nVictorian Legislation and Parliamentary DocumentsStandard Insurance Company Limited Act 1962\nAct No. 6862/1962\n9\n2. Table of Amendments\nThis Version incorporates amendments made to the Standard Insurance\nCompany Limited Act 1962 by Acts and subordinate instruments.\n–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––\nStandard Insurance Company Limited (Amendment) Act 1963, No. 7059/1963\nAssent Date: 26.11.63\nCommencement Date: 16.4.62: s. 1(3)\nCurrent State: All of Act in operation\n–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––\nEndnotes\n\nVictorian Legislation and Parliamentary DocumentsStandard Insurance Company Limited Act 1962\nAct No. 6862/1962\n10\n3. Explanatory Details\nNo entries at date of publication.\nEndnotes","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"The Act confines relief to claims arising before 31 March 1961 and transfers the insurer's contractual duties to specified public bodies while requiring reimbursement by other authorised/approved insurers (ss 2, 8, 4, 9, 6, 11). The amendment history shows substitution of certain rights provisions (ss 7 and 12) but the text as supplied maintains the original temporal and subject‑matter limits rather than expanding them."},"complexity_factors":["Fixed retrospective temporal cutoff: only covers incidents before 31 March 1961 (ss 2(1), 8(1)).","Two-part structure with different stepping‑in bodies for motor (Incorporated Nominal Defendant) and workers' claims (Insurance Commissioner) (ss 4, 9).","Ministerial discretion to apportion reimbursement proportions among authorised/approved insurers, guided by past premium income (ss 6(1)–(2), 11(1)–(2)).","Obligations on the liquidator to notify and provide books/papers and assistance, creating procedural compliance duties (ss 5(1)–(2), 10(1)–(2)).","Rights to recover from reinsurers or to rank as creditors against the insolvent company, producing subrogation and insolvency interactions (ss 7, 12).","Integration and reading‑together with the Motor Car Act 1958 and the Workers Compensation Act 1958, creating cross‑statutory dependencies (s 3(2), s 8(3))."],"plain_english_summary":"Creates a process to meet motor third‑party and workers' compensation claims originally insured by Standard Insurance Company Limited where the company went into liquidation. For claims arising before 31 March 1961, the Incorporated Nominal Defendant (motor claims) and the Insurance Commissioner (workers' claims) assume the insurer's rights and liabilities; authorised/approved insurers must reimburse them in proportions the Minister determines (ss 2,4,8,6,11). The liquidator must notify and hand over records, and the statutory bodies may pursue reinsurers or claim as creditors (ss 5,10,7,12)."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose: managing the fallout from Standard Insurance Company Limited's liquidation in 1961. It has not expanded beyond addressing third-party motor vehicle claims and workers compensation claims arising from incidents before the specified date. The 1963 amendment merely clarified the rights against re-insurers and creditors without broadening the scope."},"complexity_factors":["Short statute: only 12 sections across 10 pages","Minimal defined terms: only 4 definitions total (2 in each Part)","Simple structure: two parallel Parts with mirrored provisions for different insurance types","Limited cross-referencing: only references to Motor Car Act 1958 and Workers Compensation Act 1958","No nested exceptions or conditional logic beyond basic temporal cut-offs (before 31 March 1961)","Straightforward reimbursement mechanism based on historical premium income","Single amendment in 1963 (substituting sections 7 and 12) with no complex transitional provisions"],"plain_english_summary":"This is a Victorian law from 1962 that deals with what happens when an insurance company goes bust and can't pay out claims.\n\n**What happened:** Standard Insurance Company Limited went into liquidation (bankruptcy) in 1961. This left thousands of people in trouble—drivers who had bought compulsory third-party insurance (covering injuries to others in car accidents) and employers who had bought workers compensation insurance (covering injuries to employees).\n\n**What the law does:**\n\n**For car accident victims (Part I):**\n- The \"Incorporated Nominal Defendant\" (a government body that steps in when insurers fail) takes over Standard Insurance's obligations for car accident claims that happened before 31 March 1961\n- This means injured people can still get paid even though the insurance company collapsed\n- Other insurance companies must chip in to cover the costs, based on their market share from 1960-61\n- The Nominal Defendant can chase any money owed through re-insurance (backup insurance that insurers buy) or stand in line as a creditor of the failed company\n\n**For injured workers (Part II):**\n- The Insurance Commissioner (another government body) takes over Standard Insurance's workers compensation obligations for workplace injuries before 31 March 1961\n- Again, other approved insurers must reimburse the Commissioner based on their 1960-61 premium income\n- The Commissioner gets the same rights to chase re-insurance money or join the queue of creditors\n\n**Why it matters:** This law protects ordinary people—car accident victims and injured workers—who would otherwise be left empty-handed when their insurer collapses. It spreads the financial pain across the whole insurance industry rather than letting individuals bear the loss. It's essentially a \"bailout\" mechanism for policyholders, funded by a levy on surviving insurers."},"issue_detection":{"absurdities":[],"contradictions":[]},"summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"Insufficient legislative text is available to determine whether the scope changed from the original intent. The document as provided contains only metadata, version history labels, and structural headings — no substantive provisions are visible. A proper scope assessment cannot be made without access to the actual text of the Act."},"complexity_factors":["Extremely limited text available for analysis — the document contains almost no substantive legislative provisions","Private Act applying to a single named company, so no broad interpretive issues arise","Historical legislation from 1962 with likely minimal modern application","No cross-references to other Acts or regulatory frameworks visible in the provided text","The narrow, company-specific nature of private Acts generally reduces interpretive complexity"],"plain_english_summary":"This private Victorian Act from 1962 applied solely to Standard Insurance Company Limited, giving that single insurer particular legal powers or formalising its corporate arrangements (such as property, litigation capacity, or changes to its constitution).  \n\nPractically it mattered mainly to the company’s policyholders, shareholders and creditors at the time; today it’s of narrow historical interest except where old policy rights or liabilities created by the Act are being traced or litigated."}},"importantCases":[],"_links":{"self":"/api/acts/standard-insurance-company-limited-act-1962","history":"/api/acts/standard-insurance-company-limited-act-1962/history","analysis":"/api/acts/standard-insurance-company-limited-act-1962/analysis","conflicts":"/api/acts/standard-insurance-company-limited-act-1962/conflicts","importantCases":"/api/acts/standard-insurance-company-limited-act-1962/important-cases","documents":"/api/acts/standard-insurance-company-limited-act-1962/documents"}}