79‑35 Meaning of CTP compensation or anc79‑35 Meaning of CTP compensation or ancillary payment or supply etc.

79‑35 Meaning of CTP compensation or ancillary payment or supply etc.

Meaning of CTP compensation or ancillary payment or supply (1) A payment or supply is a CTP compensation or ancillary payment or supply if it is a *CTP compensation payment or supply or a *CTP ancillary payment or supply. Meaning of CTP compensation payment or supply (2) A payment or supply is a CTP compensation payment or supply if (a) it is a payment or supply made under a *compulsory third party scheme; and (b) it is a payment or supply made in settlement of a claim for compensation under the scheme; and (c) it is not the case that the *operator making the payment or supply was required to do so by law because of the bankruptcy or insolvency of another operator who is an insurer; and (d) Division 78 does not apply in relation to the payment or supply; and (e) the payment or supply is not a *CTP dual premium or election payment or supply or a *CTP hybrid payment or supply. Meaning of CTP ancillary payment or supply (3) A payment or supply is a CTP ancillary payment or supply if: (a) the payment or supply is made under a *compulsory third party scheme; and (b) the payment or supply is of a kind specified in the regulations; and (c) it is not the case that the *operator making the payment or supply was required to do so by law because of the bankruptcy or insolvency of another operator who is an insurer; and (d) Division 78 does not apply in relation to the payment or supply; and (e) the payment or supply is not a*CTP dual premium or election payment or supply or a *CTP hybrid payment or supply; and (f) the payment or supply is not made in settlement of a claim for compensation under the scheme; and (g) the payment or supply is not *consideration for a *creditable acquisition.