80‑80 Meaning of hybrid settlement shari80‑80 Meaning of hybrid settlement sharing arrangement etc.

80‑80 Meaning of hybrid settlement sharing arrangement etc.

Meaning of hybrid settlement sharing arrangement (1) A hybrid settlement sharing arrangement is an arrangement: (a) that relates to an accident or other incident or 2 or more related accidents or other incidents; and (b) to which the parties are: (i) an entity that is the *managing operator of a *nominal defendant settlement sharing arrangement, or entities that are managing operators of nominal defendant settlement sharing arrangements, that relate to the accidents or incidents; and (ii) an *operator or operators of a *compulsory third party scheme or schemes who have issued *insurance policies to persons involved in the accidents or incidents; and (c) under which: (i) one party (the managing operator) is to make one or more payments or supplies in settlement of a claim, under the compulsory third party scheme or one of the compulsory third party schemes involved, relating to the accidents or incidents; and (ii) each other party (a contributing operator) is to make a payment to the *managing operator in respect of that operator settling the claim. Meaning of managing operator’s payment or supply (2) If a payment or supply mentioned in subparagraph (1)(c)(i) is not a *CTP ancillary payment or supply, it is a managing operator’s payment or supply. Meaning of contributing operator’s payment (3) A payment mentioned in subparagraph (1)(c)(ii), to the extent that it is not a fee to the *managing operator for managing the process of making settlements under the arrangement, is a contributing operator’s payment.