103MAssignment of rights

103M Assignment of rights

103M Assignment of rights

(1) Where the Authority pays an amount to a beneficiary (or a person nominated by a beneficiary) under the indemnity provided by this Division, the beneficiary is taken to have assigned the beneficiary’s rights in respect of the matter covered by the indemnity to the Authority.

(2) The Authority may enforce the rights assigned to it under this section as if those rights had been personally assigned by the beneficiary.

(3) The regulations may make provision for or with respect to assignments of beneficiaries’ rights under this section, including, but not limited to, provisions relating to—

(a) the nature and extent of the assignment, and

(b) the enforcement of the assignment by the Authority.

(4) A reference in this section to the assignment of a beneficiary’s rights includes a reference to the assignment of any rights that the beneficiary may have, in respect of the matter covered by the indemnity, against a developer or any other person.

s 103M: Ins 2001 No 41, Sch 2 [1]. Am 2002 No 17, Sch 3.1 [3]; 2017 No 28, Sch 1 [48] [49]; 2024 No 53, Sch 2.2[4] [5].