103ZBRecovery of amounts under guarantees or indemnities

103ZB Recovery of amounts under guarantees or indemnities

103ZB Recovery of amounts under guarantees or indemnities

To the extent that any amounts are paid out of a guarantee fund managed by the Authority in respect of an indemnity under Division 2, the Authority is, where an insolvent insurer (if it had provided indemnity to that extent under an insolvent insurer’s policy) would have been entitled to recover any sum under a guarantee or indemnity given by a builder or any other person, entitled to the benefit of and may exercise the rights and powers of the insolvent insurer under that guarantee or indemnity so as to enable the Authority to recover from the builder or other person and pay into the guarantee fund the amount due under that guarantee or indemnity.

s 103ZB: Ins 2001 No 41, Sch 2 [1]. Am 2017 No 28, Sch 1 [49] [50] [59]; 2024 No 53, Sch 2.2[4].