16BPolicyholders Protection Fund

16B Policyholders Protection Fund

16B Policyholders Protection Fund

(1) There is established in the Special Deposits Account a Policyholders Protection Fund.

(2) The following is to be paid into the Fund—

(a) money appropriated by Parliament to the Fund under section 16C,

(b) (Repealed)

(c) money required to be paid into the Fund from the Nominal Defendant’s Fund in accordance with section 16G,

(d) any gift or bequest of money for the purposes of the Fund,

(e) any money appropriated by Parliament for the purposes of the Fund,

(f) any other money required by law to be paid into the Fund.

(3) The following is to be paid from the Fund—

(a) (Repealed)

(b) money required to be paid from the Fund into the Nominal Defendant’s Fund in accordance with section 16E,

(c) money to be paid from the Fund into the Consolidated Fund in accordance with section 16H,

(ca) money the Treasurer directs to be paid from the Fund for the purposes of providing a refund to insurers in accordance with section 3C,

(d) any other money required by law to be paid from the Fund.

s 16B: Ins 2001 No 41, Sch 1 [2]. Am 2010 No 46, Sch 5 [2]; 2024 No 53, Sch 2.4[3].