30Entitlements to proceeds of contracts of insurance

30 Entitlements to proceeds of contracts of insurance

30 Entitlements to proceeds of contracts of insurance

(1) The regulations may make provision for or with respect to entitlements (during the winding up period of any liable entity) under or in relation to any contract of insurance or re-insurance of the entity entered into before that period (a relevant insurance contract) or to the proceeds of any such contract, including without limitation—

(a) the application of the proceeds of a relevant insurance contract (including, for example, the establishment of a regime for the application of the proceeds between claimants on a proportionate or other basis), and

(b) the conferral or extinguishment of rights (or the imposition or extinguishment of liabilities) in respect of a relevant insurance contract or the proceeds of such a contract, including (without limitation) rights or liabilities of any of the following—

(i) the payable claimants of the entity,

(ii) any other persons to whom a liable entity has incurred, or will incur, liabilities,

(iii) the liable entity itself,

(iv) the insurer.

(2) Without limiting subsection (1), the regulations may—

(a) declare that a right to the payment of the proceeds (or part of the proceeds) of a relevant insurance contract conferred on a person is a payable liability for the purposes of this Act, and

(b) provide that any specified provision of the Corporations Act or any other legislation applies for the purposes of this section with such modifications (if any) as may be prescribed by the regulations.

(3) For the avoidance of doubt, it is declared that any regulation made for the purposes of this section may, if the regulation so provides—

(a) take effect on a day that is earlier than the day on which the regulation is published in the Gazette, or

(b) apply to transactions, acts, things or other matters arising or occurring before its commencement.

(4) The Minister is not to recommend the making of a regulation for the purposes of this section unless the Minister has received the written concurrence of the SPF trustee to the making of the regulation.