330Establishment of nominal defendant fund

330 Establishment of nominal defendant fund (1) The MAI commission must establish a fund (the nominal defendant fund). (2) The following must be paid into the nominal defendant fund: (a) any penalties or penalty interest imposed under this Act, other than a penalty imposed under part 7.6A (Financial penalties); (b) amounts received or recovered by or on behalf of the nominal defendant under this Act; Note The nominal defendant may recover amounts under the following sections: (a) s 348 (Insurer may recover costs if motor vehicle defective); (b) s 349 (Insurer may recover costs if fraud); (c) s 350 (Nominal defendant may recover costs from responsible person or driver at fault); (d) s 424 (Nominal defendant may recover from insolvent insurer). (c) amounts collected under section 331; (d) UVP liability contributions paid under section 333; (e) interest from time to time accruing from the investment of the nominal defendant fund; (f) amounts required to be paid into the nominal defendant fund under this or another Act. (3) The following must be paid from the nominal defendant fund: (a) amounts required to be paid from the fund under section 329; (b) any amount requested under section 40 (Payment of defined benefits by interstate relevant insurer); (c) all other amounts required to be paid from the fund under this or another Act.

(4) The MAI commission may invest money in the nominal defendant fund which is not immediately required for the fund— (a) in any way that the Treasurer is authorised to invest money under the Financial Management Act 1996; or (b) in any other way approved by the Minister and the Treasurer.