331Collections for nominal defendant fund

331 Collections for nominal defendant fund (1) The MAI commission must, each financial year, collect an amount for the nominal defendant fund— (a) from the people and funds prescribed by regulation; and (b) in accordance with the arrangements prescribed by regulation. (2) The MAI commission may decide the amount to be collected for a financial year. (3) The MAI commission must not decide an amount for a financial year if the MAI commission considers that satisfactory arrangements have been made for that year (under the insurance industry deed or otherwise) by licensed insurers to meet— (a) applications for defined benefits; and (b) motor accident claims made against the nominal defendant. Note The insurance industry deed is dealt with in pt 7.2.