118AZCOrderly exit management payments by distribution network service providers

118AZC Orderly exit management payments by distribution network service providers

118AZC Orderly exit management payments by distribution network service providers

(1) The financial vehicle may, by written order (a contribution order), direct a distribution network service provider to make payments to the orderly exit management fund (OEM payments) in accordance with the contribution determination applying to the distribution network service provider.

(2) A contribution order must specify the following—

(a) the distribution network service provider required to make the OEM payments;

(b) the amount of each OEM payment;

(c) the date by which each OEM payment must be made;

(d) the way each OEM payment must be made;

(e) that each OEM payment must be made to the financial vehicle for payment into the orderly exit management fund;

(f) matters prescribed by the Rules.

(3) The Rules may provide for the way an OEM payment may be recovered by the financial vehicle from a distribution network service provider, including the period of time over which the payment may be recovered.

(4) An OEM payment is recoverable by the financial vehicle as a debt in a court of competent jurisdiction.

s 118AZC: Ins 2024 No 62, sec 6.