37AInsurance requirements

##### 37A. Insurance requirements (1) A licensee must maintain, as directed by the Minister from time to time, insurance against expenses or liabilities or specified things arising in connection with, or as a result of, the carrying out of work, or the doing of any other thing, under the licence, including expenses of complying with directions with respect to the clean‑up or other remedying of the effects of the escape of petroleum. (2) Where — (a) a licence was in force immediately before the commencement of section 71 of the *Acts Amendment (Petroleum) Act 1994*; and (b) the Minister has required the registered holder to maintain insurance under subsection (1); and (c) the Minister is satisfied that the required insurance is in effect, the Minister shall issue a certificate to the effect that he is so satisfied. (3) Where the Minister issues a certificate under subsection (2), any security in force in relation to the licence, being a security that was required under this Act before the commencement of section 71 of the *Acts Amendment (Petroleum) Act 1994*, is discharged. (4) The discharge of a security under subsection (3) has no effect on any liability arising under or in relation to the security before its discharge. [Section 37A inserted: No. 28 of 1994 s. 71.]