133ARepayment of certain amounts

133A Repayment of certain amounts

133A Repayment of certain amounts

(1) If a claimant—

(a) receives a payment from the Torrens Assurance Fund in respect of the claim, and

(b) receives or recovers from another source or sources a payment on account of the compensable loss, and

(c) there is a surplus after deducting the amount of the compensable loss from the total amount received or recovered by the claimant from both or all sources,

the amount of the surplus is a debt payable by the claimant to the Torrens Assurance Fund.

(2) However, the amount payable by the claimant cannot exceed the amount the claimant received from the Torrens Assurance Fund in respect of the claim.

s 133A: Ins 1992 No 96, Sch 1 (7). Rep 2000 No 28, Sch 1 [12]. Ins 2009 No 17, Sch 1 [28].