27Consequences of revocation of licence of licensed corporation

27 Consequences of revocation of licence of licensed corporation

Application (1) This section applies if a licence (the final licence) held by a licensed corporation (the former licensed corporation) is revoked under paragraph 106(1)(b) or section 107 of the Act. Liability (2) If the final licence (as in force immediately before the revocation) authorised the former licensed corporation to accept liability under the Act for payments in respect of injury, loss or damage suffered by, or the death of, any of its employees: (a) the former licensed corporation ceases to be liable under the Act for payments in respect of any injury, loss or damage suffered by, or death of, an employee occurring on or after the day when the final licence is revoked; and (b) the former licensed corporation remains liable under the Act for payments in respect of injury, loss or damage suffered by, or the death of, an employee occurring before the final licence was revoked. Claims management (3) If the final licence (as in force immediately before the revocation) authorised the former licensed corporation to accept responsibility to manage claims under the Act: (a) the former licensed corporation must manage a claim under the Act (regardless of when the claim is made) in respect of an injury, loss or damage suffered by, or the death of, an employee occurring before the revocation of the final licence as if the final licence had not been revoked; and (b) the former licensed corporation must not manage a claim under the Act in respect of any injury, loss, damage or death occurring on or after the day of revocation of the final licence; and (c) the former licensed corporation remains a party to proceedings in respect of any matter arising under the Act that, on the day of revocation of the final licence, had not been completed.