Victorian Legislation and Parliamentary Documentsi
Version No. 001
Standard Insurance Company Limited Act
1962
Act No. 6862/1962
Version incorporating amendments as at 17 August 2001
TABLE OF PROVISIONS
Section Page
Short title and Division into Parts 1
PART I—THIRD-PARTY INSURANCE 2
Application of this Part 2
Definitions 2
Incorporated Nominal Defendant to be liable for certain claims
against Standard Insurance Company 2
Powers and duties of liquidator of Standard Insurance Company 3
As to extent of liability of Incorporated Nominal Defendant 3
Rights of Incorporated Nominal Defendant against Standard
Insurance Company 4
PART II—WORKERS COMPENSATION INSURANCE 5
Application of Part II 5
Powers and duties of Insurance Commissioner 5
Duties of liquidator of Standard Insurance Company 6
As to extent of Insurance Commissioner's liabilities 6
Rights of Insurance Commissioner against Standard Insurance
Company Limited 7
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ENDNOTES 8
General Information 8
Table of Amendments 9
Explanatory Details 10
Victorian Legislation and Parliamentary Documents1
Version No. 001
Standard Insurance Company Limited Act
1962
Act No. 6862/1962
Version incorporating amendments as at 17 August 2001
An Act relating to Claims against and Liabilities incurred by the
Standard Insurance Company Limited in respect of Contracts of
Insurance under Division One of Part V of the Motor Car Act
1958 and in relation to Policies of Accident Insurance or
Indemnity against Awards of Compensation under the Workers
Compensation Act 1958, and for other purposes.
BE IT ENACTED by the Queen's Most Excellent Majesty by
and with the advice and consent of the Legislative Council
and the Legislative Assembly of Victoria in this present
Parliament assembled and by the authority of the same as
follows (that is to say):
Short title and Division into Parts
(1) This Act may be cited as the Standard Insurance
Company Limited Act 1962.
(2) This Act is divided into Parts as follows:
Part I—Third-Party Insurance.
Part II—Workers Compensation Insurance.
Victorian Legislation and Parliamentary DocumentsPart I—Third-Party Insurance
Standard Insurance Company Limited Act 1962
Act No. 6862/1962
2
PART I—THIRD-PARTY INSURANCE
2. Application of this Part
This Part applies to any claim or judgment against
the owner or driver of a motor car in respect of the
death of or bodily injury to any person caused by
or arising out of the use of a motor car before four
o'clock in the afternoon of the thirty-first day of
March One thousand nine hundred and sixty-one
in respect of which there was a contract of
insurance with the Standard Insurance Company
Limited.
3. Definitions
(1) In this Part unless inconsistent with the context or
subject-matter—
"authorized insurer" means any body corporate
or unincorporate which was approved as an
authorized insurer under Division 1 of Part V
of the Motor Car Act 1958 at the thirty-first
day of March One thousand nine hundred
and sixty-one and includes the Insurance
Commissioner;
"contract of insurance" means a contract of
insurance with the Standard Insurance
Company Limited made pursuant to the
requirements of Division 1 of Part V of the
Motor Car Act 1958.
(2) This Part shall be read and construed as one with
Division 1 of Part V of the Motor Car Act 1958.
4. Incorporated Nominal Defendant to be liable for
certain claims against Standard Insurance
Company
The Incorporated Nominal Defendant shall have
the same duties and liabilities and shall have and
may exercise the same rights and powers in
s. 2
Section 1 - Standard Insurance Company Limited Act 1962 - Standard Insurance Company Limited Act 1962 | Zoe
Victorian Legislation and Parliamentary DocumentsPart I—Third-Party Insurance
Standard Insurance Company Limited Act 1962
Act No. 6862/1962
3
respect of any claim or judgment to which this
Part applies as the Standard Insurance Company
Limited would have had under the contract of
insurance if the Company had not gone into
liquidation.
5. Powers and duties of liquidator of Standard
Insurance Company
(1) The liquidator in Victoria of the Standard
Insurance Company Limited shall forthwith on the
commencement of this Act notify the Incorporated
Nominal Defendant of all claims made in respect
of any claim or judgment to which this Part
applies.
(2) The liquidator shall make available to the
Incorporated Nominal Defendant all books and
papers of the Standard Insurance Company
Limited relating to any claim or judgment to
which this Part applies and shall give the
Incorporated Nominal Defendant such assistance
as he requires in relation to any such claim or
judgment.
6. As to extent of liability of Incorporated Nominal
Defendant
(1) The authorized insurers in proportion to be
determined by the Minister shall reimburse the
Incorporated Nominal Defendant for all amounts
paid out (including costs incurred by the
Incorporated Nominal Defendant) in respect of
any claim or judgment to which this Part applies.
(2) In determining the proportions payable by the
respective authorized insurers the Minister shall
have regard so far as practicable to the premium
income in respect of contracts of insurance under
Division 1 of Part V of the Motor Car Act 1958
received by the authorized insurer in the financial
s. 5
Victorian Legislation and Parliamentary DocumentsPart I—Third-Party Insurance
Standard Insurance Company Limited Act 1962
Act No. 6862/1962
4
year ending the thirtieth day of June One thousand
nine hundred and sixty-one.
7. Rights of Incorporated Nominal Defendant against
Standard Insurance Company
To the extent of amounts paid out by the
Incorporated Nominal Defendant in respect of any
claim or judgment to which this Part applies
(including costs incurred by the Incorporated
Nominal Defendant) the Incorporated Nominal
Defendant shall—
(a) (in any case where if the Standard Insurance
Company Limited or the liquidator thereof
had discharged its or his liability under the
contract of insurance it or he would have
been entitled to recover any sum under any
contract or arrangement for re-insurance) be
entitled to the benefit of and may exercise
the rights and powers of the Standard
Insurance Company Limited or the liquidator
thereof under that contract or arrangement so
as to enable the Incorporated Nominal
Defendant to recover from the re-insurer and
retain the amount due under that contract or
arrangement; and
(b) (to the extent that recovery is not made from
a re-insurer in pursuance of the foregoing
provisions) be a creditor of and have the
same rights against the Standard Insurance
Company Limited as the respective owners
or drivers would have had if those amounts
had not been so paid out.
S. 7
substituted by
No. 7059
s. 2(a).
s. 7
Victorian Legislation and Parliamentary DocumentsPart II—Workers Compensation Insurance
Standard Insurance Company Limited Act 1962
Act No. 6862/1962
5
PART II—WORKERS COMPENSATION INSURANCE
8. Application of Part II
(1) This Part applies to any claim or award against an
employer in respect of personal injury to a worker
arising out of or in the course of his employment
before four o'clock in the afternoon of the thirty-
first day of March One thousand nine hundred and
sixty-one and in respect of which the employer
was insured with the Standard Insurance
Company Limited against his liability in
accordance with the provisions of the Workers
Compensation Act 1958 to the extent that such
claim was required to be insured against by the
Workers Compensation Act 1958.
(2) In this Part unless inconsistent with the context or
subject-matter—
"approved insurer" means the Insurance
Commissioner or an insurer who was at the
thirty-first day of March One thousand nine
hundred and sixty-one approved by the
Governor in Council for the purposes of the
Workers Compensation Act 1958.
(3) This Part shall be read and construed as one with
the Workers Compensation Act 1958.
9. Powers and duties of Insurance Commissioner
The Insurance Commissioner shall have the same
duties and liabilities and shall have and may
exercise the same rights and powers in respect of
any claim or award to which this Part applies as
the Standard Insurance Company Limited would
have had if the company had not gone into
liquidation.
s. 8
Victorian Legislation and Parliamentary DocumentsPart II—Workers Compensation Insurance
Standard Insurance Company Limited Act 1962
Act No. 6862/1962
6
10. Duties of liquidator of Standard Insurance
Company
(1) The liquidator in Victoria of the Standard
Insurance Company Limited shall forthwith on the
commencement of this Act notify the Insurance
Commissioner of all claims made in respect of
any claim or award to which this Part applies.
(2) The liquidator shall make available to the
Insurance Commissioner all books and papers of
the Standard Insurance Company Limited relating
to any claim or award to which this Part applies
and shall give the Insurance Commissioner such
assistance as he requires in relation to any such
claim or award.
11. As to extent of Insurance Commissioner's liabilities
(1) The approved insurers in proportions to be
determined by the Minister shall reimburse the
Insurance Commissioner with all amounts paid
out (including costs incurred by the Insurance
Commissioner) in respect of any claim or award
to which this Part applies.
(2) In determining the proportions payable by the
respective approved insurers the Minister shall
have regard so far as practicable to the premium
income in respect of policies of accident insurance
or indemnity in relation to liability under the
Workers Compensation Act 1958 received by
the approved insurer in the financial year ending
the thirtieth day of June One thousand nine
hundred and sixty-one.
s. 10
Victorian Legislation and Parliamentary DocumentsPart II—Workers Compensation Insurance
Standard Insurance Company Limited Act 1962
Act No. 6862/1962
7
12. Rights of Insurance Commissioner against Standard
Insurance Company Limited
To the extent of amounts paid out by the
Insurance Commissioner in respect of any claim
or award to which this Part applies (including
costs incurred by the Insurance Commissioner)
the Insurance Commissioner shall—
(a) (in any case where if the Standard Insurance
Company Limited or the liquidator thereof
had discharged its or his liability under the
contract of insurance, it or he would have
been entitled to recover any sum under any
contract or arrangement for re-insurance) be
entitled to the benefit of and may exercise
the rights and powers of the Standard
Insurance Company Limited or the liquidator
thereof under that contract or arrangement so
as to enable the Insurance Commissioner to
recover from the re-insurer and retain the
amount due under that contract or
arrangement; and
(b) (to the extent that recovery is not made from
a re-insurer in pursuance of the foregoing
provisions) be a creditor of and have the
same rights against the Standard Insurance
Company Limited as the respective
employers would have had if those amounts
had not been so paid out.
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S. 12
substituted by
No. 7059
s. 2(b).
s. 12
Victorian Legislation and Parliamentary DocumentsStandard Insurance Company Limited Act 1962
Act No. 6862/1962
8
ENDNOTES
General Information
The Standard Insurance Company Limited Act 1962 was assented to on
16 April 1962 and came into operation on 16 April 1962.
Endnotes
Victorian Legislation and Parliamentary DocumentsStandard Insurance Company Limited Act 1962
Act No. 6862/1962
9
2. Table of Amendments
This Version incorporates amendments made to the Standard Insurance
Company Limited Act 1962 by Acts and subordinate instruments.
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Standard Insurance Company Limited (Amendment) Act 1963, No. 7059/1963
Assent Date: 26.11.63
Commencement Date: 16.4.62: s. 1(3)
Current State: All of Act in operation
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Endnotes
Victorian Legislation and Parliamentary DocumentsStandard Insurance Company Limited Act 1962
Act No. 6862/1962
10
3. Explanatory Details
No entries at date of publication.
Endnotes