171EDI fund paying claims for payment against licensed

171E DI fund paying claims for payment against licensed insurers and licensed self-insurers if settlement approved (1) This section applies to a claim for payment if— (a) the claim was made by a person who— (i) is mentioned in section 170 (1) (a); and (ii) is eligible to make a claim for payment under section 170H, section 170I, section 170HA or section 170HB; and Note Under s 170H and s 170I, the employer’s liability is covered by a compulsory insurance policy but the licensed insurer has been wound up or cannot provide the indemnity required to be provided under the policy. Under s 170HA and s 170HB the employer is a licensed self-insurer unable to cover liability. (b) the terms of settlement of the claim are approved by the Magistrates Court or DI fund manager under this division. (2) The DI fund manager must— (a) pay the liquidator out of the DI fund— (i) the amount necessary for the liquidator to satisfy the claim in accordance with the terms of settlement; and (ii) any further amount agreed to between the manager and liquidator for the liquidator’s costs in satisfying the claim; and (b) give the liquidator copies of all documents the fund manager has that relate to the claim. (3) The liquidator must pay the amount mentioned in subsection (2) (a) (i) to the claimant in satisfaction of the claim in accordance with the terms of settlement. (4) However, if the licensed insurer has been wound up under the Corporations Act before the DI fund manager makes a payment to the liquidator under subsection (2), the fund manager may directly pay the claimant the amount necessary to satisfy the claim in accordance with the terms of settlement.