179AApplication of pt 8.3 to insurers

179A Application of pt 8.3 to insurers (1) This part applies to an insurer if— (a) the insurer has acted honestly and taken all proper and business- like steps to obtain reinsurance for the insurer’s liability to pay compensation for injuries or deaths (or both) caused by acts of terrorism; and (b) the insurer accepts liability for claims for compensation for injuries or deaths (or both) caused by the act of terrorism; and (c) the insurer has acted honestly and taken all proper and business- like steps to demand the maximum amounts the insurer may demand under the reinsurance contracts held by the insurer that apply in relation to the claims; and (d) the total amount paid by the insurer for the claims, after the deduction of the maximum amounts the insurer may receive under the reinsurance contracts, is more than the temporary fund threshold amount that applies to the insurer. (2) For this part, the temporary fund threshold amount that applies to an insurer is the amount worked out using the following formula: insurer’s market share means the proportion (expressed as a percentage) of the administrative costs of the Act apportioned by the Minister to the insurer under section 210 (1) (Apportioning cost of administering workers compensation and safety legislation) in relation to the financial year before the act of terror happens.amount.poolpremiumrelevantsharemarketsinsurer'  premium pool means the total amount of— (a) the premium income received by each licensed insurer in relation to compulsory insurance policies in the financial year before the act of terror happens; and (b) the premium that would have been payable by each licensed self-insurer if the licensed self-insurer had obtained a compulsory insurance policy for the financial year (or the part of the financial year for which the licensed self-insurer was a licensed self-insurer). relevant premium pool amount means 5% of the premium pool.