154EAssets of Insurance Fund

#### 154E Assets of Insurance Fund 154E Assets of Insurance Fund > > (1) The following amounts are to be paid to, and become the assets of, the Insurance Fund— > > > > > (a) premiums received by the Nominal Insurer for policies of insurance issued under this Act, > > > > > (b) other amounts paid to the Nominal Insurer in connection with any such policy of insurance, including— > > > > > > > (i) any amount paid by the Authority under section 175, and > > > > > > > (ii) any late payment fee paid by an employer for the late payment of a premium, and > > > > > > > (iii) any amount repaid by an employer pursuant to section 160, and > > > > > > > (iv) any money recovered under section 151Z (or under section 64 of the former Act), and > > > > > > > (v) any money recovered under a re-insurance contract or arrangement, > > > > > (c) income (including realised and unrealised capital gains) arising from the investment of the assets of the Insurance Fund, > > > > > (d) any other money authorised to be paid into the Insurance Fund by or under this Act or the regulations. > > > > > (e) (Repealed) > > > (2) The assets of the Insurance Fund may be applied for the following purposes only— > > > > > (a) meeting claims under policies of insurance issued (or taken to have been issued) by the Nominal Insurer other than a claim transferred pursuant to a claims transfer agreement under Division 6, > > > > > (b) the payment of direct expenses associated with any such claims (not being expenses of a class excluded by the regulations from this paragraph), > > > > > (c) the payment of management expenses relating to the Insurance Fund (not exceeding such amount as the Minister may from time to time determine), > > > > > (d) the provision of rebates or refunds (including interest) to employers by the Nominal Insurer for overpayment of premiums for policies of insurance issued (or taken to have been issued) by the Nominal Insurer or for any other reason that the Nominal Insurer considers appropriate, > > > > > (e) the payments required for any contract or arrangement for re-insurance in respect of liabilities under policies of insurance issued (or taken to have been issued) by the Nominal Insurer, > > > > > (f) meeting the costs of any actuarial investigation of the Insurance Fund, > > > > > (g) meeting the costs of any management, consultancy or auditing fees incurred in connection with the exercise of the functions of the Nominal Insurer, > > > > > (h) the payment by the Nominal Insurer of contributions under this Act to the Guarantee Fund or the Terrorism Re-insurance Fund as referred to in section 239AE, > > > > > (h1) the payment to the Workers Compensation Operational Fund of amounts approved by the Minister under section 35 of the 1998 Act, > > > > > (i) the payments authorised or required to be made by the Nominal Insurer to scheme agents under their agency arrangements, > > > > > (j) exercising any other functions of the Nominal Insurer, > > > > > (j1) the transfer of assets of the Insurance Fund to a claim agent pursuant to a claims transfer agreement under Division 6, > > > > > (k) making any other payment authorised by or under this Act or the regulations. > > > (3) (Repealed) > > **s 154E:** Ins 2003 No 81, Sch 1 \[2\]. Am 2008 No 42, Sch 2 \[1\]; 2012 No 53, Sch 9.1 \[1\] \[2\]; 2012 No 54, Sch 3.6 \[3\] \[4\]; 2015 No 19, Sch 5 \[11\] \[20\] \[21\].