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(e) (Repealed)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,