185Assignment of policies of former insurers etc

185 Assignment of policies of former insurers etc

185 Assignment of policies of former insurers etc

(1) In this section—

former insurer means a former licensed insurer whose licence has ceased to be in force by cancellation, suspension or the expiry of the term of the licence.

(2) The Authority may assign all or any class of policies of insurance of a former insurer to a licensed insurer nominated by the Authority.

(3) Policies of insurance may be assigned under this section by notice served by the Authority on the former insurer concerned.

(4)–(6) (Repealed)

(7) An assignment of an insurance policy under this section—

(a) transfers the rights, obligations and liabilities under the policy of the former insurer to the licensed insurer to which the policy is assigned, and

(b) does not otherwise affect the rights, obligations or liabilities acquired, accrued or incurred under the policy.

(8) For the purposes of this Act, any such assigned policy is to be taken to have been issued or renewed by the licensed insurer to which it is assigned.

(9) If an insurance policy is assigned under this section, the former insurer concerned must, subject to any directions of the Authority, provide the licensed insurer to which the policy is assigned with—

(a) copies of all documents relating to the policy or to claims under it, and

(b) (Repealed)

Maximum penalty—20 penalty units.

s 185: Subst 1991 No 2, Sch 3 (2). Am 1991 No 94, Sch 1; 1993 No 47, Sch 1; 1994 No 10, Sch 2 (2); 2003 No 81, Sch 2 [37] [38].