127BNominal Insurer Special Account

127B Nominal Insurer Special Account

[Section 127B Inserted by No. 48 of 2001, s. 6, Applied:01 Aug 2001]

(1)  The Nominal Insurer is to establish a Special Account in the Nominal Insurer Fund into which money received by the Nominal Insurer by way of special contributions under section 128A(2) is to be paid.

(2)  The Nominal Insurer is to pay from the Special Account –

(aa) [Section 127B Subsection (2) amended by No. 16 of 2004, s. 6, Applied:29 Jun 2004] any amount payable under section 126A(2) ; and

(a) amounts of the type specified in section 127A(3) that are determined by the Nominal Insurer to be paid from the Special Account; and

(b) amounts required to be paid by the Nominal Insurer under section 128A(14) and (15) ; and

(c) [Section 127B Subsection (2) amended by No. 85 of 2009, s. 42, Applied:01 Jul 2010] the repayment of any money borrowed by the Nominal Insurer under section 129A together with any interest payable on the money borrowed or costs associated with any other arrangements entered into by the Nominal Insurer for the payment of amounts referred to in paragraph (a) ; and

(d) [Section 127B Subsection (2) amended by No. 85 of 2009, s. 42, Applied:01 Jul 2010] all amounts required to be paid from the Special Account in accordance with a direction under section 127C .