129APower of Nominal Insurer to borrow money

129A Power of Nominal Insurer to borrow money

[Section 129A Inserted by No. 48 of 2001, s. 8, Applied:01 Aug 2001] [Section 129A Substituted by No. 11 of 2002, s. 5, Applied:01 Jan 2002] If at any time –

(a) the amount in the Special Account established by the Nominal Insurer under section 127B in respect of an insolvent licensed insurer is insufficient to meet payments required by this Act to be paid from the Special Account; or

(b) the amount in a separate account established by the Nominal Insurer under section 131D(8) in respect of an act of terrorism, specified in an order under section 131B(1)(b) , is insufficient to meet payments required by this Act to be paid from that account –

the Nominal Insurer may –

(c) borrow money, from sources and on terms and conditions approved by the Treasurer, to be paid into the Special Account or the separate account, as the case may require; and

(d) enter into such other arrangements as may be approved by the Treasurer.