435Statutory contract of insurance

435 Statutory contract of insurance Subject to and in accordance with this Act, an employer has a statutory contract of insurance under which— (a) the Authority is liable to indemnify the employer in accordance with section 71; and (b) the employer is required to pay premiums in accordance with this Act and comply with the provisions of this Act. Sections 70, 71 and 72 contain provisions about the liability of the Authority and the employer to pay compensation to a worker, the Authority's liability to indemnify the employer and the employer's excess and section 34 contains provisions for the recovery of amounts from employers to which section 430(1) applies but which are not registered under section 434 at the relevant time.