334
In forceAccounts for nominal defendant fund
Chapter 6Motor accident injuries insurance
Part 6.9Nominal defendant fund
334 Accounts for nominal defendant fund
(1)
The nominal defendant must keep a separate account in the nominal defendant fund for meeting the liabilities of the nominal defendant.
Note
The nominal defendant is liable for uninsured or unidentified motor vehicles (see pt 6.8) and for insolvent insurers (see pt 7.10).
(2)
The nominal defendant must keep accounts for—
(a)
amounts paid into the nominal defendant fund under section 330; and
(b)
amounts withdrawn from the nominal defendant fund.
(3)
Accounts kept of amounts withdrawn from the nominal defendant fund must show the reason why each amount is withdrawn.
This Act’s bill:Explanatory statementSecond reading speech
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