Effect of cancellation or suspension of insurer licence
146 Effect of cancellation or suspension of insurer licence
If the insurer licence of a licensed insurer is cancelled or suspended, section 147 (1) (which requires an employer to have a compulsory insurance policy) applies in relation to an insurance policy (a pre‑cancellation policy) issued by the insurer when the insurer was licensed, or the licence was not suspended, as if the insurer were still licensed or the licence not suspended.
The cancellation or suspension of the licence of an insurer does not—
annul a pre-cancellation policy; or
affect the liability of the insurer under a pre-cancellation policy; or
affect the liability of the insurer under section 168A (Contributions to DI fund by licensed insurers and licensed self‑insurers).
However, a regulation may prescribe circumstances in which (and when) a pre-cancellation policy issued by an insurer whose licence has been cancelled stops being a compulsory insurance policy.
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