Insurance Act 1973

This section applies if:

a person makes a claim under insurance cover provided under a protected policy, in the approved form (if any), within the period mentioned in paragraph 62ZZG(1)(aa); and

the person is not covered by a determination under section 62ZZ; and

APRA becomes aware that the person has made an interim claim for payment of part or parts of the person’s entitlement under section 62ZZG (whether or not the person has made a previous interim claim for such a payment); and

APRA determines, under subsection (2), the amount of the interim claim mentioned in paragraph (c) that ought to be recognised as valid; and

if the regulations prescribe conditions for the purposes of this paragraph—those conditions are met.

For the purposes of paragraph (1)(d), APRA may determine, in writing, the amount of the interim claim mentioned in subsection (1)(c), to the extent that it ought to be recognised as valid.

If the regulations prescribe conditions according to which APRA can make a determination under subsection (2), APRA can only make such a determination in accordance with those conditions.

The person is entitled to be paid by APRA an amount equal to:

unless paragraph (b) applies—the amount mentioned in paragraph (1)(d); or

if the regulations prescribe limits, or methods for determining limits, for entitlements under this subsection—the lesser of:

the amount mentioned in paragraph (1)(d); or

the applicable limit specified in or worked out in accordance with the regulations.

If the person is entitled under subsection 62ZZG(2) or (3) to be paid an amount by APRA in respect of the claim mentioned in paragraph (1)(a), the person’s entitlement under subsection (4) to be paid an amount discharges, to the extent of that amount, the person’s entitlement under subsection 62ZZG(2) or (3).