Substitution of APRA as insurer’s creditor
62ZZL Substitution of APRA as insurer’s creditor
When a person’s entitlement arises under this Division, the rights the person had against the general insurer in relation to the protected policy cease to be rights of the person and become rights of APRA, by force of this subsection.
A person’s entitlement arises under this Division when all of the relevant conditions in section 62ZZF or 62ZZG are met. This will generally happen at the last time APRA makes a relevant determination under section 62ZZI or 62ZZJ.
APRA’s right against the general insurer has the same priority in the winding up of the general insurer as it would have had if it had continued to be a right of the person.
APRA may exercise or assign a right it has under subsection (1).
Under section 11 of the Australian Prudential Regulation Authority Act 1998, APRA’s property is generally held on behalf of the Commonwealth.
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