Collections for Nominal Defendant’s Fund
2.39 Collections for Nominal Defendant’s Fund
In this section—
financial year means a year commencing on 1 July.
The Authority may determine the amount to be collected for the purposes of the Nominal Defendant’s Fund in respect of each financial year.
An amount to be collected for the purposes of the Nominal Defendant’s Fund is to be collected from such persons or fund, and in accordance with such arrangements, as may be prescribed by the regulations.
The Authority is not to determine an amount under subsection (2) in respect of a financial year if it is of the opinion that satisfactory arrangements have been made in respect of that year (pursuant to the Insurance Industry Deed or otherwise) by licensed insurers to meet claims made against the Nominal Defendant.
This provision refers to the regulations (prescribed by the regulations
). Made under this Act:
This Act’s bill:Explanatory memorandumSecond reading speech
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