Workers Compensation Act 1987

This clause applies to policies of insurance—

issued or renewed by insurers licensed under section 27 of the former Act at or after 4 pm on 31 December 1986, and

the subject of a re-insurance agreement with the Government Insurance Office.

On the commencement of Division 3 of Part 7 of this Act, policies of insurance to which this clause applies shall be assigned in accordance with the relevant re-insurance agreement to such licensed insurer under Division 3 of Part 7 of this Act as is determined by the Authority.

If a former licensed insurer has a subsidiary licensed under Division 3 of Part 7 of this Act on the commencement of that Division, the policies of insurance issued or renewed by the former licensed insurer shall be assigned to that subsidiary.

Any money payable under the re-insurance agreement by a former licensed insurer to an insurer to whom its policies of insurance are assigned or to the Authority may be recovered as a debt in a court of competent jurisdiction.

An assignment of an insurance policy under this clause—

transfers the rights, obligations and liabilities under the policy of the former licensed insurer to the licensed insurer to which the policy is assigned, and

does not otherwise affect the rights, obligations or liabilities acquired, accrued or incurred under the policy.

For the purposes of this Act, any such assigned policies shall be deemed to have been issued or renewed by the licensed insurer to which they are assigned.