Assignment of policies of former self-insurers
216A Assignment of policies of former self-insurers
The Authority may assign all or any class of policies of insurance of a person who was a self-insurer (the former self-insurer) to another insurer with the agreement of that other insurer.
Policies of insurance may be assigned under this section by notice served by the Authority on the former self-insurer concerned.
An assignment of an insurance policy under this section—
transfers the rights, obligations and liabilities under the policy of the former self-insurer to the 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 policy is to be taken to have been issued or renewed by the insurer to which it is assigned.
If an insurance policy is assigned under this section, the former self-insurer concerned must, subject to any directions of the Authority, provide the insurer to which the policy is assigned with copies of all documents relating to the policy or to claims under it.
Maximum penalty—20 penalty units.
This Act’s bill:Explanatory memorandum
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