4
In forceClosure of statutory funds
Schedule 6Savings, transitional and other provisions
Part 19AProvisions consequent on enactment of Workers Compensation Amendment (Insurance Reform) Act 2003
4 Closure of statutory funds
(1)
On the relevant date for a managed fund insurer, the statutory fund of the managed fund insurer is closed and the assets and liabilities of that fund are transferred to, and become the assets and liabilities of, the Insurance Fund.
(2)
Any amount payable to the statutory fund of a managed fund insurer before the relevant date for the insurer that is unpaid on that date becomes payable on that date to the Insurance Fund.
This Act’s bill:Explanatory memorandum
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