Payment of amount
46 Payment of amount
The old insurer must pay to the new insurer the amount of the member’s total liability (the final amount)—
agreed to by the old insurer and the new insurer; or
if there is no agreement—decided by the arbiter under section 102(2)(b)(ii).
The old insurer must pay the final amount—
within 3 months after the consent day; or
on or before a later day agreed to by the old insurer and the new insurer.
However, the final amount paid by the old insurer must be adjusted by the old insurer’s appointed actuary to take into account—
the amount of compensation and damages, if any, paid by the member during the final period; and
claims for compensation and damages, if any, lodged against the member during the final period.
The old insurer must, by written notice, tell the Regulator the following information not later than the day the final amount is paid to the new insurer—
the final amount paid, as adjusted under subsection (3);
the day the new insurer assumes liability for compensation and damages claimed against the member;
the name and contact details of the old insurer, the new insurer and the member.
In this section—
final period, in relation to a member, means the period that—
starts on the assessment day; and
ends on the day the new insurer assumes liability for the member’s total liability.
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