s 122
In forceApplication of insurance payouts
Part VIIIFidelity Guarantee Account
122 Application of insurance payouts
A claimant against the Fidelity Account has no right of action against any person with whom a contract of insurance is made under section 121 in respect of that contract, and has no right to claim any money paid by the insurer in accordance with any such contract; but all such money shall be credited to the Fidelity Account and shall be applied in or towards the settlement of relevant claims.
[Section 122 amended: No. 29 of 1982 s. 12; No. 59 of 1995 s. 42; No. 77 of 2006 Sch. 1 cl. 147(2).]
Research tools for this sectionPro
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.