Document ID: chunk:federal_register_of_legislation:C2008A00105:clause:2_62zw
Version: federal_register_of_legislation:C2008A00105
Segment Type: clause
Provision Reference: sch 2 cl 62ZW
Character Range: 40094–40694

62ZW  Purpose of this Part

  The main purpose of this Part is to provide for a scheme that:
 (a) allows the Minister to make a declaration about a general insurer that is under judicial management and that APRA believes is insolvent; and
 (b) entitles certain persons, who have valid claims connected with certain protected policies issued by a declared general insurer, to be paid certain amounts before they would receive payment in a winding up of the general insurer; and
 (c) substitutes APRA for those persons as a creditor of the declared general insurer to the extent of the entitlements.