Document ID: chunk:federal_register_of_legislation:C2010C00583:clause:11_18:p4
Version: federal_register_of_legislation:C2010C00583
Segment Type: clause
Provision Reference: sch 11 cl 18 (pt 4/18)
Character Range: 111685–114280

days after the day on which this section commences.

 (7) The election is in force during the specified *financial year and every later financial year, other than one that begins after a financial year in which the election is revoked.

79‑20  Extension of various references in Division 78 to rights of subrogation to cover other rights of recovery

Payments or supplies in settlement of claims

 (1) For the purposes of sections 78‑35, 78‑40 and 78‑75, a reference in those sections to a payment or supply made by an entity in settlement of a claim by an insurer in exercising the insurer's rights of subrogation in respect of an *insurance policy includes a reference to a payment or supply that satisfies the following requirements:
 (a) the payment or supply is made by an entity in settlement of a claim by an *operator of a *compulsory third party scheme;
 (b) the claim was made by the operator in exercise of the operator's rights to recover in respect of a payment or supply made under the compulsory third party scheme;
 (c) the claim was not made under an *insurance policy that is a policy of reinsurance.

Payments or supplies in compliance with court judgments etc. relating to claims

 (2) For the purposes of section 78‑110, a reference in that section to a payment or supply made by an entity in compliance with a judgment or order of a court relating to a claim made by an insurer in exercising the insurer's rights of subrogation in respect of an *insurance policy includes a reference to a payment or supply that satisfies the following requirements:
 (a) the payment or supply is made by an entity in compliance with a judgment or order of a court relating to a claim made by an *operator of a *compulsory third party scheme;
 (b) the claim was made by the *operator in exercise of the operator's rights to recover a payment or supply made under the *compulsory third party scheme;
 (c) the claim was not made under an insurance policy that is a policy of reinsurance.

Subdivision 79‑B—Extension of Division 78 to cover certain compulsory third party scheme payments and supplies connected with, but not under, insurance policies

79‑25  Meaning of CTP hybrid payment or supply

 (1) Subject to this section, a payment or supply is a CTP hybrid payment or supply if:
 (a) it is made in settlement of a claim for compensation under a *compulsory third party scheme; and
 (b) the claim would not have been made but for an *insurance policy issued under the scheme; and
 (c) the claim was not made under the insurance policy.

 (2) A payment or supply is not a CTP hybrid