Document ID: chunk:federal_register_of_legislation:C2008A00105:clause:2_62zzg
Version: federal_register_of_legislation:C2008A00105
Segment Type: clause
Provision Reference: sch 2 cl 62ZZG
Character Range: 48943–50543

62ZZG  Entitlement to payment of third party

Who this section covers

 (1) This section applies to a person if:
 (a) APRA determines under section 62ZZJ that APRA is satisfied that section 51 of the Insurance Contracts Act 1984 permits the person to recover an amount (the recoverable amount) from a general insurer because of insurance cover the insurer provided under a protected policy the insurer issued before becoming a declared general insurer; and
 (b) the person is not covered by a determination under section 62ZZ.

Recoverable amounts less than $5,000

 (2) The person is entitled to be paid by APRA an amount equal to the recoverable amount if APRA determines that the recoverable amount is less than $5,000.

Note: Section 62ZZJ requires APRA to determine not only whether it is satisfied the person could recover under section 51 of the Insurance Contracts Act 1984 but also the amount the person could recover.

Recoverable amounts of $5,000 or more

 (3) The person is entitled to be paid by APRA an amount equal to the recoverable amount if APRA determines that:
 (a) the recoverable amount is $5,000 or more; and
 (b) the person meets the conditions prescribed by the regulations for the purposes of this paragraph.

Note 1: Section 62ZZJ requires APRA to determine not only whether it is satisfied the person could recover under section 51 of the Insurance Contracts Act 1984 but also the amount the person could recover.

Note 2: Section 62ZZJ also requires APRA to determine whether the person meets the prescribed conditions, if the person applies for the determination.