Document ID: chunk:federal_register_of_legislation:C2025C00126:section:4:p19
Version: federal_register_of_legislation:C2025C00126
Segment Type: section
Provision Reference: s 4 (pt 19/42)
Character Range: 470975–473633

insurer for the other insurer:
 (a) to act as the insurer in relation to an *insurance policy; or
 (b) to meet the first insurer's liabilities arising under an insurance policy;
subsection 38‑60(1) and this Division apply, from the time the arrangement takes effect, as if the other insurer were an insurer in relation to the policy.
Note: Subsection 38‑60(1) provides that certain supplies to insurers are GST‑free.
 (2) Without limiting subsection (1):
 (a) anything done after that time by the other insurer that, if it had been done by the first insurer, would have been done under the policy is taken, for the purposes of subsection 38‑60(1) and this Division, to have been done by the other insurer under the policy; and
 (b) sections 78‑10 and 78‑30 apply as if the other insurer were the insurer that supplied the policy; and
 (c) section 78‑18 applies as if the insurer that settles the claim referred to in paragraph 78‑18(1)(b) or (3)(b) (as the case requires) has the *increasing adjustment under that section, regardless of which insurer was paid the excess to which the adjustment relates.

78‑120  HIH rescue package
 (1) If a payment of *money, a supply or both a payment of money and a supply are received by an entity from an *HIH rescue entity as *consideration for:
 (a) the entity transferring or surrendering rights under an *insurance policy held with an *HIH company; or
 (b) the entity transferring or surrendering rights against another entity that is insured under an insurance policy held with an HIH company; or
 (c) the entity transferring or surrendering rights against another entity in relation to a matter in relation to which the entity also has or had rights under an insurance policy held with an HIH company;
this Division (other than sections 78‑10, 78‑15 and 78‑40) applies to the payment or supply as if the HIH rescue entity made the payment or supply as the insurer in settlement of a claim under the insurance policy.
 (2) In particular:
 (a) this Division (other than sections 78‑10, 78‑15 and 78‑40, subsection 78‑50(1) and this section) applies as if:
 (i) references to an insurer were references to the *HIH rescue entity; and
 (ii) references to a claim under an *insurance policy were references to a request or claim to the HIH rescue entity for such a payment or supply; and
 (iii) references to a settlement of such a claim were references to the agreement to make such a payment or supply as consideration for the transfer or surrender; and
 (b) sections 78‑18, 78‑42 and 78‑55 apply as if references in those sections to payments of excess to the insurer under the policy were references to payments to