Document ID: chunk:federal_register_of_legislation:C2025C00157:section:62zw
Version: federal_register_of_legislation:C2025C00157
Segment Type: section
Provision Reference: s 62ZW
Character Range: 284594–285664

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:
 (i) that is under judicial management and APRA believes is insolvent; or
 (ia) that is under statutory management under Division 1A of Part VB; or
 (ii) for which an external administrator has been appointed under Chapter 5 of the Corporations Act 2001 and 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; and
 (d) allows APRA to facilitate a transfer of business from the declared general insurer to a receiving body under the Financial Sector (Transfer and Restructure) Act 1999 by entitling the receiving body to amounts in respect of the protected policies.