Workers Compensation Act 1987 No 70
224C Insurance Fund may be applied to meet claims etc of
(1) Amounts standing to the credit of the Insurance Fund may be
applied by the Nominal Insurer for the purposes of:
(a) satisfying, on behalf of the defaulting insurer, claims, judgments
or awards arising from or relating to policies of insurance issued or renewed
by the defaulting insurer (whether before or after the commencement of this
(b) meeting the management expenses incurred in respect of satisfying
those claims, judgments or awards.
(2) Amounts applied by the Nominal Insurer under this section are to
be applied in accordance with such priorities among claims, judgments or
awards as the Nominal Insurer determines.
(3) The Nominal Insurer may recover from the defaulting insurer as a
debt in any court of competent jurisdiction the payments made on its behalf by
the Nominal Insurer under this section and not repaid to the Nominal Insurer
by the defaulting insurer.
(4) Any amounts repaid by or recovered from a defaulting insurer are
to be credited to the Insurance Fund.
(5) The obligation of a defaulting insurer to repay any amounts paid
on its behalf under this section does not cease because the insurer becomes an