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Environmental Planning and Assessment Regulation 2000
Historical version for 15 July 2001 to 13 December 2001 (accessed 20 January 2020 at 03:35) Current version
222 Return of inactive insurers to the market
(cf clause 81DD of EP&A Regulation 1994)
(1) An insurer that has left the market must not re-enter it within 3 years after having left it unless, not later than 14 days before re-entering it, it has caused notice of its intention to do so to be published in at least one daily newspaper circulating throughout Australia.Maximum penalty: 100 penalty units.(2) The notice must indicate that the insurer is willing to provide run-off cover, free of charge, to all eligible persons who request the insurer to provide such cover.(3) An insurer that re-enters the market within 3 years after having left it must provide run-off cover, free of charge, to all eligible persons who request the insurer to provide such cover.Maximum penalty: 100 penalty units.(4) For the purposes of this clause:(a) an insurer leaves the market if the insurer ceases to issue automatic run-off contracts under an automatic run-off insurance scheme in the circumstances referred to in clause 220 (1) (b), and(b) an insurer re-enters the market if the insurer enters into, or holds itself out as being willing to enter into, an automatic run-off contract of the same kind as those it ceased to issue when it left the market, and(c) a person is an eligible person, in relation to an insurer who has left the market, if he or she is a person:(i) who, when the insurer left the market, was a non-practising insured under an automatic run-off contract with the insurer, or(ii) who (when the insurer left the market) was a practising insured, who has subsequently ceased to be an accredited certifier but who has not subsequently been an insured under some other automatic run-off contract.