Environmental Planning and Assessment Regulation 2000
Historical version for 15 July 2001 to 13 December 2001 (accessed 8 August 2020 at 22:50) Current version
Part 11 Division 4 Clause 222
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.