Meaning of insurance policy settlement sharing arrangement
(1) An insurance policy settlement sharing arrangement is an arrangement:
(a) that relates to an accident or other incident or 2 or more related accidents or other incidents; and
(b) to which the parties are the * operators of a * compulsory third party scheme or schemes who have issued * insurance policies to persons involved in the accidents or incidents; and
(c) under which:
(i) one party (the managing operator ) is to make one or more payments or supplies in settlement of a claim, under the compulsory third party scheme or one of the compulsory third party schemes, relating to the accidents or incidents; and
(ii) each other party (a contributing operator ) is to make a payment to the * managing operator in respect of that operator settling the claim.
Meaning of managing operator's payment or supply
(2) If a payment or supply mentioned in subparagraph (1)(c)(i) is not a * CTP ancillary payment or supply, it is a managing operator's payment or supply .
Meaning of contributing operator's payment
(3) A payment mentioned in subparagraph (1)(c)(ii), to the extent that it is not a fee to the * managing operator for managing the process of making settlements under the arrangement, is a contributing operator's payment .