(cf former s 30F)
(1) In this section--
"insurer" means a former licensed insurer.
"period" means, in relation to a policy of insurance--(a) the period in respect of which the insurer has by the terms of the policy, or(b) if the policy has been renewed, the further period in respect of which the insurer has, by the terms of the renewal,accepted liability to indemnify, in respect of any matters, the employer who obtained the policy.
"prescribed day" means the day on which the licence of the insurer ceases to be in force.
(2) This section applies where the licence of an insurer ceases to be in force.
(3) In any case where this section applies, the employer who obtained a policy of insurance may, by notice in writing given on or after the prescribed day to the insurer from whom the employer obtained the policy, cancel the policy as from a date and time specified in the notice.
(4) In any case where this section applies, the insurer who issued a policy of insurance shall, within 14 days after the prescribed day, post to the employer who obtained the policy, at the address of the employer last known to the insurer, a notice of cancellation of the policy.: Maximum penalty--20 penalty units.
(5) Such a notice of cancellation by the insurer must state that the cancellation of the policy of insurance will take effect at 4 pm on a date specified in the notice (being a date that is the twenty-eighth day after the day on which the notice is posted), and the effect of the notice is to cancel the policy accordingly.
(6) The Authority may, by notice to an insurer, or by order, and in relation to all the policies or any policies or classes of policies issued by the insurer, shorten or extend the time prescribed by subsection (4) or advance or defer the date to be stated in a notice pursuant to subsection (5), or both.
(7) The power conferred by subsection (6) to extend a time prescribed by subsection (4) may be exercised before or after that time has expired.
(8) In any case where this section applies, the Authority may, by notice to the insurer and employer, cancel a policy of insurance as from a date and time specified in the notice.
(9) The premium for the issue or renewal of a policy of insurance cancelled under this section shall, notwithstanding any agreement to the contrary, be reduced in the proportion which so much of the period of the policy as is after the day on which the cancellation has effect bears to the whole period of the policy.
(10) If an employer has paid to an insurer by way of premium for the issue or renewal of a policy of insurance a greater amount than the reduced premium referred to in subsection (9), the insurer shall forthwith repay the excess amount to the employer.: Maximum penalty--20 penalty units.
(11) An employer may recover in a court of competent jurisdiction as a debt any amount which is required by subsection (10) to be repaid to the employer.
(12) An insurer shall, if so required in writing by the Authority, supply to the Authority in writing and within a time specified by the Authority such particulars as the Authority may require in respect of--(a) policies of insurance issued by the insurer, the periods of which were current at the time that the insurer's licence ceased to be in force, and(b) the employers to whom the policies were issued.: Maximum penalty--20 penalty units.
(13) The effect of the cancellation of a policy of insurance under this section is to terminate the period of the policy but, subject to this section, without affecting any right, obligation or liability acquired, accrued or incurred under the policy in respect of that period before its termination.
(14) This section does not apply to any policies of insurance assigned to another insurer under section 185.