New South Wales Consolidated Acts

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225 Definitions

(cf former s 30O)

(1) In this Division--

"financial year" in relation to an insurer other than a self-insurer--
(a) includes the period after 4 pm on the day preceding the first day of the financial year, and
(b) does not include the period after 4 pm on the last day of the financial year.

"insolvent insurer" means an insurer to which an order of the Minister in force under section 226 relates.

"insurer" means a licensed insurer, a former licensed insurer or a self-insurer, but does not include an insolvent insurer.

"policy of insurance issued by an insolvent insurer" means--
(a) a policy of insurance issued by an insolvent insurer, whether before or after the insurer became an insolvent insurer, or
(b) a policy of insurance, issued by a person other than an insolvent insurer, in respect of which an insolvent insurer has (whether before or after becoming an insolvent insurer) entered into a contract or an arrangement whereby the insolvent insurer is (or would but for its dissolution be) liable to indemnify the person against liability of the person under the policy.
(2) In this Division, a reference to a liquidator or to a provisional liquidator includes a reference to a liquidator or a provisional liquidator appointed outside New South Wales.
(3) So far as the legislative power of Parliament permits, the liquidator of an insolvent insurer shall have and may exercise outside New South Wales the functions conferred or imposed on the liquidator by this Division, in addition to having and exercising those functions within New South Wales.

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