New South Wales Consolidated Acts

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Insurers' Guarantee Fund

227 Insurers' Guarantee Fund

(cf former s 30Q)

(1) There is established a fund to be known as the "Insurers' Guarantee Fund".
(2) There shall be paid into the Guarantee Fund--
(a) the contributions required by section 228 or the regulations to be paid by insurers,
(a1) any amount directed to be paid into the Guarantee Fund out of the Insurance Fund under section 228,
(b) all income accruing from the investment or re-investment of money in the Guarantee Fund or otherwise accruing to the Guarantee Fund,
(c) any amounts received by the Authority in the exercise of the rights, or the discharge of the obligations, referred to in section 231 (2) or (3),
(e) any amounts payable to the Authority pursuant to section 235, and
(f) any amounts authorised by the regulations to be paid into the Guarantee Fund from the funds of the Authority, and
(3) There shall be paid out of the Guarantee Fund such amounts as may be authorised by this Division, any other Act or the regulations to be paid out of that Fund.
(4) The Guarantee Fund shall, subject to this Act, be under the direction, control and management of the Authority.
(5) Subject to such directions, if any, as may be given from time to time by the Treasurer, the Authority may invest and re-invest or otherwise use or employ the Guarantee Fund in such investments as may be determined from time to time by the Authority, and any such investment may at any time be realised, hypothecated or otherwise dealt with or disposed of in whole or in part by the Authority.

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