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MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 61
Nominal Defendant’s rights of recourse against insurer
61 Nominal Defendant’s rights of recourse against insurer
(1) If an insurer becomes insolvent, any costs reasonably incurred by the
Nominal Defendant on claims under CTP insurance policies for which the
insolvent insurer was the insurer become debts of the insolvent insurer to the
Nominal Defendant and provable in the insolvency.
(2) The debts of the
insolvent insurer that arise under subsection (1) have the same order of
priority in the winding-up of the insolvent insurer as if the Nominal
Defendant were the insured person under policies of insurance issued by the
insolvent insurer.
(3) If the claim for which costs were incurred by the
Nominal Defendant is covered by a contract of reinsurance, the Nominal
Defendant succeeds to the rights of the insolvent insurer under the contract
of reinsurance.
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