Queensland Consolidated Acts
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MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 73
Power of Supreme Court to deal with licensed insurers
73 Power of Supreme Court to deal with licensed insurers
(1) If the Supreme Court is satisfied, on application by the commission, that
a licensed insurer or former licensed insurer—
(a) may not be able to meet
the insurer’s liabilities under CTP insurance policies; or
(b) has acted in
a way prejudicial to the interests of persons insured under CTP insurance
policies; the Supreme Court may make orders that it considers necessary or
desirable to protect the statutory insurance scheme and to ensure, as far as
practicable, that the insurer properly discharges its obligations under the
statutory insurance scheme.
(2) The Supreme Court may, for example, make
orders (including interim orders that are to apply pending the final
determination of the application)—
(a) regulating the administration and
payment of claims under CTP insurance policies; or
(b) prohibiting or
regulating any transfer or disposal of, or dealing in, assets; or
requiring the licensed insurer or former licensed insurer to discharge
liabilities under CTP insurance policies out of its assets or the assets of a
related body corporate; or
(d) appointing a receiver or receiver and manager,
with the powers that the court directs, of property or part of the property of
the licensed insurer or former licensed insurer or a related body corporate.
(3) The Supreme Court may not require the commission to give an undertaking
about damages as a condition of granting an interim order.
(4) On the
application of any interested person, the Supreme Court may amend or revoke an
order under this section.
(5) The powers conferred on the Supreme Court under
this section are not to be exercised in relation to a body corporate that is
being wound up.
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