|
|
|
Amendment of section 3C of Act of 1964 (payments out of Fund where administrator appointed)
|
| |
13. Section 3C of the Act of 1964 is amended—
|
|
| |
(a) in subsection (1) by inserting “by the Bank” after “paid”,
|
|
| |
(b) by inserting the following subsection after subsection (1):
|
|
| |
“(1A) (a) An application to the High Court for payment out of the Fund, to the administrator of an insurer pursuant to subsection (1), shall be accompanied by a report prepared by the State Claims Agency.
|
|
| |
(b) A report under paragraph (a) shall confirm that the methodology for estimating claims reserves and for assessing liabilities applied by the administrator, in determining the amounts that are required to enable the administrator to carry on the business of the insurer and to perform his or her functions in relation to the insurer, is in accordance with generally accepted accounting principles or practice for insurers.”,
|
|
| |
and
|
|
| |
(c) in subsection (4)—
|
|
| |
(i) in paragraph (c) by deleting “and”,
|
|
| |
(ii) in paragraph (d) by substituting “time, and” for “time.”, and
|
|
| |
(iii) by inserting the following paragraph after paragraph (d):
|
|
| |
“(e) the opinion of the State Claims Agency on the methodology for estimating claims reserves and for assessing liabilities referred to in a report under subsection (1A).”.
|
