Commonwealth Numbered Acts

Insurance Contracts Act 1984 No. 80 of 1984 - SECT 67

67. (1) Where an insurer, in exercising a right of subrogation in respect of a
loss, recovers an amount, the insured may recover that amount from the
insurer.

(2) Unless the contract expressly provides otherwise, the insured may not
recover under sub-section (1)-

   (a)  an amount greater than the amount (if any) by which the amount
        recovered by the insurer exceeds the amount paid to the insured by the
        insurer in relation to the loss; or

   (b)  an amount that, together with the amount paid to the insured under the
        contract, is greater than the amount of the insured's loss.

(3) The rights of an insured and insurer under the preceding provisions of
this section are subject to any agreement made between them after the loss
occurred.

(4) A reference in this section to an amount recovered by an insurer shall be
construed as a reference to the amount so recovered less the administrative
and legal costs incurred in connection with the recovery of the amount.