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LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 No. 3 of 1992 - SECT 20
Winding-up advances
20. (1) If the Commissioner is satisfied that further grants are unlikely to
be paid for a considerable period, the Commissioner may, by notice published
in the Gazette, determine that a specified day is a winding-up advance payment
day.
(2) On a winding-up advance payment day, there is payable by the Commonwealth
to each company whose separate notional account has a credit balance so much
of the money in the Fund as represents that balance.
(3) Subsection (2) has effect subject to a scheme covered by section 19.
(4) A winding-up advance payment day must not be a day on which a regulation
imposing a levy takes effect.
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