Commonwealth Numbered Acts

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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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