Commonwealth Numbered Acts

LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 No. 3 of 1992 - SECT 23

23. (1) After considering the application, the Commissioner may determine that
the eligible company is entitled to be paid a specified amount by the
Commonwealth by way of a grant of financial assistance from the Fund.

(2) The Commissioner must not make a grant determination unless the
Commissioner is satisfied:

   (a)  that the assets of the eligible company are insufficient to meet the
        liabilities of the eligible company covered by subsubparagraphs 24 (1)
        (a) (i) (A), (B) and (C); or

   (b)  that it would be imprudent to realise the assets of the eligible
        company in order to meet the liabilities of the eligible company
        covered by sub-subparagraphs 24 (1) (a) (i) (A), (B) and (C).

(3) The Commissioner must cause a copy of a grant determination to be served
on the judicial manager or liquidator of the eligible company concerned.