Commonwealth Numbered Acts

LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 No. 3 of 1992 - SECT 8

8. (1) The Commissioner must declare a statutory fund maintained by an
eligible company to be a non-leviable fund for the purposes of this Part if
the Commissioner is satisfied that the statutory fund is in deficit.

(2) The Commissioner, in making a decision under subsection (1), must have
regard to:

   (a)  any advice received from the judicial manager or liquidator of the
        company concerned; and

   (b)  other relevant matters.

(3) A declaration under subsection (1) is to be in writing and the
Commissioner must cause a copy of the declaration to be served on the judicial
manager or liquidator of the eligible company concerned.