(1) In this
section —
former Act policy , in relation to an employer,
means an insurance policy issued to the employer before commencement day for
the purposes of, and in compliance with the requirements of, section 160
of the former Act when the policy was issued.
(2) A former Act
policy is taken to insure the employer for the full amount of the following
liabilities of the employer that arise in respect of employment during the
period of insurance of the former Act policy —
(a) any
liability of the employer that arises under this Act or the former Act to pay
compensation or make any other payment in respect of an injury to or the death
of a worker;
(b) any
liability of the employer to pay damages in respect of an injury to or the
death of a worker if the employer is liable to pay compensation under this Act
or the former Act in respect of the injury or death, other than an injury to
or the death of a deemed worker, as defined in section 200, of the
employer.
(3) A reference in
this Act to a workers compensation policy is, in relation to insurance at a
time before commencement day, to be read as a reference to a former Act policy
in force at that time.
(4) The repeal of the
former Act does not affect the validity or operation of a former Act policy.
(5) Section 241
(which limits the circumstances in which an insurer is entitled to refuse
indemnity under a workers compensation policy) extends to a refusal of
indemnity under a former Act policy on or after commencement day, and for that
purpose —
(a) a
reference in that section to a workers compensation policy is taken to include
a reference to a former Act policy; and
(b) a
reference in that section to a licensed insurer includes a reference to an
insurer under a former Act policy.