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Amendment of section 3A of Act of 1964 (application by liquidator of insolvent insurer)
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11. Section 3A of the Act of 1964 is amended—
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(a) by inserting the following subsection after subsection (1):
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“(1A) (a) Before applying to the High Court under subsection (1), the liquidator of an insolvent insurer shall provide the following information to the State Claims Agency for the purposes of that Agency assessing and verifying whether sums payable under section 3 are appropriate to the claim concerned on the basis of the information so provided:
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(i) details of the claims concerned, including an assessment and breakdown of the sum payable in respect of each claim;
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(ii) all documentary evidence in support of those claims (being documentary evidence in the form that the liquidator required such evidence to be submitted to him or her).
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(b) The information specified in paragraph (a) shall be provided in such form and manner as the State Claims Agency may specify, from time to time, for the purposes of that paragraph.
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(c) The State Claims Agency shall, in support of any application to the High Court by the liquidator under subsection (1), prepare a written report—
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(i) setting out the information provided under paragraph (a) and the process of verification carried out by it in relation to that information, and
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(ii) confirming that sums referred to in paragraph (a) have been verified by it as appropriate.”,
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(b) in subsection (2)(b) by substituting “the Bank” for “the Accountant”, and
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(c) in subsection (3)—
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(i) in paragraph (a) by substituting “Fund,” for “Fund, and”,
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(ii) by substituting the following for paragraph (b):
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“(b) if the Bank recovers an amount in the proceedings for the winding-up of the insurer (other than a vehicle insurer) in respect of that sum, the Bank shall pay the amount to the extent of that excess to the Fund, and”,
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and
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(iii) by inserting the following paragraph after paragraph (b):
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“(c) if the Bank recovers an amount in the proceedings for the winding-up of a vehicle insurer in respect of that sum, the Bank shall pay the amount to the extent of that excess, subject to the limitation prescribed by section 3(4) on payment out of the Fund, to the Fund, and any amount remaining after such payment to the Fund shall be repaid by the Bank to the MIIC Fund.”.
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