Australian Capital Territory Consolidated Acts

ROAD TRANSPORT (THIRD-PARTY INSURANCE) ACT 2008 - SECT 209

    (1)     If a CTP policy (the original policy ) is transferred from an insurer (the old insurer ) to a licensed insurer (the "new insurer") under section 208—

        (a)     the original policy is cancelled; and

        (b)     the new insurer is taken to have issued a CTP policy—

              (i)     on the day of the transfer; and

              (ii)     on the same terms as the original policy; and

              (iii)     for the balance of the period of the original policy; and

        (c)     the old insurer must pay to the new insurer—

              (i)     the same proportion of the CTP premium paid, or to be paid, for the original policy as the balance of the indemnity period of the policy bears to the whole indemnity period of the policy; and

              (ii)     an additional amount decided by the CTP regulator for the income from investment and the management fee for the CTP premium.

    (2)     The new insurer may recover an amount payable under subsection (1) (c) as a debt from the old insurer.

    (3)     Cancellation of a CTP policy under this section ends the indemnity period of the policy but, subject to this section, does not affect any right, obligation or liability acquired, accrued or incurred under the policy during the indemnity period.