On 23/05/2013,
you requested for the version in force on 23/05/2013
incorporating all amendments published on or before 23/05/2013.
The closest version currently available is that of 29/04/2011.
53.
—(1) If —
(a)
any compensation paid to, or for the benefit of, an insured policy owner out of the PPF Life Fund or the PPF General Fund is in excess of what ought to have been paid to the insured policy owner under this Act;
(b)
any compensation paid to, or for the benefit of, a beneficiary in the case where the insured policy is covered under the PPF General Fund and provides third party benefits out of the PPF General Fund is in excess of what ought to have been paid to the beneficiary under this Act; or
(c)
any compensation is paid in error to any person,
the Agency may recover the amount paid in error or excess from the person who received the compensation, in such manner and within such period as may be specified by the Agency to that person.
(2) Without prejudice to any other remedy, any amount paid in error or excess to any person shall be recoverable as a debt due to the Agency by that person.
(3) Notwithstanding any provision in the Limitation Act (Cap. 163), an action to recover any amount paid in error or excess to any person recoverable by virtue of this section shall not be brought after the expiration of the period during which the action may be brought against the person under the Limitation Act or the date of completion of the winding up of the failed PPF Scheme member, whichever is the later.
(4) Upon the recovery of any amount paid in error or excess from any person under this section (referred to in this section as the recovered amount), the Agency shall do the following:
(a)
in the case where the failed PPF Scheme member is not wound up or where the winding up of the failed PPF Scheme member has not completed and the Agency has not recovered or has not recovered in full from the failed PPF Scheme member or its liquidator, as the case may be, the compensation which it paid out to the insured policy owners or the beneficiaries in the case where the insured policies are covered under the PPF General Fund and provides third party benefits, the Agency shall deduct from the recovered amount the shortfall in compensation and pay such deducted amount to the PPF Life Fund or the PPF General Fund, as the case may be, and pay the amount remaining from the recovered amount after the deduction, if any, to the failed PPF Scheme member or its liquidator, as the case may be;
(b)
in the case where the failed PPF Scheme member is not wound up or where the winding up of the failed PPF Scheme member has not completed and the Agency has recovered from the failed PPF Scheme member or its liquidator, as the case may be, in full the compensation which it paid out to the insured policy owners or the beneficiaries in the case where the insured policies are covered under the PPF General Fund and provides third party benefits, the Agency shall pay the recovered amount to the failed PPF Scheme member or its liquidator, as the case may be;
(c)
in the case where the winding up of the failed PPF Scheme member has completed and the Agency has not recovered or has not recovered in full from the liquidator the compensation which it paid out to the insured policy owners or the beneficiaries in the case where the insured policies are covered under the PPF General Fund and provides third party benefits, the Agency shall deduct from the recovered amount the shortfall in the compensation and pay such deducted amount to the PPF Life Fund or the PPF General Fund, as the case may be, and pay the amount remaining from the recovered amount after the deduction, if any, to the Official Receiver to be placed to the credit of the Companies Liquidation Account; and
(d)
in the case where the winding up of the failed PPF Scheme member has completed and the Agency has recovered from the liquidator in full the compensation which it paid out to the insured policy owners or the beneficiaries in the case where the insured policies are covered under the PPF General Fund and provides third party benefits, the Agency shall pay the recovered amount to the Official Receiver to be placed to the credit of the Companies Liquidation Account.
(5) Section 322(3), (6), (7), (8) and (9) of the Companies Act (Cap. 50) shall apply, with the necessary modifications, to the money paid to the Official Receiver under subsection (4)(c) and (d).