On 21/05/2013,
you requested for the version in force on 21/05/2013
incorporating all amendments published on or before 21/05/2013.
The closest version currently available is that of 18/04/2013.
51.
—(1) The Agency shall compute the amount of compensation due to an insured policy owner in respect of his insured policies, or a beneficiary in the case where an insured policy is covered under the PPF General Fund and provides third party benefits, issued by a failed PPF Scheme member in accordance with this Act.
(2) In determining —
(a)
the eligibility and entitlement of an insured policy owner to compensation and computing the amount of compensation due to an insured policy owner; and
(b)
the eligibility and entitlement of a beneficiary under an insured policy which is covered under the PPF General Fund and provides third party benefits to compensation and computing the amount of compensation due to such a beneficiary,
the Agency is entitled to rely on the books of the failed PPF Scheme member and any other books which, in the opinion of the Agency, are relevant for such computation.
(3) Subject to subsection (4), the Agency shall pay the compensation in such form and manner as may be specified in the Rules.
(4) The Authority may make regulations for the purposes of payment of compensation by the Agency.
(5) Without prejudice to the generality of subsection (4), such regulations may —
(a)
specify the person to whom, or the account into which, payment of compensation is to be made for the benefit of an insured policy owner who is entitled to compensation, or a beneficiary who is entitled to compensation under an insured policy which is covered under the PPF General Fund and provides third party benefits, under this Act; and
(b)
provide for the payment of compensation into an equivalent account with a financial institution and for such compensation to be held in that account in a manner equivalent to the manner of holding of the original insured policy.