Insurance: Financial Claims Scheme

The Insurance Amendment Regulations 2008 deal with the practical operation of the Financial Claims Scheme (FCS) relating to claims by policyholders against insolvent insurers.

The Regulations specify which insurance policies would not be protected by the scheme, the time period for making a claim under the scheme, eligibility criteria for policy holders and third parties, and recovery of monies by the Australian Prudential Regulation Authority in the event of erroneous overpayments to claimants.

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