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Second
Session, 50th General Assembly 1 Charles III, 2022 |
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AN ACT RESPECTING THE
WINDING UP OF JUDGMENT RECOVERY (NFLD.) LTD. |
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Received and Read the First Time................................................................ |
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Second
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Committee..................................................................................................... |
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Third
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Royal Assent................................................................................................. |
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HONOURABLE JOHN HOGAN, QC Minister of Justice and Public Safety and Attorney General |
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Ordered to be printed by
the Honourable House of Assembly |
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EXPLANATORY NOTES This Bill would enact the Winding Up of Judgment Recovery (Nfld.) Ltd. Act. The Bill will cease the operations of Judgment Recovery (Nfld.) Ltd. and transfer its responsibilities as judgment creditor and all of its assets and liabilities to the Facility Association. A BILL AN ACT RESPECTING THE WINDING UP OF JUDGMENT RECOVERY (NFLD.) LTD. Analysis 1. Short title 2. Definitions 3. Repeal 4. Rights, assets and liabilities 5. Commencement Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: Short title 1. This
Act may be cited as the Winding Up of
Judgment Recovery (Nfld.) Ltd. Act. Definitions 2. In this Act, (a) "Facility Association" means an association of insurers responsible to administer a plan established under subsection 98(2) of the Insurance Companies Act to provide payment for claims for damages made by persons who are not insured or have inadequate insurance to cover damages claimed, in accordance with sections 45.1 to 45.21 of the Automobile Insurance Act; and (b) "Judgment Recovery (Nfld.) Ltd." means a corporation incorporated under Judgement Recovery (Nfld.) Act, RSNL 1970 c.186 and continued under The Judgment Recovery (Nfld.) Ltd. Act, 1988, SNL 1988 c.9 and the Judgment Recovery (Nfld.) Ltd. Act, RSNL 1990 c.J-3, with objects relating to indemnifying claimants for damages arising from automobile accidents involving uninsured or underinsured persons and seeking judgment for those damages. Repeal 3. Subsection 5(2) of An Act to Amend the
Automobile Insurance Act, SNL 1994 c.4 is repealed. Rights, assets and liabilities 4. (1) Any rights Judgment Recovery (Nfld.) Ltd. has as a judgment creditor and any of its assets are transferred to the Facility Association. (2) Facility Association is responsible for all the obligations and liabilities of Judgment Recovery (Nfld.) Ltd. Commencement 5. This
Act comes into force on December 10, 2022. ŠKing's Printer |