Clause 14

by deleting subsections (1) and (2) and substituting the following subsections:“(1) The Agency must compute in accordance with this Act the amount of compensation due to a covered party under an insured policy which is covered under the PPF Life Fund or the PPF General Fund issued by a failed PPF Scheme member.(2) The Agency is entitled to rely on the books of the failed PPF Scheme member, and any other books that the Agency thinks relevant, for the purpose of determining the eligibility of, the entitlement to, and the amount of compensation due to a covered party under an insured policy which is covered under the PPF Life Fund or the PPF General Fund that is issued by the failed PPF Scheme member.”; and

by deleting paragraph (a) of subsection (5) and substituting the following paragraph:“(a)specify the person to whom, or the account into which, payment of compensation is to be made for the benefit of any covered party who is entitled to compensation under this Act; and”.