AI-assisted research summary: This Act gives the short title, defines key terms, transfers Judgment Recovery (Nfld.) Ltd.’s rights and assets to the Facility Association, makes the Facility Association responsible for Judgment Recovery’s obligations and liabilities, repeals one subsection in another Act, and sets the commencement date.
SNL2022 CHAPTER W-10.1 WINDING UP OF JUDGMENT RECOVERY (NFLD.) LTD. ACT Amended: CHAPTER W-10.1 AN ACT RESPECTING THE WINDING UP OF JUDGMENT RECOVERY (NFLD.) LTD. Assented to November 9, 2022 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. 2022 cW-10.1 s1 Back to Top 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 Judgment 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. 2022 cW-10.1 s2 Back to Top Repeal 3. Subsection 5(2) of An Act to Amend the Automobile Insurance Act , SNL 1994 c.4 is repealed. 2022 cW-10.1 s3 Back to Top Rights, assets and liabilities 4.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. 2022 cW-10.1 s4 Back to Top Commencement 5. This Act comes into force on December 10, 2022. 2022 cW-10.1 s5