Insurance (Compensation) Fund Act
Act 10 of 1988
- Commenced on 1 October 1989
- [This is the version of this document at 30 June 2012 and includes any amendments published up to 30 June 2014.]
1. Short titleThis Act may be cited as the Insurance (Compensation) Fund Act.
2. InterpretationIn this Act—"Board" means the Board of Trustees appointed under section 10;"Chairman" means the Chairman of the Board;"Corporation" means the State Assurance Corporation of Seychelles established by section 3 of the State Assurance Corporation of Seychelles Act;"Fund" means the Insurance (Compensation) Fund established by section 3;"motor vehicle" means a mechanically propelled vehicle intended or adapted for use on roads for conveyance of persons or goods;"natural disaster" includes drought, excessive rainfall, storm or any other event occurring without the intervention of mankind;"owner", in relation to a motor vehicle which is subject to a hiring agreement or a hire purchase agreement, means the person in possession of the motor vehicle under the agreement;"road" includes any place on which motor vehicles are capable of being driven.
3. Establishment of the FundThere is hereby established a fund to be called the Insurance (Compensation) Fund.
4. Objects of the FundThe objects of the Fund shall be—
5. Limitation of liability in respect of motor vehiclesNo compensation shall be paid out of the Fund in the case of damage arising out of the use of a motor vehicle on a road, the use of which is covered by a policy of insurance in respect of third party risks under the Motor Vehicle Insurance (Third Party Risks) Act, where the owner or driver of the motor vehicle at the time of such use—
6. Limitation of liability in respect of natural disastersNo compensation shall be paid out of the Fund in the case of damage caused by a natural disaster where the liability to pay the damage is covered by a policy of insurance.
7. Requirements of a claim for compensation
8. Determination of liability and amount of compensation
9. Moneys of the Fund
10. Administration of the Fund
11. Meetings of the Board
12. Investment of moneys of the FundMoneys of the Fund not immediately required for carrying out the objects of the Fund may be invested by the Board in any manner, the Board, in consultation with the Minister, thinks fit.
13. Accounts of the Fund
14. OffenceA person who, in any application for compensation out of the Fund, makes any statement which he knows to be false in a material particular is guilty of an offence and liable on conviction to a fine of R.10,000.
15. RegulationsThe Minister may make regulations for carrying into effect the provisions of this Act and for any matters required or necessary to be prescribed by regulations
16. Act not to affect duty to insureNothing in this Act shall exempt any person from the provisions of the Motor Vehicles Insurance (Third Party Risks) Act or of any other law requiring a liability to be covered by a policy of insurance.
History of this document
30 June 2012 this version
01 October 1989