Section 38: Compensation met by Fire Insurance Account
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
38. Compensation met by Fire Insurance Account
(1) Compensation under section 37 shall be paid out of the Fire Insurance
Account.
(2) Where the net amount standing to the credit of the Fire Insurance
Account estimated as at 31 May is insufficient to meet the liabilities of the
Fire Insurance Account in respect of fire losses, the Minister may, by regulations published in the Gazette and in 2 daily newspapers, direct that compensation assessed in accordance with section 37 shall be reduced by such
percentage as shall ensure that the compensation payable shall not, in the
aggregate, exceed the net amount standing to the credit of the Fire Insurance Account.