Second

Session, 50th General Assembly

Charles III, 2022

BILL 11

AN ACT RESPECTING THE

WINDING UP OF JUDGMENT RECOVERY (NFLD.) LTD.

Received

and Read the First Time ................................................................

Second

Reading ............................................................................................

Committee .....................................................................................................

Third

Reading ...............................................................................................

Royal

Assent .................................................................................................

HONOURABLE JOHN

HOGAN, QC

Minister of Justice

and Public Safety and Attorney General

Ordered to be printed by

the Honourable House of Assembly

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

Short title

Definitions

Repeal

Rights, assets and liabilities

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Automobile Insurance Act , SNL 1994 c.4 is repealed.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

(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.

King's Printer