Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of this Part, a security trust fund is a trust fund established by deed, where:
(a) the trust property is available to satisfy final judgments obtained in Australia against Lloyd's underwriters in respect of a class of insurance liabilities specified in the deed; and
(b) the trustee is a qualified corporation.
(2) For the purposes of this Part, the class of insurance liabilities specified in the deed as mentioned in paragraph (1)(a) is said to be secured by the trust fund.
(3) For the purposes of this Part, a contract of insurance is covered by a security trust fund if insurance liabilities under the contract are secured by the fund.
(4) For the purposes of this section, a judgment is a final judgment if, and only if, it can no longer be appealed or set aside.
(5) In this section:
"Lloyd's underwriter" includes:
(a) a former Lloyd's underwriter; and
(b) the legal personal representative of a Lloyd's underwriter or a former Lloyd's underwriter.