Versions

 

7.12.2

Where insurance moneys have been paid out of the Clearing Fund in any Relevant Period, any recovered moneys shall notwithstanding Rule 7.12.1 above:—

(1) if the recovery is made in that Relevant Period, be paid to the insurer provided that the insurer agrees that the recovered moneys shall be used to reset the applicable limits on insurance coverage for the Relevant Period under the insurance policy; and
(2) if the recovery is not made in that Relevant Period and:—
(a) no other drawing has subsequently been made on the Clearing Fund whether or not in that Relevant Period), be paid to the insurer; or
(b) drawings have subsequently been made on the Clearing Fund (whether or not in that Relevant Period), be paid in the reverse of the Stages of the Order in which such drawings were made if moneys have not already been recovered for such Stages, and any excess shall be paid to the insurer.