37A. Conditions relating to insurance
(1) A licensee must maintain, as directed by the Minister from time to time, insurance against expenses or liabilities or specified things arising in connection with, or as a result of, the carrying out of work, or the doing of any other thing, under the licence, including expenses of complying with directions with respect to the clean-up or other remedying of the effects of the escape of petroleum.
(2) Where ¾
(a) a licence was in force immediately before the commencement of section 71 of the Acts Amendment (Petroleum) Act 1994;
(b) the Minister has required the registered holder to maintain insurance under subsection (1); and
(c) the Minister is satisfied that the required insurance is in effect,
the Minister shall issue a certificate to the effect that he is so satisfied.
(3) Where the Minister issues a certificate under subsection (2), any security in force in relation to the licence, being a security that was required under this Act before the commencement of section 71 of the Acts Amendment (Petroleum) Act 1994, is discharged.
(4) The discharge of a security under subsection (3) has no effect on any liability arising under or in relation to the security before its discharge.
[Section 37A inserted by No. 28 of 1994 s.71.]