S.L. 403.25 Art. 22Quantum of payment made from Fund A. Cap. 104.

In respect of a protected liability which is a liability required to be covered by the Motor Vehicles Insurance (Third-Party

Risks) Ordinance, payment under this Part in respect of protected liabilities aforesaid incurred by the insured of an insolvent insurer shall cover the whole of such liabilities. In respect of all other protected liabilities, payment under this Part in respect of:

(a) long term business protected commitments in terms of regulation 3(2)(a), shall be limited to seventy-five (75%) of per centum the actuarial valuation of the contract of insurance at the time the undertaking concerned ceased to carry on such business, adjusted for any premiums paid till date of payment, remaining unpaid, or twenty-three thousand and five hundred euro (€23,500), whichever is less;

(b) general business protected risks in terms of regulation 3(2)(a), shall be limited to seventy-five (75%) of the per centum liabilities incurred remaining unpaid in any one case or twenty-three thousand and five hundred euro (€23,500), whichever is less:

Provided that in each case, the total amount of payments to be made by Fund A under this Part with respect to any one insolvent insurer shall not exceed two million and three hundred and fifty thousand euro (€2,350,000).