s 48A Entitlement to compensation for general business
48A.—(1) Subject to subsections (2), (4), (5) and (6) and section 49, where an insured policy owner has one or more insured policies covered under the PPF General Fund issued by a failed PPF Scheme member, which —(a) is or are issued to the insured policy owner; or (b) is or are issued to the insured policy owner jointly with one or more other persons as joint policy owners, a covered party is entitled to compensation from the PPF General Fund of the aggregate amount of the protected liabilities in respect of the insured policy or all such insured policies. [31/2018] (2) The entitlement to compensation under subsection (1) is subject to the maximum amount of compensation that is prescribed by the Authority for the class or type of insured policy or claim event, or both.[31/2018] (3) The Authority may make regulations to prescribe the maximum amount of compensation that a covered party is entitled to under subsection (1) for each class or type of insured policy or claim event, or both.[31/2018] (4) Subject to subsection (5), where any of the insured policies mentioned in subsection (1) is an insured policy which is covered under the PPF General Fund —(a) the insured policy owner; (b) the trustee of a trust of the insured policy; (c) any beneficiary of the insured policy; or (d) any combination of persons mentioned in paragraph (a), (b) or (c), is or are entitled to compensation from the PPF General Fund of the full amount of the protected liabilities in respect of the insured policy. [31/2018] (5) Where a combination of the persons mentioned in subsection (4)(d) is entitled to compensation from the PPF General Fund, their total compensation must not exceed the full amount of the protected liabilities in respect of the insured policy.[31/2018] (6) Where a claim event for an insured policy has occurred, or where an insured policy has been terminated, on or before the quantification date, the compensation under subsection (1) is to be reduced by the amount of all outstanding premiums due under the insured policy at the time of the claim event.[31/2018]