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Export Finance and Insurance Corporation Amendment (Direct Lending and Other Measures) Bill 2014

Schedule 2 Competitive neutrality

   

Export Finance and Insurance Corporation Act 1991

1  Subsections 61A(1) and 62A(1)

Omit “in respect of short-term insurance contracts entered into by EFIC”.

2  Subsection 63A(2)

Omit “over other insurers because of the operation of section 63 in relation to its short-term insurance contracts”, substitute “, because of the operation of section 63, over other persons or bodies who provide insurance or financial services or products that EFIC may provide”.

3  Subsection 63A(3)

Omit “in relation to its short-term insurance contracts”.

4  Application provision

The amendments made by items 2 and 3 of this Schedule apply in respect of the tax-equivalent payment to be made in respect of each financial year starting on or after the commencement of this Schedule.

5  Transitional provision

The amendments made by this Schedule do not affect the continuity of any of the following that were in force immediately before the commencement of this Schedule:

                     (a)  arrangements under section 61A or 62A of the Export Finance and Insurance Corporation Act 1991 ;

                     (b)  determinations under subsection 63A(2) of that Act.