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Appropriation (HIH Assistance) Bill 2001

1998-1999-2000-2001

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Appropriation (HIH Assistance) Bill 2001

 

No.      , 2001

 

(Treasury)

 

 

 

A Bill for an Act to appropriate money to provide financial assistance to HIH eligible persons, and for related purposes

   

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Definitions.......................................................................................... 2

4............ Appropriation...................................................................................... 2

 



A Bill for an Act to appropriate money to provide financial assistance to HIH eligible persons, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Appropriation (HIH Assistance) Act 2001 .

2   Commencement

                   This Act commences on the day on which it receives the Royal Assent.

3   Definitions

                   In this Act, unless the contrary intention appears:

HIH company means any of the following:

                     (a)  CIC Insurance Limited;

                     (b)  FAI General Insurance Company Limited;

                     (c)  FAI Reinsurances Pty Limited;

                     (d)  FAI Traders Insurance Company Pty Limited;

                     (e)  HIH Casualty and General Insurance Limited;

                      (f)  HIH Underwriting and Insurance (Australia) Pty Limited;

                     (g)  World Marine & General Insurances Pty Limited.

HIH eligible person means a person who:

                     (a)  is a policyholder, insured or beneficiary under a policy of insurance issued by a HIH company; and

                     (b)  has suffered financial loss as a result of the insolvency of the HIH companies.

4   Appropriation

                   The Consolidated Revenue Fund is appropriated, to the extent of $640 million, for the following purposes:

                     (a)  providing financial assistance to HIH eligible persons, either directly or indirectly;

                     (b)  meeting administrative costs associated with providing that financial assistance.

Note:          An example of indirect financial assistance is the Commonwealth making payments to another person who, under a contract or trust, is required to make payments to HIH eligible persons.