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Bills of previous Parliaments

Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Bill 2008

Type	Government
Originating house	House of Representatives
Status	Act
Portfolio	Treasury

Summary

Introduced with the Financial Claims Scheme (ADIs) Levy Bill 2008 and Financial Claims Scheme (General Insurers) Levy Bill 2008, the bill amends the: Banking Act 1959 to establish the Early Access Facility for Depositors (EAFD) to provide access to deposit funds in a failed authorised deposit-taking institution (ADI); Insurance Act 1973 to establish the Policyholder Compensation Facility (PCF) to provide access to funds from insurance claims when a general insurer fails; Australian Prudential Regulation Authority Act 1998 to provide the Australian Prudential Regulation Authority with administration of the Financial Claims Scheme (comprising the EAFD and PCF); Banking Act 1959 to expand the duties, powers and functions of ADI statutory managers; Insurance Act 1973, Corporations Act 2001 and Life Insurance Act 1995 to provide for judicial management and recapitalisation of general and life insurers; and Financial Sector (Business Transfer and Group Restructure) Act 1999 to facilitate the transfer of assets and liabilities between institutions. Also makes consequential amendments to six Acts to provide for the usage of tax file numbers for the Scheme.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time	15/10/08
Second reading moved	15/10/08
Second reading debate	15/10/08
Second reading agreed to	15/10/08
Third reading agreed to	15/10/08

Senate
Introduced and read a first time	16/10/08
Second reading moved	16/10/08
Second reading debate	16/10/08
Second reading agreed to	16/10/08
Committee of the Whole debate	16/10/08
Third reading agreed to	16/10/08

Assent	17/10/08	Act no.: 105 - Year: 2008