Export Finance and Insurance Corporation Regulations (Amendment) (Cth)

Statutory Rules 1984 No. 1591

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Export Finance and Insurance Corporation Regulations2 (Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Export Finance and Insurance Corporation Act 1974.

Dated 16 July 1984.

N. M. STEPHEN

Governor-General

By His Excellency’s Command,

LIONEL BOWEN

Minister of State for Trade

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Interpretation

1. Regulation 3 of the Export Finance and Insurance Corporation Regulations is amended—

(a) by omitting “these Regulations:—” and substituting “these Regulations, unless the contrary intention appears—”;

(b) by omitting the definition of “commercial cause” and substituting the following definitions:

“ ‘commercial cause’, in relation to a contract of insurance applying to trade between a person in Australia and an overseas person, means—

(a) the failure of the overseas person to fulfil his contractual obligations in respect of that trade, being a failure that is not attributable to a supervening event; or

(b) the insolvency, within the meaning of the contract of insurance, of the overseas person;

‘person in Australia’ means a person carrying on business in Australia;

‘supervening event’, in relation to an overseas person trading with a person in Australia, means a circumstance outside the control of the overseas person, not being the circumstance specified in paragraph (b) of the definition of ‘commercial cause’;”;

and

(c) by adding at the end thereof the following sub-regulations:

“(2) In sub-regulation (1), a reference to an overseas person trading with a person in Australia is a reference to a person carrying on business outside Australia who is not, in a statement by the Corporation to the person in Australia in relation to that trading, stated to be—

(a) a government;

(b) an authority of a government; or

(c) a person whose contractual obligations are guaranteed by a government.

“(3) In these Regulations, a reference to an appointed member of the Board is a reference to an appointed member who is not a member of the Australian Public Service.”.

2. Regulation 4 of the Export Finance and Insurance Corporation Regulations is repealed and the following regulation substituted:

Percentage of loss that may be covered

“4. The maximum percentage that may be specified, in pursuance of section 15 of the Act, in a contract of insurance is—

(a) in relation to a commercial cause of loss—90 per cent; and

(b) in relation to any other cause of loss—100 per cent.”.

Repeal of regulation 21

3. Regulation 21 of the Export Finance and Insurance Corporation Regulations is repealed.

 

NOTES

1. Notified in the Commonwealth of Australia Gazette on 23 July 1984.

2. Statutory Rules 1975 No. 9 as amended by 1977 No. 14; 1978 No. 271; 1980 No. 312; 1981 No. 351; 1982 No. 195.