Export Payments Insurance Corporation Regulations (Cth)

STATUTORY RULES

1965 No. 144.

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REGULATIONS UNDER THE EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1964.*

I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Export Payments Insurance Corporation Act 1956-1964.

Dated this thirtieth day September, 1965.

CASEY

Governor-General.

By His Excellency’s Command,

 

Paul Hasluck

Minister of State for External Affairs

acting for and on behalf of the

Minister of State for Trade and Industry.

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Export Payments Insurance Corporation Regulations

Citation.

1. These Regulations may be cited as the Export Payments Insurance Corporation Regulations.

Definitions.

2. In these Regulations—

“commercial cause” means a cause related expressly to—

(a) the failure of a person by whom moneys are payable in connexion with an act or transaction to which the contract of insurance relates, not being—

(i) a Government;

(ii) a person who the Corporation is satisfied is an authority of a Government; or

(iii) a person in respect of whom the Corporation is satisfied that his contractural obligations are guaranteed by a Government,

to pay any moneys so payable; or

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

“the Act” means the Export Payments Insurance Corporation Act 1956-1964.

Percentage of loss that may be covered.

3.—(1.) The maximum percentage that may be specified, in pursuance of section sixteen of the Act, in a contract of insurance that relates to a contract of sale of goods exported or to be exported is—

(a) in relation to a commercial cause—ninety per centum; and

 

* Notified in the Commonwealth Gazette on , 1955.

7865/65.—Price 6d. (5c) 10/15.9.1965

 

(b) in relation to any other cause—

(i) in respect of loss sustained by reason of the occurrence of the cause after the goods have been exported within the meaning of the contract of insurance—ninety-five per centum; or

(ii) in respect of any loss sustained by reason of the occurrence of the cause at any other time—ninety per centum.

(4.) The maximum percentage that may be specified, in pursuance of section sixteen of the Act, in a contract of insurance that relates to an act or transaction other than a contract of sale of goods exported or to be exported is—

(a) in relation to a commercial cause—ninety per centum; or

(b) in relation to any other cause—ninety-five per centum.

 

By Authority: A. J. Arthur, Commonwealth Government Printer, Canberra