EXPLANATORY STATEMENT
REGULATIONS UNDER THE EXPORT FINANCE AND INSURANCE CORPORATION ACT 1974 STATUTORY RULES 1984 NO. 159
Issued by the Authority of the Minister for Trade
Section 90 of the Export Finance and Insurance Corporation Act 1974 provides that the Governor-General may make Regulations, not inconsistent with the Act, prescribing all matters which by the Act are required or permitted to be prescribed, or which are necessary or convenient to be prescribed for carrying out or giving effect to the Act.
The attached Statutory Rules amend the existing regulation relating to the maximum percentage of loss that may be specified in a contract of insurance and provide for a revised definition of commercial cause of loss.