Insurance (Financial Claims Scheme for General Insurers—Australian Family Assurance Limited) Declaration 2009

Insurance (Financial Claims Scheme for General Insurers—Australian Family Assurance Limited) Declaration 2009

made under the Insurance Act 1973

Compilation No. 2

Compilation date: 25 June 2024

Includes amendments: Insurance (Financial Claims Scheme for General Insurers—Australian Family Assurance Limited) Amendment Declaration 2024

Prepared by The Treasury

About this compilation

This compilation

This is a compilation of the Insurance (Financial Claims Scheme for General Insurers—Australian Family Assurance Limited) Declaration 2009 that shows the text of the law as amended and in force on 25 June 2024 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

1  Name 

1A  Authority

1B  Definitions

2  Declaration of general insurer

3  Amount credited to Financial Claims Scheme Special Account

4  Amount credited to the APRA Special Account

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

1  Name

  This instrument is the Insurance (Financial Claims Scheme for General Insurers—Australian Family Assurance Limited) Declaration 2009.

Note: The name of this instrument has been amended. This instrument was previously named the Declaration that Division 3 of Part VC of the Insurance Act 1973 applies to AFA Pty Ltd.

1A  Authority

  This instrument is made under the Insurance Act 1973.

1B  Definitions

Note: Expressions have the same meaning in this instrument as in the Insurance Act 1973 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.

  In this instrument:

ABN has the meaning given by the A New Tax System (Australian Business Number) Act 1999.

the Act means the Insurance Act 1973.

2  Declaration of general insurer

  Under subsection 62ZZC(1) of the Act, Division 3 of Part VC of the Act is declared to apply in relation to Australian Family Assurance Limited (ABN 78 003 044 862).

3  Amount credited to Financial Claims Scheme Special Account

  For the purposes of subsection 62ZZC(2) of the Act, the following amount is to be credited to the Financial Claims Scheme Special Account in connection with the application of Division 3 of Part VC of the Act in relation to Australian Family Assurance Limited: $1,531,558.92.

Note 1: Where an amount specified to be credited to the Financial Claims Scheme Special Account has been later reduced, by way of an amendment, an amount equal to the reduction must be debited from the Special Account—see section 54D of the Australian Prudential Regulation Authority Act 1998.

Note 2: In 2024, this section was amended to reduce the amount to be credited to the Financial Claims Scheme Special Account.

4  Amount credited to the APRA Special Account

  For the purposes of subsection 62ZZC(3) of the Act, the following amount is to be credited to the APRA Special Account in connection with the administration of Part VC of the Act in relation to Australian Family Assurance Limited: $490,000.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history