Contents
1............ Short title............................................................................................ 1
2............ Commencement.................................................................................. 2
3............ Definitions.......................................................................................... 2
4............ Appropriation.................................................................................... 2
Appropriation (HIH Assistance) Act 2001
No. 74, 2001
An Act to appropriate money to provide financial assistance to HIH eligible persons, and for related purposes
[Assented to 30 June 2001]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Appropriation (HIH Assistance) Act 2001.
2 Commencement
This Act commences on the day on which it receives the Royal Assent.
3 Definitions
In this Act, unless the contrary intention appears:
HIH company means any of the following:
(a) CIC Insurance Limited;
(b) FAI General Insurance Company Limited;
(c) FAI Reinsurances Pty Limited;
(d) FAI Traders Insurance Company Pty Limited;
(e) HIH Casualty and General Insurance Limited;
(f) HIH Underwriting and Insurance (Australia) Pty Limited;
(g) World Marine & General Insurances Pty Limited.
HIH eligible person means a person who:
(a) is a policyholder, insured or beneficiary under a policy of insurance issued by a HIH company; and
(b) has suffered financial loss as a result of the insolvency of the HIH companies.
4 Appropriation
The Consolidated Revenue Fund is appropriated, to the extent of $640 million, for the following purposes:
(a) providing financial assistance to HIH eligible persons, either directly or indirectly;
(b) meeting administrative costs associated with providing that financial assistance.
Note: An example of indirect financial assistance is the Commonwealth making payments to another person who, under a contract or trust, is required to make payments to HIH eligible persons.