Federal Register of Legislation - Australian Government

Primary content

A Bill for an Act to establish a Live Performance Federal Insurance Guarantee Fund, and for related purposes
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Registered 26 Aug 2021
Introduced Senate 25 Aug 2021

2019‑2021

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

Presented and read a first time

 

 

 

 

Live Performance Federal Insurance Guarantee Fund Bill 2021

 

No.      , 2021

 

(Senator Hanson‑Young)

 

 

 

A Bill for an Act to establish a Live Performance Federal Insurance Guarantee Fund, and for related purposes

  

  

  


Contents

Part 1—Preliminary                                                                                                             1

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 2

Part 2—Live Performance Federal Insurance Guarantee Fund             3

3............ Live Performance Federal Insurance Guarantee Fund......................... 3

 


A Bill for an Act to establish a Live Performance Federal Insurance Guarantee Fund, and for related purposes

The Parliament of Australia enacts:

Part 1Preliminary

  

1  Short title

                   This Act is the Live Performance Federal Insurance Guarantee Fund Act 2021.

2  Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this Act

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) the day on which the Consolidated Revenue Fund is appropriated to fund the Live Performance Federal Insurance Guarantee Fund.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

Part 2Live Performance Federal Insurance Guarantee Fund

3  Live Performance Federal Insurance Guarantee Fund

             (1)  There is to be a Live Performance Federal Insurance Guarantee Fund.

             (2)  The Treasurer must, by legislative instrument, make rules to provide for and in relation to the establishment, governance and operation of the Fund, the purpose of which is to provide for a fund to underwrite an insurance scheme for the live performance sector to fill a market failure in the insurance industry as a result of the COVID‑19 pandemic.

             (3)  The Treasurer must make rules for the purposes of subsection (2) within 30 days after the commencement of this section.