I, LINDSAY TANNER, Minister for Finance and Deregulation, make this determination under subsections 20 (2) and (3) of the Financial Management and Accountability Act 1997.

Dated 23 February 2009

LINDSAY TANNER

1              Name of determination

                This determination is the Financial Management and Accountability Determination 2009/04 — The Comcover Account Variation and Abolition 2009.

2              Commencement

                This determination commences at the time at which subsection 22 (4) of the Financial Management and Accountability Act 1997 is complied with.

 Note      This determination takes effect in accordance with section 22 of the Financial Management and Accountability Act 1997. The Parliament must consider the determination before it can take effect, and either House may pass a resolution disallowing the determination. If neither House passes such a resolution, the determination takes effect on the day immediately after the last day upon which such a resolution could have been passed.

3              Variation

                Schedule 1 varies the original determination entitled Determination to Establish Component of the Reserved Money Fund, signed on 7 April 1998, which established The Comcover Reserve. The name of the Comcover Reserve was amended by the Determination to Vary the Purposes of and Amounts that may be Credited to, Special Accounts, signed on 4 February 2000, to become The Comcover Account.

4              Abolition

                The Comcover Account is abolished with effect from the time at which:

(a)         Schedule 1 has taken effect; and

(b)         the balance of the appropriation for The Comcover Account reaches zero.

Schedule 1        Variation

(section 3)

Do not delete : Schedule Part Placeholder

[1]           Determination, after part (a)

omit

(b)     the purposes for which amounts may be debited to the component are:

§         for expenditure relating to the administration of Comcover, including direct and indirect costs (both recurrent and capital) for staff and the Advisory Board;

§         for expenditure in relation to Comcover’s operations in meeting liabilities that arise from its function as the Commonwealth’s insurable risk claims manager.

insert

(b)     the purposes for which amounts may be debited to the component are:

§         for expenditure relating to the administration of Comcover, including direct and indirect costs (both recurrent and capital) for staff and the Advisory Council;

§         for expenditure in relation to Comcover’s operations in meeting liabilities that arise from its function as the Commonwealth’s insurable risk claims manager;

§         to credit amounts to the Comcover Special Account.