Federal Register of Legislation - Australian Government

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Declarations/Other as made
This instrument declares specified causes of loss to be approved causes of loss for the purposes of Part 4 of the Export Finance and Insurance Corporation Act 1991.
Administered by: Foreign Affairs and Trade
Registered 13 Mar 2019
Tabling HistoryDate
Tabled Senate02-Apr-2019
Tabled HR02-Apr-2019

Commonwealth Coat of Arms of Australia

 

Export Finance and Insurance Corporation Act 1991 – Declaration of Approved Causes of Loss 2019

The Export Finance and Insurance Corporation makes the following declaration.

Dated 27 February 2019         

 

 

 

 

 

EXPORT FINANCE AND INSURANCE CORPORATION has sealed this declaration in accordance with section 6(3) of the Export Finance and Insurance Corporation Act 1991

 

 

 

 

 

 

 

Signature

 

 

 

Jowa Chan, Counsel

 

Signature

 

John Hopkins

Chief Operating Officer

& General Counsel

 

 

 

 

 

 

 

 


Part 1 - Declaration

1  Name

                   This instrument is the Export Finance and Insurance Corporation Act 1991 – Declaration of Approved Causes of Loss 2019.

2  Commencement

                   This instrument commences on the day after registration.

3  Authority

                   This instrument is made under subsection 21(1) of the Export Finance and Insurance Corporation Act 1991.

4 Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in that Schedule, and any other item in that Schedule has effect according to its terms.

5  Definitions

                   In this instrument:

Act means the Export Finance and Insurance Corporation Act 1991.

EFIC means the Export Finance and Insurance Corporation.

war-like operation includes any operation in the course of war (including civil war), terrorism, riot, civil commotion, revolution, insurrection, rebellion or any similar uprising.

6  Approved causes of loss

                   EFIC declares the following causes of loss to be approved causes of loss for the purposes of Part 4 of the Act:

(a)    expropriation or confiscation of property;

(b)   prevention or restriction of constructing, operating or dealing with property;

(c)    damage to, or loss of effective control over, property caused by a war-like operation;

(d)   inability to transfer money to another country or convert money to another currency;

(e)    breach of contractual obligations;

(f)    inability to perform a contract due to external causes.

 

Schedule 1 – Repeal

1 Repeal of earlier Declaration

                   The Export Finance and Insurance Corporation Act 1991 – Declaration of Approved Causes of Loss, dated 3 September 2004, is repealed.