Federal Register of Legislation - Australian Government

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Declarations/Other as made
The instrument repeals and remakes the Export Finance and Insurance Corporation Act 1991 – Declaration of Approved Causes of Loss 2019 to update the approved causes of loss.
Administered by: Foreign Affairs and Trade
Registered 14 Oct 2021
Tabling HistoryDate
Tabled HR18-Oct-2021
Tabled Senate18-Oct-2021

Commonwealth Coat of Arms of Australia

 

Export Finance and Insurance Corporation Act 1991 – Declaration of Approved Causes of Loss 2021

The Export Finance and Insurance Corporation makes the following declaration.

Dated 13 October 2021

 

 

 

 

 

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

 

Signature

Katherine Stevens, Senior Legal Counsel

 

 

John Hopkins, Chief Risk Officer and General Counsel

 

 

 

 

 

 


Part 1 - Declaration

1  Name

                   This instrument is the Export Finance and Insurance Corporation Act 1991 – Declaration of Approved Causes of Loss 2021.

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                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in that Schedule, and any other item in that Schedule has effect according to its terms.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

(b)   prevention or restriction of, or imposing requirements on, 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 and currency depreciation;

(e)    breach of contractual obligations;

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

(g)    selective discrimination;

(h)   amending or removing (without replacement) or failing to issue any licence, permission, approval, right or benefit;

(i)     imposing requirements or impediments in relation to the acquisition or supply of goods and services (including tender processes), access to public resources or other business operations; and

(j)     preventing or hindering the ability to benefit from the decisions of any court, tribunal, government or regulatory bodies or other authorities.

Schedule 1 – Repeal

1 Repeal of earlier Declaration

                   The Export Finance and Insurance Corporation Act 1991 – Declaration of Approved Causes of Loss 2019, dated 27 February 2019, is repealed.