Insurance (Financial Claims Scheme for General Insurers—Australian Family Assurance Limited) Amendment Declaration 2024

I, Andrew Leigh, Assistant Minister for Competition, Charities and Treasury, make the following declaration.

Dated     25 June 2024

Dr Andrew Leigh

Contents

1  Name 

2  Commencement

3  Authority

4  Schedules

Schedule 1—Amendments

Declaration that Division 3 of Part VC of the Insurance Act 1973 applies to AFA Pty Ltd

1  Name

  This instrument is the Insurance (Financial Claims Scheme for General Insurers—Australian Family Assurance Limited) Amendment Declaration 2024.

2  Commencement

 (1) Each provision of this instrument 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.

Note: This table relates only to the provisions of this instrument as originally made.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

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

3  Authority

  This instrument is made under the Insurance Act 1973.

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  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

Declaration that Division 3 of Part VC of the Insurance Act 1973 applies to AFA Pty Ltd

1  Section 2

Repeal the section, substitute:

1  Name

  This instrument is the Insurance (Financial Claims Scheme for General Insurers—Australian Family Assurance Limited) Declaration 2009.

Note: The name of this instrument has been amended. This instrument was previously named the Declaration that Division 3 of Part VC of the Insurance Act 1973 applies to AFA Pty Ltd.

1A  Authority

  This instrument is made under the Insurance Act 1973.

1B  Definitions

Note: Expressions have the same meaning in this instrument as in the Insurance Act 1973 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.

  In this instrument:

ABN has the meaning given by the A New Tax System (Australian Business Number) Act 1999.

the Act means the Insurance Act 1973.

2  Declaration of general insurer

  Under subsection 62ZZC(1) of the Act, Division 3 of Part VC of the Act is declared to apply in relation to Australian Family Assurance Limited (ABN 78 003 044 862).

2  Section 3

Omit “$1,724,030”, substitute “$1,531,558.92”.

3  At the end of section 3

Add:

Note 1: Where an amount specified to be credited to the Financial Claims Scheme Special Account has been later reduced, by way of an amendment, an amount equal to the reduction must be debited from the Special Account—see section 54D of the Australian Prudential Regulation Authority Act 1998.

Note 2: In 2024, this section was amended to reduce the amount to be credited to the Financial Claims Scheme Special Account.