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This is a Bill, not an Act. For current law, see the Acts databases.
1998-1999-2000-2001
The
Parliament of the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Appropriation
(HIH Assistance) Bill 2001
No. ,
2001
(Treasury)
A Bill
for an Act to appropriate money to provide financial assistance to HIH eligible
persons, and for related purposes
Contents
A Bill for an Act to appropriate money to provide
financial assistance to HIH eligible persons, and for related
purposes
The Parliament of Australia enacts:
This Act may be cited as the Appropriation (HIH Assistance) Act
2001.
This Act commences on the day on which it receives the Royal
Assent.
In this Act, unless the contrary intention appears:
HIH company means any of the following:
(a) CIC Insurance Limited;
(b) FAI General Insurance Company Limited;
(c) FAI Reinsurances Pty Limited;
(d) FAI Traders Insurance Company Pty Limited;
(e) HIH Casualty and General Insurance Limited;
(f) HIH Underwriting and Insurance (Australia) Pty Limited;
(g) World Marine & General Insurances Pty Limited.
HIH eligible person means a person who:
(a) is a policyholder, insured or beneficiary under a policy of insurance
issued by a HIH company; and
(b) has suffered financial loss as a result of the insolvency of the HIH
companies.
The Consolidated Revenue Fund is appropriated, to the extent of $640
million, for the following purposes:
(a) providing financial assistance to HIH eligible persons, either
directly or indirectly;
(b) meeting administrative costs associated with providing that financial
assistance.
Note: An example of indirect financial assistance is the
Commonwealth making payments to another person who, under a contract or trust,
is required to make payments to HIH eligible persons.