Export Finance and Insurance Corporation Act 1991 – Declaration of Approved Causes of Loss 2022
Part 1Declaration
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Part 1 - Declaration
1 Name
This instrument is the Export Finance and Insurance Corporation Act 1991 – Declaration of Approved Causes of Loss 2022.
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Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in that Schedule, and any other item in that Schedule has effect according to its terms.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; (j) preventing or hindering the ability to benefit from the decisions of any court, tribunal, government or regulatory bodies or other authorities; and (k) a judicial or parliamentary act of taxation.
Schedule 1 – Repeal
1 Repeal of earlier Declaration
The Export Finance and Insurance Corporation Act 1991 – Declaration of Approved Causes of Loss 2021, dated 13 October 2021, is repealed.