sec.31Definitions for division

sec.31 Definitions for division

In this division— approved security provider means— a financial institution rated by— Fitch Ratings with a long-term credit rating not less than A-; or Moody’s Investors Service with a long-term credit rating not less than A3; or Standard & Poor’s with a long-term credit rating not less than A-; or an insurance company rated by— Fitch Ratings with an insurance claims-paying ability rating not less than A-; or Moody’s Investors Service with an insurance financial strength rating not less than A3; or Standard & Poor’s with an insurer financial strength rating not less than A-; or the Queensland Treasury Corporation; or a guarantee provider approved by the Treasurer or a nominated officer under section 35 as an approved security provider. contractor means a person who enters into a contract with a department’s accountable officer or a statutory body. contract performance guarantee means a security given by a contractor, or for a contractor by an approved security provider, for the performance of 1 or more of the contractor’s obligations under a contract with a department’s accountable officer or a statutory body. guarantee provider means an entity carrying on a business of providing contract performance guarantees. insurance company means a body corporate authorised under the Insurance Act 1973 (Cwlth) to carry on insurance business. monetary security deposit means a deposit of funds that is immediately available in the form of 1 or more of the following— cash; a cheque drawn by a financial institution on itself; bank cheque a telegraph transfer; a direct deposit; an electronic transfer.

• (a) a financial institution rated by— (i) Fitch Ratings with a long-term credit rating not less than A-; or (ii) Moody’s Investors Service with a long-term credit rating not less than A3; or (iii) Standard & Poor’s with a long-term credit rating not less than A-; or
• (i) Fitch Ratings with a long-term credit rating not less than A-; or
• (ii) Moody’s Investors Service with a long-term credit rating not less than A3; or
• (iii) Standard & Poor’s with a long-term credit rating not less than A-; or
• (b) an insurance company rated by— (i) Fitch Ratings with an insurance claims-paying ability rating not less than A-; or (ii) Moody’s Investors Service with an insurance financial strength rating not less than A3; or (iii) Standard & Poor’s with an insurer financial strength rating not less than A-; or
• (i) Fitch Ratings with an insurance claims-paying ability rating not less than A-; or
• (ii) Moody’s Investors Service with an insurance financial strength rating not less than A3; or
• (iii) Standard & Poor’s with an insurer financial strength rating not less than A-; or
• (c) the Queensland Treasury Corporation; or