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This instrument applies Division 3 of Part VC of the Insurance Act 1973 (the Financial Claims Scheme) to Australian Family Assurance Limited (AFA) (s2). It requires specified sums be credited to two APRA-held accounts: $1,531,558.92 to the Financial Claims Scheme Special Account (s3) and $490,000 to the APRA Special Account for administration (s4); the instrument is made under the Insurance Act (s1A).
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Direct links to the current provisions in Insurance (Financial Claims Scheme for General Insurers—Australian Family Assurance Limited) Declaration 2009.
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.
This instrument is made under the Insurance Act 1973.
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.
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).
For the purposes of subsection 62ZZC(2) of the Act, the following amount is to be credited to the Financial Claims Scheme Special Account in connection with the application of Division 3 of Part VC of the Act in relation to Australian Family Assurance Limited: $1,531,558.92.
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.
For the purposes of subsection 62ZZC(3) of the Act, the following amount is to be credited to the APRA Special Account in connection with the administration of Part VC of the Act in relation to Australian Family Assurance Limited: $490,000.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
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.
This instrument is made under the Insurance Act 1973.
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.
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).
For the purposes of subsection 62ZZC(2) of the Act, the following amount is to be credited to the Financial Claims Scheme Special Account in connection with the application of Division 3 of Part VC of the Act in relation to Australian Family Assurance Limited: $1,531,558.92.
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.
For the purposes of subsection 62ZZC(3) of the Act, the following amount is to be credited to the APRA Special Account in connection with the administration of Part VC of the Act in relation to Australian Family Assurance Limited: $490,000.