57Insurance/financial requirements

57 Insurance/financial requirements

The application must include, for each launch or connected return: (a) evidence of the capacity of the applicant to satisfy the insurance/financial requirements for the launch or return; and (b) if the amount for which the applicant is providing the evidence mentioned in paragraph (a) for the launch or return is less than the amount specified for the launch or return in rules made for the purposes of paragraph 48(4)(a) of the Act: (i) the calculations used in the determination of the amount under paragraph 48(4)(b) of the Act for the launch or return; and (ii) the name of the person who made the calculations mentioned in subparagraph (i).

Note 1: Under subsection 47(2) of the Act, the holder of an Australian launch permit covering a launch or return satisfies the insurance/financial requirements for the launch or return if:

(a) throughout the liability period for the launch or return, the insurance requirements in section 48 of the Act are satisfied; or
(b) the holder has, in accordance with rules made for the purposes of paragraph 47(2)(b) of the Act, shown direct financial responsibility for the launch or return for an amount not less than the amount that would otherwise have been applicable under subsection 48(4) of the Act for the launch or return.

Note 2: Under subsection 48(4) of the Act, the total insurance, for each launch or return concerned, must be for an amount at least equal to the lesser of the following amounts:

(a) the amount specified in the rules for the purposes of paragraph 48(4)(a) of the Act (which must not exceed $100 million);
(b) if the rules set out a method of determining an amount for the purposes of paragraph 48(4)(b) of the Act—the amount determined using that method.

Note 3: See the Space (Launches and Returns) (Insurance) Rules 2019 for the matters mentioned in paragraphs 47(2)(b) and 48(4)(a) and (b) of the Act.