35Commonwealth guarantee: payments otherwise than under cyclone reinsurance contracts

35 Commonwealth guarantee: payments otherwise than under cyclone reinsurance contracts

(1) The Commonwealth guarantees the due payment of money that may become payable by the Corporation to any person (other than the Commonwealth) otherwise than in respect of a liability of the Corporation under a cyclone reinsurance contract. (3) If at any time the Corporation considers it likely that it will be unable to discharge all its liabilities (other than its liabilities under cyclone reinsurance contracts), after taking into account the guarantee under this section, then the Corporation must give the Minister a written notice to that effect.