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This is a Bill, not an Act. For current law, see the Acts databases.
INSURANCE AUTHORITY BILL 2005
2005
THE LEGISLATIVE ASSEMBLY
FOR THE AUSTRALIAN CAPITAL
TERRITORY
(As presented)
(Treasurer)
Insurance
Authority Bill 2005
Contents
Page
2005
THE LEGISLATIVE ASSEMBLY
FOR THE AUSTRALIAN CAPITAL
TERRITORY
(As presented)
(Treasurer)
Insurance Authority
Bill 2005
A Bill for
An Act to make provision about the Australian Capital Territory Insurance
Authority, and for other purposes
The Legislative Assembly for the Australian Capital Territory enacts as
follows:
This Act is the Insurance Authority Act 2005.
This Act commences on the day after its notification day.
Note The naming and commencement provisions automatically commence
on the notification day (see Legislation Act, s 75 (1)).
The dictionary at the end of this Act is part of this Act.
Note 1 The dictionary at the end of this Act defines certain terms
used in this Act, and includes references (signpost definitions)
to other terms defined elsewhere in this Act.
For example, the signpost definition ‘territory
risk—see section 5.’ means that the term ‘territory
risk’ is defined in that section.
Note 2 A definition in the dictionary (including a signpost
definition) applies to the entire Act unless the definition, or another
provision of the Act, provides otherwise or the contrary intention otherwise
appears (see Legislation Act, s 155 and s 156 (1)).
A note included in this Act is explanatory and is not part of this
Act.
Note See the Legislation Act, s 127 (1), (4) and (5) for the
legal status of notes.
5 Meaning
of territory risk
For this Act, a territory risk is any risk of the Territory,
and includes—
(a) a direct risk of the Territory or a territory entity; and
(b) a risk accepted by the Territory or a territory entity; and
(c) a risk arising under a guarantee or indemnity given by the Territory
or a territory entity;
whether or not the risk relates to an officer, employee or agent of the
Territory or a territory entity or to property owned by or held on behalf of the
Territory or a territory entity.
6 Meaning
of territory entity
(1) In this Act:
territory entity means—
(a) a territory authority; or
(b) a public sector company.
Note Territory authority is defined in the Legislation
Act, dict, pt 1.
(2) In this section:
controlling interest—the Territory or a territory
entity has a controlling interest in a company if its interest in
the company is of a kind that—
(a) it can—
(i) control the composition of the board of directors of the company;
or
(ii) cast, or control the casting of, more than 50% of the maximum number
of votes that might be cast at a general meeting of the company; or
(iii) control more than 50% of the issued share capital of the company
(excluding any part of the issued share capital that carries no right to
participate beyond a particular amount in a distribution of either profits or
capital); or
(b) if paragraph (a) does not apply—no-one else holds a greater
interest in the company.
public sector company means—
(a) a territory-owned corporation; or
(b) a subsidiary of a territory-owned corporation; or
(c) a company prescribed by regulation; or
(d) any other company in which the Territory or another territory entity
has a controlling interest.
Note Territory-owned corporation is defined in the
Legislation Act, dict, pt 1.
subsidiary, of a territory-owned corporation, means a
subsidiary under the Territory Owned Corporations Act 1990 of the
territory-owned corporation.
Part
2 The insurance
authority
(1) The Australian Capital Territory Insurance Authority is
established.
Note The Legislation Act, dict, pt 1, defines establish
as including continue in existence.
(2) The authority—
(a) is a corporation; and
(b) may sue and be sued in its corporate name; and
(c) may have a seal.
(3) The authority represents the Territory when exercising its functions,
unless this Act or another territory law otherwise provides.
(4) The chief executive is the authority.
The authority has the following functions:
(a) to carry on the business of insurer of territory risks;
(b) to take out insurance of territory risks with other entities;
(c) to satisfy or settle claims in relation to territory risks (including
claims that may not necessarily be valid in law);
(d) with the Treasurer’s approval, to take action for the realising,
enforcing, assigning or extinguishing rights against third parties arising out
of or in relation to its business, including, for example—
(i) taking possession of, dealing with or disposing of, property;
or
(ii) carrying on a third-party’s business as a going concern;
(e) to develop and promote good practices for the management of territory
risks;
(f) to give advice to the Minister about insurance and the management of
territory risks;
(g) to exercise any other function given to it under this Act or another
territory law.
Note 1 A provision of a law that gives an entity (including a
person) a function also gives the entity powers necessary and convenient to
exercise the function (see Legislation Act, s 196 and dict, pt 1, def
entity).
Note 2 An example is part of the Act, is not exhaustive and may
extend, but does not limit, the meaning of the provision in which it appears
(see Legislation Act, s 126 and s 132).
9 Powers
of authority generally
(1) The authority has the legal capacity and powers of an individual both
in and outside the ACT (including outside Australia).
Examples
1 to enter into a contract
2 to own, deal with and dispose of property
3 to act as trustee
Note An example is part of the Act, is not exhaustive and may
extend, but does not limit, the meaning of the provision in which it appears
(see Legislation Act, s 126 and s 132).
(2) Without limiting subsection (1), the authority—
(a) has the powers given to it under this Act or another territory law;
and
(b) may do anything that it is authorised to do by a territory law or a
law of another jurisdiction; and
(c) may exercise its powers in and outside the ACT (including outside
Australia).
Example for par (b)
The authority may arrange for the authority to be registered or recognised
under a law of another jurisdiction.
(3) The authority’s legal capacity to do something is not affected
by the fact that the authority’s interests are not, or would not be,
served by doing it.
(4) To remove any doubt, this section does not—
(a) authorise the authority to do anything that is prohibited by a
territory law or a law of another jurisdiction; and
(b) give the authority a right that a territory law or a law of another
jurisdiction denies to the authority.
(5) In this section:
another jurisdiction means the Commonwealth, a State, another
Territory or a foreign country.
10 Information
etc from agencies
(1) The authority may ask an agency, or make arrangements with an agency
for it, to give the authority information, or a copy of a document, in the
agency’s possession or control for the exercise of its
functions.
(2) The agency must comply with the request or arrangement.
(3) In this section:
agency means—
(a) an administrative unit; or
(b) a territory entity.
11 Indemnities
for third parties
(1) The authority may give an indemnity to a third party for a territory
risk arising under a contract to which the Territory or a territory entity is a
party only if the Minister has certified that the giving of the indemnity by the
authority is in the Territory’s interest.
(2) In this section:
third party means an entity other than the Territory or a
territory entity.
12 Advisory
board for authority
(1) The insurance management guidelines must provide for the establishment
of an advisory board for the authority.
(2) The authority must establish the advisory board in accordance with the
insurance management guidelines.
13 Ministerial
directions to agencies about territory risks
(1) The Minister may give a written direction to an agency in relation to
any of the following:
(a) the management of territory risks;
(b) the insurance of territory risks, including, for
example—
(i) what territory risks must or may be insured with the authority;
and
(ii) what territory risks must or may be insured with other
entities.
Note An example is part of the Act, is not exhaustive and may
extend, but does not limit, the meaning of the provision in which it appears
(see Legislation Act, s 126 and s 132).
(2) A direction under this section is a disallowable instrument.
Note A disallowable instrument must be notified, and presented to
the Legislative Assembly, under the Legislation Act.
(3) An agency must comply with a direction given to it under this
section.
(4) For the Trade Practices Act 1974 (Cwlth), this Act
authorises—
(a) the giving of a direction under this section; and
(b) the doing of, or the failure to do, anything by the Territory, an
agency or the authority to comply with a direction under this section.
(5) In this section:
agency—see section 10 (3).
14 Insurance
management guidelines
(1) The Treasurer may make insurance management guidelines for this
Act.
(2) Without limiting subsection (1), an insurance management guideline may
make provision for the membership and functions of the advisory board under
section 12.
(3) An insurance management guideline is a disallowable
instrument.
Note A disallowable instrument must be notified, and presented to
the Legislative Assembly, under the Legislation Act.
(1) The Minister may, in writing, approve forms for this Act.
(2) If the Minister approves a form for a particular purpose, the approved
form must be used for that purpose.
Note For other provisions about forms, see the Legislation Act, s
255.
(3) An approved form is a notifiable instrument.
Note A notifiable instrument must be notified under the Legislation
Act.
16 Regulation-making
power
The Executive may make regulations for this Act.
Note A regulation must be notified, and presented to the Legislative
Assembly, under the Legislation Act.
Part
5 Consequential and transitional
matters
The following legislation is repealed:
• Insurance Authority Act 2000 A2000-57
• Insurance Authority Appointment 2003 (No 1)
NI2003-347
• Insurance Authority Appointment 2004 (No 1)
NI2004-170.
(1) To remove any doubt, the Australian Capital Territory Insurance
Authority (ACTIA) established under the Insurance Authority
Act 2000 is, for all purposes, continued under this Act.
(2) In particular, the assets and liabilities of, or a proceeding begun by
or against, ACTIA is an asset or liability of, and a proceeding begun by or
against, the authority under this Act.
(3) The Legislation Act, section 88 (1) (Repeal does not end effect of
transitional laws etc) applies to this section.
19 References
to repealed Act
In any Act, statutory instrument or document, a reference to the
Insurance Authority Act 2000, in relation to anything to which this Act
applies, is a reference to this Act.
20 Modification
of pt 5’s operation
A regulation may modify the operation of this part to make provision in
relation to any matter that, in the Executive’s opinion, is not, or is not
adequately, dealt with in this part.
This part expires 1 year after the day it commences.
22 Dangerous
Substances Act 2004, section 47C (b) and (c)
substitute
(b) anyone else appointed by the Minister.
23 Taxation
(Government Business Enterprises) Regulation 2003,
section 4
omit
• ACT Insurance Authority
(see s 3)
Note 1 The Legislation Act contains definitions and other provisions
relevant to this Act.
Note 2 For example, the Legislation Act, dict, pt 1, defines the
following terms:
• administrative unit
• chief executive (see s 163)
• entity
• Minister (see s 162)
• the Territory
• Treasurer.
authority means the Australian Capital Territory Insurance
Authority.
insurance includes reinsurance and coinsurance.
insurance management guideline means a guideline made under
section 14.
territory entity—see section 6.
territory risk—see section 5.
Endnotes
1 Presentation speech
Presentation speech made in the Legislative Assembly on 2005.
2 Notification
Notified under the Legislation Act on 2005.
3 Republications of amended laws
For the latest republication of amended laws, see
www.legislation.act.gov.au.
© Australian Capital Territory
2005
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