Biosecurity Act 2023

The director‑general may impose a condition on a biosecurity permit requiring the permit‑holder to provide a financial assurance (a financial assurance condition) for anything required as a result of any of the following events (a secured event):

the permit‑holder failing to comply with another condition on their permit;

the permit‑holder giving any biosecurity matter that their permit authorises them to deal with, to the director‑general;

the permit‑holder engaging in conduct that they are not authorised by the permit to engage in;

the permit‑holder no longer being authorised to engage in the conduct authorised by the permit;

the permit‑holder being unable, for any reason, to continue to engage in the conduct authorised by the permit.

A financial assurance condition may require the permit‑holder to provide evidence of the financial assurance to the director‑general.

A financial assurance condition may require financial assurance in 1 or more of the following forms:

a bank guarantee;

a bond;

an insurance policy;

a form prescribed by regulation;

any other form the director‑general considers appropriate.

A financial assurance condition may provide for the following matters:

how the amount of financial assurance is to be worked out;

the circumstances in which the financial assurance may be claimed or realised, and the procedure for claiming or realising the financial assurance;

actions that may be taken after a secured event, including—

when stated actions may be taken by the director‑general; and

when the director‑general may enter premises to take stated actions;

when stated information must be provided;

auditing of actions that may result in the financial assurance being claimed or realised;

the administration of the financial assurance;

the release of the financial assurance.

A financial assurance may be claimed and realised, despite and without affecting—

any liability of the permit‑holder for any penalty for an offence for a failure to comply to which the assurance relates; and

any other action that may be taken, or is required to be taken, in relation to any failure to comply or other circumstance to which the assurance relates.