Provision
6
(1) Where applications for contracts of insurance, contracts of indemnity, guarantees or loans have been received by the Insurance Corporation before the commencing day, but have not been finally dealt with by the Corporation before that day, those applications shall—
be deemed, for the purposes of this Act and of the Australian Trade Commission Act 1985, to have been received by the Commission on the commencing day;
be dealt with by the Commission under the relevant provisions of the Australian Trade Commission Act 1985; and
in the case of such of those applications (if any) as the Corporation had not, before the commencing day, commenced to deal with—be dealt with, so far as is practicable, in the order in which those applications were received by the Corporation.
(2) A declaration by the Board of the Insurance Corporation under section 28 of the Insurance Corporation Act specifying a cause of loss as an approved cause of loss for the purposes of Division 4 of Part III of that Act, being a declaration that was in force immediately before the commencing day, shall, on and after that day, be treated as if it were a declaration made by the Commission to the same effect under section 45 of the Australian Trade Commission Act 1985.
(3) A declaration by the Minister under sub-section 37 (2) of the Insurance Corporation Act to the effect that specified goods, or goods included in a specified class of goods, are capital goods for the purposes of section 37 of that Act, being a declaration that was in force immediately before the commencing day, shall, on and after that day, be treated as if it were a declaration made by the Minister to the same effect for the purposes of sub-section 33 (3) of the Australian Trade Commission Act 1985.
National interest insurance contracts entered into, and guarantees given, by Insurance Corporation
This Act’s bill:Second reading speech
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