1Short title
This Act may be cited as the Territory Insurance Office (Sale)
Act 2014.
Bills and explanatory statements from legislation.nt.gov.au; second reading speeches from the NT Parliamentary Record (Territory Stories). Links open the official source in a new tab.
Bill homepage (legislation.nt.gov.au)This Act may be cited as the Territory Insurance Office (Sale)
Act 2014.
(1) This Act, other than Part 6, Divisions 1 to 3, commences on the day on which the Administrator's assent to the Act is declared.
(2) If the banking sale date is before the insurance sale date, then Part 6, Division 1 commences on the banking sale date.
(3) Part 6, Division 2 commences on the day fixed by the Administrator by Gazette notice.
Part 6, Division 3 commences on the insurance sale date.
In this Act:
apply, for an instrument in relation to a person, see section 4.
asset includes:
(a) a legal or equitable interest of any kind (whether present or future and whether vested or contingent) in property of any kind (whether real or personal and whether tangible or intangible); and
a right of any kind; and
goodwill; and
documents and information.
banking business means the part of TIO's business that relates to banking (including the management of the Homestart NT scheme).
banking sale agreement, see section 10(2).
banking sale date, see section 10(4).
done under this Act, see section 5.
instrument means a document (other than an Act or subordinate legislation but including any other statutory instrument) that:
(a) creates, evidences, modifies or extinguishes an asset, liability or right of any kind; or
(b) constitutes an offer that, if accepted, will create, evidence, modify or extinguish an asset, liability or right of any kind.
Examples for definition instrument
1 For paragraph (a) – a contract or other agreement to which TIO is a party, or an undertaking given by TIO.
2 For paragraph (b) – an insurance application form filled in by a potential insured and sent to TIO which, if accepted by TIO, will create a contract of insurance.
insurance business means the part of TIO's business that relates to insurance, excluding the MAC business.
insurance sale agreement, see section 8(2).
insurance sale date, see section 8(4).
liability means a liability, duty or obligation of any kind (whether present or future, whether vested or contingent and whether created expressly or arising by implication from conduct) that:
is legally enforceable; or
(b) is of a kind that would customarily be discharged or performed in the ordinary course of carrying on the business of insurance or banking.
Example for definition liability, paragraph (b)
An obligation to honour a claim made on an insurance policy if the claim is lodged late but within a customarily recognised grace period.
MAC business means the part of TIO's business that relates to:
(a) administering the scheme of compensation established by the Motor Accidents (Compensation) Act 1979; and
(b) managing the Motor Accidents (Compensation) Fund established by section 22B of the TIO Act.
MACC Act means the Motor Accidents (Compensation) Commission Act 2014.
MAC Commission means the Motor Accidents (Compensation) Commission continued under section 5 of the MACC Act.
proceedings means proceedings before a court, tribunal or other decision making body or person.
purchaser means the purchaser under the insurance sale agreement or banking sale agreement (as the case requires).
right means a right, entitlement, permission, immunity or privilege of any kind (whether present or future, whether vested or contingent and whether created expressly or arising by implication from conduct) that:
is enforceable or recognised in law or equity; or
(b) is of a kind that would customarily be recognised in the ordinary course of carrying on the business of insurance or banking.
Example for definition right, paragraph (b)
The right of an insurer to accept an application to renew a policy of insurance that is received late but within a customarily recognised grace period, and to renew the policy with retrospective effect.
sale of the banking business means the sale of so much of the banking business as is agreed to be sold under section 10.
sale of the insurance business means the sale of so much of the insurance business as is agreed to be sold under section 8.
TIO means the Territory Insurance Office established under the TIO Act (including that Office as continued as the MAC Commission).
TIO Act means the Territory Insurance Office Act 1979.
transfer order means an order made under section 14.
vendor means either or both of TIO or the Territory.
An instrument applies to a person if:
the person is a party to the instrument; or
(b) the instrument was made or given by, to or in favour of the person; or
the instrument confers a right or liability on the person; or
the instrument refers to the person; or
(e) the instrument has any other connection with or application in relation to the person.
A reference in this Act to something done under this Act includes a reference to anything:
(a) that is done in the exercise of a power or performance of a function under this Act; or
that occurs by operation of a transfer order; or
(c) that is effected by, or done under, the insurance sale agreement or banking sale agreement.
This Act binds the Crown in right of the Territory and, to the extent the legislative power of the Legislative Assembly permits, the Crown in all its other capacities.
It is the intention of Legislative Assembly that the operation of this Act is to, as far as possible, include operation in relation to the following:
things situated in or outside the territorial limits of the
Territory;
acts, transactions and matters done, entered into or occurring in or outside the territorial limits of the Territory;
things, acts, transactions and matters (wherever situated, done, entered into or occurring) that would, apart from this Act, be governed or otherwise affected by the law of another jurisdiction.
The Minister may, on behalf of the Territory and TIO, sell all or part of the insurance business.
The sale is to be a sale by agreement (the insurance sale agreement) of such of the vendor's assets and liabilities relating to the insurance business as are agreed by the Minister and purchaser.
The insurance sale agreement may require the Minister to make one or more transfer orders for the purpose of facilitating the sale.
Before completion of the sale, the Minister must declare, by
Gazette notice, the time and date when completion of the sale will take place (the insurance sale date).
In conjunction with entering into the insurance sale agreement, the Minister may, on behalf of the MAC Commission (which will be a continuation of TIO), enter into one or more contracts with the purchaser of the insurance business delegating to it any of the powers or functions that the MAC Commission will have under the MACC
Act in relation to the MAC business.
A contract made under subsection (1) cannot take effect before the insurance sale date.
Note for section 9
Section 9 of the MACC Act allows for the delegation of these powers and functions. A contract made under this section will be taken to be a contract between the
Commission and purchaser making a delegation under that section.
The Minister may, on behalf of the Territory and TIO, sell all or part of the banking business.
The sale is to be a sale by agreement (the banking sale agreement) of such of the vendor's assets and liabilities relating to the banking business as are agreed by the Minister and purchaser.
The banking sale agreement may require the Minister to make one or more transfer orders for the purpose of facilitating the sale.
Before completion of the sale, the Minister must declare, by
Gazette notice, the time and date when completion of the sale will take place (the banking sale date).
The proceeds:
belong to, and are payable to, the Territory; and
are to be paid into the Central Holding Authority.
(2) If so directed by the Treasurer, the following amounts are to be deducted from the proceeds before they are paid under subsection (1)(b):
(a) amounts, determined by the Treasurer, to repay debt, or satisfy other liabilities, of TIO or the Territory in relation to the insurance business or the banking business;
(b) for the proceeds of the sale of the banking business – amounts, determined by the Treasurer, to be paid to TIO to enable it to perform its functions in relation to the residual banking business (as defined in section 3 of the TIO Act or section 31 of the MACC Act, as the case requires);
(c) amounts, determined by the Treasurer, to pay (or to reimburse TIO or an Agency for the payment of):
(i) any tax, duty, charge or fee payable in relation to anything done under this Act; or
(ii) other expenses reasonably incurred in relation to anything done under this Act.
An amount paid to TIO under subsection (2)(b):
(a) if it is paid before the insurance sale date – must be credited to the account mentioned in section 23(3A) of the TIO Act; or
(b) otherwise – forms part of the moneys of the MAC Commission in relation to the MACC banking business as mentioned in section 34 of the MACC Act.
In this section:
proceeds means:
the proceeds of the sale of the insurance business; and
(b) any amount payable by the purchaser of the insurance business as consideration for Minister entering into a contract under section 9; and
the proceeds of the sale of the banking business.
(1) The Minister may do anything necessary or convenient to be done for the purpose of exercising a power under this Act.
(2) Without limiting subsection (1), in relation to the sale of the insurance business or the sale of the banking business the Minister may do anything necessary or convenient to be done:
(a) to facilitate the sale of the insurance business or the sale of the banking business; or
to ensure the orderly sale of the business; or
in consequence of, or incidental to, that sale.
(3) The Minister may, in writing, direct TIO to do anything necessary or convenient to be done:
(a) to facilitate the sale of the insurance business or the sale of the banking business; or
to ensure the orderly sale of the business; or
in consequence of, or incidental to, that sale.
TIO:
must comply with any direction given under subsection (3); and
(b) may do anything necessary or convenient to be done for the purpose of enabling the Minister to exercise a power under this Act.
(5) Any preparatory action taken by the Minister or TIO before the commencement of this section (including before the enactment of this Act) is taken to be, and always to have been, as valid as it would have been had this Act been in force at the time the action was taken.
In this section:
preparatory action means anything done, or authorised to be done, (including the execution by the Minister of an insurance sale agreement or banking sale agreement) in contemplation of, or preparation for, the Minister exercising a power of a kind conferred by this Act.
TIO includes the following:
the Board (as defined in section 9(1) of the TIO Act);
a member (as defined in section 3 of the TIO Act);
(c) the Chief Executive Officer (as defined in section 3 of the TIO Act);
a member of the staff of TIO;
(e) after the commencement of the MACC Act – each of the following (as defined in section 3 of that Act):
the Commission;
the Commissioner;
any Associate Commissioner.
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