Territory Insurance Office (Sale) Act 2014

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

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:

(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:

(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.