Radiation Protection and Control Act 2021

Subject to this section, the Minister may impose a condition on an authorisation requiring the holder of the authorisation to lodge with the Minister a financial assurance, the discharge of which is conditional on specified conditions of the authorisation being complied with.

A condition requiring the lodgment of a financial assurance may be imposed—

when an authorisation is granted; or

when an authorisation is transferred.

A financial assurance may take the form of—

a bond; or

a specified pecuniary sum; or

a policy of insurance; or

a letter of credit; or

a form of financial assurance approved by the Minister.

The Minister may require a financial assurance to be supported by a bank guarantee or other security approved by the Minister.

In the case of a condition requiring a financial assurance in the form of a policy of insurance—

the Minister may require that the Minister be a joint insured or a beneficiary of the insurance; and

the Minister will be taken to have an insurable interest in the subject matter covered by the insurance policy.

The Minister must not impose a condition on an authorisation requiring the lodgment of a financial assurance unless satisfied that the condition is justified in view of the nature of the authorisation and the degree of harm to the environment or to the health or safety of people that could result if the conditions of the authorisation for which the financial assurance is to be required are not complied with.

The amount of a bond or pecuniary sum that the Minister may require as a financial assurance must not exceed an amount that, in the opinion of the Minister, represents the total of the likely costs and expenses that might be incurred by a person in complying with the conditions of the authorisation for which the financial assurance is required.

Despite any other provision of this Act, the Minister may refuse to issue an authorisation or approve the transfer of an authorisation if the applicant or transferee is not willing to accept an authorisation subject to a condition requiring the lodgment of a financial assurance.

If a condition requiring a financial assurance in the form of a bond or pecuniary sum is not complied with—

the Minister may determine that the whole or part of the amount of the bond or pecuniary sum is forfeited to the Crown; and

the Minister may apply an amount so forfeited in payment for or towards any costs, expenses, loss or damage that may be incurred or suffered by the Crown as a result of the conditions of the authorisation not being complied with.