Australian Capital Territory Consolidated Acts

INSURANCE AUTHORITY ACT 2005 - SECT 8

The authority has the following functions:

        (a)     to carry on the business of insurer of territory risks;

        (b)     to take out insurance of territory risks with other entities;

        (c)     to satisfy or settle claims in relation to territory risks (including claims that may not necessarily be valid in law);

        (d)     with the Treasurer's approval, to take action for the realising, enforcing, assigning or extinguishing rights against third parties arising out of or in relation to its business, including, for example—

              (i)     taking possession of, dealing with or disposing of, property; or

              (ii)     carrying on a third party's business as a going concern;

        (e)     to develop and promote good practices for the management of territory risks;

        (f)     to give advice to the Minister about insurance and the management of territory risks;

        (g)     to exercise any other function given to it under this Act or another territory law.

Note 1     A provision of a law that gives an entity (including a person) a function also gives the entity powers necessary and convenient to exercise the function (see Legislation Act, s 196 and dict, pt 1, def entity ).

Note 2     An example is part of the Act, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).