DEFENCE SERVICE HOMES ACT 1918 - SECT 40 Defence Service Homes Insurance Account

DEFENCE SERVICE HOMES ACT 1918 - SECT 40

  (1)   There is continued in existence the Defence Service Homes Insurance Account.

Note:   The Account was established by subsection   5(3) of the Financial Management Legislation Amendment Act 1999 .

  (2)   The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013 .

  (3)   There must be credited to the Account amounts equal to all payments to the Commonwealth in connection with its activities:

  (a)   as an insurer under this Act, including a payment to it under a contract or arrangement referred to in section   38F; and

  (b)   with respect to insurance, as an agent for an insurer.

  (4)   The purpose of the Account is to make all payments by the Commonwealth in connection with its activities:

  (a)   as an insurer under this Act, including:

  (i)   a payment by it under a contract or arrangement referred to in section   38F; and

  (ii)   a payment by it under section   38G or 38GA; and

  (iii)   a payment by it that it is not legally required to make but that is of a kind that would be made by a person carrying on the business of insurance in accordance with sound commercial principles; and

  (b)   with respect to insurance, as an agent for an insurer.