Commonwealth Numbered Acts

EXPORT FINANCE AND INSURANCE CORPORATION ACT 1974 No. 122 of 1974 - SECT 15

15. (1) Subject to this section, in a contract of insurance entered into by
the Corporation under section 13 or 14, there shall, in relation to each cause
of loss to which the contract applies, be specified a percentage as the
percentage of the amount of the loss, as defined in the contract, to which the
indemnity under the contract extends.

(2) In relation to the one cause of loss, different percentages may be
specified as being applicable in respect of loss sustained by reason of the
occurrence of the cause at different times.

(3) The regulations may prescribe a percentage as the maximum percentage that
may be specified, in pursuance of this section, in a contract of insurance in
relation to a cause of loss.

(4) Regulations so made may prescribe different percentages for different
classes of contracts and for different causes of loss, and according to
different times of occurrence of a cause of loss.

(5) The Minister may, if so requested by the Board in a particular case and if
he thinks it appropriate so to do having regard to special circumstances
applicable in the case, direct, by instrument in writing, that, in lieu of the
percentage that is the maximum percentage applicable in that case under the
regulations, such greater percentage as is specified in the instrument shall
apply.