Commonwealth Numbered Acts

EXPORT FINANCE AND INSURANCE CORPORATION ACT 1974 No. 122 of 1974 - SECT 31

31. (1) An approval under sub-section 30 (3) may contain conditions or
directions in relation to the proposed contract of insurance (including
conditions or directions with respect to the amount of the premium to be
charged or the percentage of the amount of the loss to which the insurance is
to extend).

(2) Without limiting the generality of sub-section (1), the Minister, in an
approval given under sub-section 30 (3) in relation to a contract of insurance
insuring a person against monetary loss or other monetary detriment resulting
from expropriation of property-

   (a)  may direct that the insurance shall apply only in relation to
        expropriation of such kind or kinds, or expropriation of such property
        or property of such kind or kinds, or expropriation occurring in or as
        a result of such circumstances, as is or are specified in the
        approval; and

   (b)  may direct that the insurance shall extend to monetary loss or other
        monetary detriment resulting from-

        (i)    such acts similar to expropriation as are specified in the
               approval; or

        (ii)   any substantial interference with the rights of the owner of
               the business to which the contract relates to control or carry
               on the business or to dispose of the business or any of its
               assets, being interference of such kind, or interference
               occurring in or as a result of such circumstances, as is or are
               specified in the approval.

(3) Without limiting the generality of sub-section (1), the Minister, in an
approval given under sub-section 30 (3) in relation to a contract of insurance
insuring a person against monetary loss or other monetary detriment resulting
from damage to or destruction of property caused by a war-like operation, may
direct that the insurance shall apply only in relation to damage or
destruction of such kind or kinds, or damage to or destruction of such
property or property of such kind or kinds, or damage or destruction occurring
in or as a result of such circumstances, as is or are specified in the
approval.

(4) Without limiting the generality of sub-section (1), the Minister, in an
approval given under sub-section 30 (3) in relation to a contract of insurance
insuring a person against monetary loss or other monetary detriment resulting
from inability to transfer money to Australia from another country-

   (a)  may direct that the insurance shall apply only where the inability is
        of such a kind, or occurs in or as a result of such circumstances, as
        is or are specified in the approval; and

   (b)  may direct that the insurance shall extend to monetary loss or other
        monetary detriment resulting from such other causes related to the
        transfer of moneys as are specified in the approval.