(1) For paragraph 48 (3) (a) of the Act, the method of determining the amount of maximum probable loss is as follows:

(a)

work out the value of third-party casualty losses (within the meaning of the Maximum Probable Loss Methodology) for the launch or return in accordance with the Maximum Probable Loss Methodology;

(b)

work out the value of third-party property losses (within the meaning of the Maximum Probable Loss Methodology) for the launch or return in accordance with the Maximum Probable Loss Methodology;

(c)

work out the value of losses arising from environmental damage (within the meaning of the Maximum Probable Loss Methodology) for the launch or return in accordance with the Maximum Probable Loss Methodology;

(d)

work out the value of loss of economic use (within the meaning of the Maximum Probable Loss Methodology) for the launch or return in accordance with the Maximum Probable Loss Methodology;

(e)

obtain written confirmation, by an independent person having suitable qualifications and experience who is approved by the Minister, that the values obtained under paragraphs (a) to (d) have been worked out in accordance with the Maximum Probable Loss Methodology;

(f)

work out the amount of the maximum probable loss by adding the values obtained in paragraphs (a) to (d) that have been confirmed in accordance with paragraph (e).

(2) In subregulation (1):

"Maximum Probable Loss Methodology "means the document called `Maximum Probable Loss Methodology', published by the Department, as in force on 26 June 2001.