Export Finance and Insurance Corporation Act 1991 – Declaration of Approved Causes of Loss 2019

The Export Finance and Insurance Corporation makes the following declaration.

Dated 27 February 2019 

Part 1 - Declaration

1  Name

  This instrument is the Export Finance and Insurance Corporation Act 1991 – Declaration of Approved Causes of Loss 2019.

2  Commencement

  This instrument commences on the day after registration.

3  Authority

  This instrument is made under subsection 21(1) of the Export Finance and Insurance Corporation Act 1991.

4 Schedules

  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in that Schedule, and any other item in that Schedule has effect according to its terms.

5  Definitions

  In this instrument:

Act means the Export Finance and Insurance Corporation Act 1991.

EFIC means the Export Finance and Insurance Corporation.

war-like operation includes any operation in the course of war (including civil war), terrorism, riot, civil commotion, revolution, insurrection, rebellion or any similar uprising.

6  Approved causes of loss

  EFIC declares the following causes of loss to be approved causes of loss for the purposes of Part 4 of the Act:

(a)    expropriation or confiscation of property;

(b)    prevention or restriction of constructing, operating or dealing with property;

(c)    damage to, or loss of effective control over, property caused by a war-like operation;

(d)    inability to transfer money to another country or convert money to another currency;

(e)    breach of contractual obligations;

(f)     inability to perform a contract due to external causes.

Schedule 1 – Repeal

1 Repeal of earlier Declaration

  The Export Finance and Insurance Corporation Act 1991 – Declaration of Approved Causes of Loss, dated 3 September 2004, is repealed.