INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

Division 322 - Assistance for policyholders with insolvent general insurers  

Subdivision 322-A - HIH rescue package  

SECTION 322-5   Rescue payments treated as insurance payments by HIH  

322-5(1)  
This Act applies to you as if a payment you receive from the Commonwealth, the *HIH Trust or a prescribed entity for assignment of your rights under or in relation to a *general insurance policy you held with an *HIH company:


(a) had been made by the HIH company; and


(b) had been made under the terms and conditions of the general insurance policy you held with the HIH company.

322-5(2)  
The HIH Trust is the HIH Claims Support Trust (established on 6 July 2001).

322-5(3)  
An HIH company is:


(a) CIC Insurance Limited; or


(b) FAI General Insurance Company Limited; or


(c) FAI Reinsurances Pty Limited; or


(d) FAI Traders Insurance Company Pty Limited; or


(e) HIH Casualty and General Insurance Limited; or


(f) HIH Underwriting and Insurance (Australia) Pty Limited; or


(g) World Marine and General Insurances Pty Limited; or


(h) another related company specified in writing by the Commissioner.


 

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