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.