Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 322.5

Rescue payments treated as insurance payments by HIH

             (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.

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

             (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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