Summary
Introduced with the Financial Claims Scheme (ADIs) Levy Bill 2008 and Financial Claims Scheme (General Insurers) Levy Bill 2008, the bill amends the:
Banking Act 1959
to establish the Early Access Facility for Depositors (EAFD) to provide access to deposit funds in a failed authorised deposit-taking institution (ADI);
Insurance Act 1973
to establish the Policyholder Compensation Facility (PCF) to provide access to funds from insurance claims when a general insurer fails;
Australian Prudential Regulation Authority Act 1998
to provide the Australian Prudential Regulation Authority with administration of the Financial Claims Scheme (comprising the EAFD and PCF);
Banking Act 1959
to expand the duties, powers and functions of ADI statutory managers;
Insurance Act 1973
,
Corporations Act 2001
and
Life Insurance Act 1995
to provide for judicial management and recapitalisation of general and life insurers; and
Financial Sector (Business Transfer and Group Restructure) Act 1999
to facilitate the transfer of assets and liabilities between institutions. Also makes consequential amendments to six Acts to provide for the usage of tax file numbers for the Scheme.
