Document ID: chunk:federal_register_of_legislation:F2019L01120:reg:5
Version: federal_register_of_legislation:F2019L01120
Segment Type: reg
Provision Reference: reg 5
Character Range: 1969–3639

5  Satisfying the insurance/financial requirements—when a holder has shown direct financial responsibility
 (1) This section applies for the purposes of paragraph 47(2)(b) of the Act in relation to the holder of an Australian launch permit, an Australian high power rocket permit or a return authorisation, covering a launch or return.
 (2) The holder has shown direct financial responsibility for the launch or return for an amount not less than the amount that would otherwise have been applicable under subsection 48(4) of the Act for the launch or return (the subsection 48(4) amount) if the holder has given to the Minister:
 (a) evidence that the holder:
 (i) has a sufficient amount of available assets; or
 (ii) is otherwise able to meet any liability that the holder might incur under the Act to pay compensation for any damage to third parties that the launch or return causes; and
 (b) any additional information that the Minister asks for, in writing, for the purpose of showing that the holder has assets of the kind mentioned in subparagraph (a)(i) or is otherwise able to meet the liabilities mentioned in subparagraph (a)(ii).
 (3) For the purposes of subparagraph (2)(a)(i):
 (a) assets are of a sufficient amount if they have a value that is at least equal to the subsection 48(4) amount; and
 (b) assets are available assets if:
 (i) the holder could use them to meet any liability that the holder might incur under the Act to pay compensation for any damage to third parties that the launch or return causes; and
 (ii) for assets held wholly or partly by another person or body—the person or body will make them available to the holder if required.