Document ID: chunk:federal_register_of_legislation:C2024C00824:section:68
Version: federal_register_of_legislation:C2024C00824
Segment Type: section
Provision Reference: s 68
Character Range: 91900–92697

68  Maximum contingent liability under Part 4
 (1) EFIC is to carry on its operations so that:
 (a) its total contingent liability at any time under contracts entered into, and guarantees given, under Part 4 (other than contracts of insurance entered into under section 22) does not exceed the amount prescribed for the purposes of this paragraph; and
 (b) its total contingent liability at any time under contracts of insurance entered into under section 22 does not exceed the amount prescribed for the purposes of this paragraph.
 (2) A contingent liability under a contract entered into, or a guarantee given, in accordance with an approval or direction under Part 5 is to be disregarded for the purposes of subsection (1) to the extent that the liability would be borne by the Commonwealth.