|
An Act to provide for the payment out of
money provided by Parliament or into the Consolidated Fund of sums
referable to reinsurance liabilities entered into by the Secretary of
State in respect of loss or damage to property resulting from or
consequential upon acts of terrorism and losses consequential on such loss
or damage. |
| |
[27th May 1993]
|
|
Be it enacted by the Queen's most
Excellent Majesty, by and with the advice and consent of the Lords
Spiritual and Temporal, and Commons, in this present Parliament assembled,
and by the authority of the same, as follows:— |
Financing of
reinsurance obligations of the Secretary of State.
|
1.—(1) There
shall be paid out of money provided by Parliament such sums as may be
necessary to enable the Secretary of State to meet his obligations under—
(a) any agreement of reinsurance which, with the consent
of the Treasury, is entered into (whether before or after the passing of
this Act) pursuant to arrangements to which this Act applies, or
(b) any guarantee which, with that consent, is entered
into (whether before or after that passing) pursuant to any such
agreement. (2) As soon as practicable
after the passing of this Act or, if it is later, after he enters into the
agreement or guarantee, the Secretary of State shall lay before each House
of Parliament a copy of any agreement or guarantee falling within
subsection (1) above.
(3) There shall
be paid into the Consolidated Fund any sums received by the Secretary of
State pursuant to any arrangements to which this Act applies. |
Reinsurance
arrangements to which this Act applies.
|
2.—(1) This
Act applies to arrangements under which the Secretary of State, with the
consent of the Treasury, undertakes to any extent the liability of
reinsuring risks against—
(a) loss of or damage to property in Great Britain
resulting from or consequential upon acts of terrorism; and
(b) any loss which is consequential on loss or damage
falling within paragraph (a) above; and to the extent that the
arrangements relate to events occurring before as well as after an
agreement of reinsurance comes into being, the reference in section 1(1)
above to the obligations of the Secretary of State shall be construed
accordingly.
(2) In this section "acts
of terrorism" means acts of persons acting on behalf of, or in connection
with, any organisation which carries out activities directed towards the
overthrowing or influencing, by force or violence, of Her Majesty's
government in the United Kingdom or any other government de jure or de
facto.
(3) In subsection (2) above
"organisation" includes any association or combination of persons. |
Citation and
extent.
|
3.—(1) This
Act may be cited as the Reinsurance (Acts of Terrorism) Act
1993.
(2) This Act does not extend to
Northern Ireland. |
