Marine War Risks Act

Marginal note:Marine and Aviation War Risks Insurance Account

• 5 (1) There shall be established in the Consolidated Revenue Fund an account to be known as the Marine and Aviation War Risks Insurance Account, hereinafter referred to as the “Account”, to which shall be credited

  • (a) amounts equal to the premiums and other moneys received for or arising out of agreements for insurance or reinsurance entered into under this Act;

  • (b) all sums that are allocated to the Account from appropriations by Parliament; and

  • (c) amounts directed to be credited to the Account by the Minister under section 6.

• Marginal note:Payments

  (2) All payments of losses, costs, return of premiums or other moneys payable by the Minister under or arising out of agreements for insurance or reinsurance entered into under this Act and any other costs or expenses incurred in the administration of this Act shall be paid out of the Consolidated Revenue Fund.

• Marginal note:Charges

  (3) All moneys paid out of the Consolidated Revenue Fund under subsection (2) and all amounts directed to be charged to the Account by the Minister under section 6 shall be charged to the Account.