Export Payments Insurance Corporation
EPIC
1957 – 1975
Renamed Export Finance and Insurance Corporation in 1975.
Statutory corporation that insured Australian exporters against the commercial and political risks of not being paid by overseas buyers; Australia's first government export credit agency.
Names over time
- Export Payments Insurance Corporation1957–1975
- Export Finance and Insurance Corporation1975–1986
How it came into existence
Established as a statutory corporation under the Export Payments Insurance Corporation Act 1956 and began business in 1957 in the Department of Trade portfolio. It had no Commonwealth predecessor.
Legislation: Export Payments Insurance Corporation Act 1956
Changes during its life
- 17 December 1963Moved to the Department of Trade and Industry portfolio.
- 19 December 1972Moved to the Department of Overseas Trade portfolio.
How it ended
Continued in 1975 as the Export Finance and Insurance Corporation under the Export Finance and Insurance Corporation Act 1974, which added export finance powers to its insurance business.
- Export credit insurance
- Political risk insurance
The 1974 Act continued the corporation under its new name with added finance powers.
Main functions
- Export credit insurance against buyer default
- Insurance against political risks such as transfer restrictions and war
- Guarantees to banks financing exports
- Insurance written on the government's account in the national interest
Where it sits
Last in the portfolio of Department of Overseas Trade.
Lineage
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Sources
Some dates or links for this organisation are not fully confirmed. Corrections are welcome.