Closure of the HIH Claims Support Scheme
The Minister for Revenue and Assistant Treasurer, Senator the Hon Helen Coonan, has announced that the HIH Claims Support Scheme will close to new applications with effect from Friday 27 February 2004. Details of the Minister’s announcement can be obtained from Press Release 82/03.
On 21 May 2001, the Commonwealth Government announced the details of a support scheme to assist Australians suffering financial hardship as a result of the collapse of HIH Insurance group of companies. The Commonwealth has provided funding for the Scheme, which is administered by HIH Claims Support Limited (HCSL), a wholly owned subsidiary of the Insurance Council of Australia.
Until 30 June 2003 the Scheme had processed over 12 000 applications, paying out close to $245 million in claims.
Over time the number of applications received by HCSL has been steadily declining to the point where the Government has decided that after 27 February 2004 the Scheme will be closed to new applications.
There will be a facility for policyholders to make a late application where a relevant fact relating to the policyholder's right to claim under an insurance policy issued by a company in the HIH Group was not known by the policyholder until after the cut off date of 27 February 2004.
Closure of the Scheme to new applications will not affect the processing of existing applications and claims already received by HCSL.
Further information can be obtained from the HCSL website www.hihsupport.com.au
or call toll free 1800 055 544.