Clause 3

by deleting subsection (2) and substituting the following subsection:“(2) The requirement mentioned in subsection (1) is that there is in force a contract of insurance or other financial security —

that is contracted with, or provided by, an approved financial security provider;

that is adequate to ensure that the shipowner will be able to meet any liabilities the shipowner may have —

arising from the shipowner’s obligation to repatriate a seafarer; or

to provide compensation in the event of death or long‑term disability to seafarers arising from occupational injury, illness or hazard; and

that contains such terms and conditions, and meets such other requirements, as may be prescribed.”;

by deleting the words “subsection (2)” in subsection (3) and substituting the words “subsection (2)(b)”;

by deleting the words “section 23 of” in subsection (3)(b); and

by inserting, immediately after subsection (4), the following subsection:“(5) In this section, “approved financial security provider” means a provider of insurance or other financial security that has been approved by the Director under section 34A for the purposes of this section.”.