Commonwealth Consolidated Acts Commonwealth Consolidated ActsA person commits a separate contravention of this section for each calendar year during all or part of which the person fails to comply with subsection 8A(1) of the Terrorism and Cyclone Insurance Act 2003 .
Note: That subsection requires most general insurers to reinsure specified cyclone risks with the Australian Reinsurance Pool Corporation. It also applies to syndicates of Lloyd's underwriters, and to unauthorised foreign insurers, who choose to reinsure such risks with the Corporation.
Civil penalty: 1,000 penalty units.