Commonwealth Consolidated Acts

TERRORISM AND CYCLONE INSURANCE ACT 2003

TABLE OF PROVISIONS

           Long Title

   PART 1--PRELIMINARY

   1.      Short title  
   2.      Commencement  
   3.      Definitions  
   4.      Act extends to things outside Australia  
   5.      Application to the Commonwealth  

   PART 2--INSURANCE--FOR TERRORISM RISKS

   6.      Declared terrorist incidents  
   7.      Eligible insurance contracts  
   8.      Effect of terrorism exclusions in eligible insurance contracts  

   PART 2A--CYCLONE--AND RELATED FLOOD DAMAGE REINSURANCE POOL

   8A.     When cyclone risks must be reinsured with the Corporation  
   8B.     Definition of pool insurance contract  
   8C.     Definition of eligible cyclone loss  
   8D.     Setting reinsurance premiums  
   8E.     Bureau to notify the Corporation when cyclone begins and ends  
   8F.     Declarations about cyclone events  

   PART 3--AUSTRALIAN--REINSURANCE POOL CORPORATION

           Division 1--Establishment, functions and powers of the Corporation

   9.      Establishment of Corporation  
   10.     Functions of Corporation  
   11.     Powers of Corporation  
   12.     Constitution of Corporation  

           Division 2--Administrative provisions about members and observers

   13.     Appointment of members  
   14.     Acting Chair  
   15.     Additional terms and conditions of appointment of members  
   16.     Outside employment of members  
   17.     Remuneration and allowances of members  
   18.     Leave of absence  
   19.     Resignation  
   20.     Termination of appointment of members  
   20A.    Observers  

           Division 3--Meetings of the Corporation

   21.     Times and places of meetings  
   22.     Procedure at meetings  
   23.     Resolutions without meetings  

           Division 4--Chief Executive

   24.     Chief Executive  
   25.     Duties of the Chief Executive  
   26.     Termination of appointment  
   27.     Acting appointments  
   28.     Additional terms and conditions of appointment of Chief Executive  
   29.     Outside employment of Chief Executive  
   30.     Leave of absence  
   31.     Resignation  

           Division 5--Employees and consultants

   32.     Employees  
   33.     Consultants  

           Division 5A--Reviewing actuary

   33A.    Nomination of reviewing actuary  
   33B.    Duties of reviewing actuary  
   33C.    Corporation to assist reviewing actuary  

           Division 6--Finances

   34.     Application of money  
   35.     Commonwealth guarantee: payments otherwise than under cyclone reinsurance contracts  
   35A.    Commonwealth guarantee: payments under cyclone reinsurance contracts  
   36.     Liability to taxation  
   37.     Appropriation of Consolidated Revenue Fund  

           Division 7--Miscellaneous

   38.     Minister may give directions to Corporation  
   39.     Evidence--Corporation's seal  
   40.     Delegation by Corporation  

   PART 4--MISCELLANEOUS

   40A.    Annual Financial Outlook Report  
   41.     Review of Act  
   42.     Compensation--constitutional safety net  
   43.     Regulations