Commonwealth Consolidated Acts Commonwealth Consolidated ActsNo. 43, 2003
Compilation date: 1 March 2024
Includes amendments: Act No. 76, 2023
Registered: 4 March 2024
About this compilation
This compilation
This is a compilation of the Terrorism and Cyclone Insurance Act 2003 that shows the text of the law as amended and in force on 1 March 2024 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.
Self-repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
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
Endnotes
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
Abbreviation key--Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history--Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.
If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to the amendment history.
ad = added or inserted | o = order(s) |
am = amended | Ord = Ordinance |
amdt = amendment | orig = original |
c = clause(s) | par = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub-subparagraph(s) |
Ch = Chapter(s) | pres = present |
def = definition(s) | prev = previous |
Dict = Dictionary | (prev ... ) = previously |
disallowed = disallowed by Parliament | Pt = Part(s) |
Div = Division(s) | r = regulation(s)/rule(s) |
ed = editorial change | reloc = relocated |
exp = expires/expired or ceases/ceased to have | renum = renumbered |
effect | rep = repealed |
F = Federal Register of Legislation | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = Legislation Act 2003 | Sch = Schedule(s) |
Sdiv = Subdivision(s) | |
(md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
effect | SR = Statutory Rules |
(md not incorp) = misdescribed amendment | Sub-Ch = Sub-Chapter(s) |
cannot be given effect | SubPt = Subpart(s) |
mod = modified/modification | underlining = whole or part not |
No. = Number(s) | commenced or to be commenced |
Endnote 3--Legislation history
Act | Number and year | Assent | Commencement | Application, saving and transitional provisions |
43, 2003 | 24 June 2003 | 24 June 2003 (s 2) |
| |
46, 2011 | 27 June 2011 | Sch 2 (items 1143-1148) and Sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 11, 12) | Sch 3 (items 10, 11) | |
62, 2014 | 30 June 2014 | Sch 12 (items 209-212) and Sch 14: 1 July 2014 (s 2(1) items 6, 14) | Sch 14 | |
as amended by |
|
|
|
|
Public Governance and Resources Legislation Amendment Act (No. 1) 2015 | 36, 2015 | 13 Apr 2015 | Sch 2 (items 7-9) and Sch 7: 14 Apr 2015 (s 2) | Sch 7 |
as amended by |
|
|
|
|
Acts and Instruments (Framework Reform) (Consequential Provisions) Act 2015 | 126, 2015 | 10 Sept 2015 | Sch 1 (item 486): 5 Mar 2016 (s 2(1) item 2) | -- |
Acts and Instruments (Framework Reform) (Consequential Provisions) Act 2015 | 126, 2015 | 10 Sept 2015 | Sch 1 (item 495): 5 Mar 2016 (s 2(1) item 2) | -- |
Counter-Terrorism Legislation Amendment (Foreign Fighters) Act 2014 | 116, 2014 | 3 Nov 2014 | Sch 1 (items 140-143): 1 Dec 2014 (s 2(1) item 2) | Sch 1 (item 143) |
Public Governance and Resources Legislation Amendment Act (No. 1) 2015 | 36, 2015 | 13 Apr 2015 | Sch 6 (item 30) and Sch 7: 14 Apr 2015 (s 2) | Sch 7 |
as amended by |
|
|
|
|
Acts and Instruments (Framework Reform) (Consequential Provisions) Act 2015 | 126, 2015 | 10 Sept 2015 | Sch 1 (item 486): 5 Mar 2016 (s 2(1) item 2) | -- |
Treasury Laws Amendment (2016 Measures No. 1) Act 2017 | 25, 2017 | 4 Apr 2017 | Sch 1: 1 July 2017 (s 2(1) item 2) | Sch 1 (item 2) |
Home Affairs and Integrity Agencies Legislation Amendment Act 2018 | 31, 2018 | 9 May 2018 | Sch 2 (items 240, 241, 284): 11 May 2018 (s 2(1) items 3, 7) | Sch 2 (item 284) |
Treasury Laws Amendment (2019 Measures No. 3) Act 2020 | 64, 2020 | 22 June 2020 | Sch 3 (items 322-326): 1 Oct 2020 (s 2(1) item 6) | Sch 3 (items 325, 326) |
Treasury Laws Amendment (Cyclone and Flood Damage Reinsurance Pool) Act 2022 | 13, 2022 | 31 Mar 2022 | Sch 1 (items 2-30): 31 Mar 2022 (s 2(1) item 1) | Sch 1 (items 27-30) |
Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 | 76, 2023 | 20 Sept 2023 | Sch 4 (item 136): 1 Mar 2024 (s 2(1) item 17) | -- |
Provision affected | How affected |
Part 1 |
|
Title.................... | am No 13, 2022 |
s 1..................... | rs No 13, 2022 |
s 3..................... | am No 46, 2011; No 116, 2014; No 13, 2022; No 76, 2023 |
s 5..................... | rep No 116, 2014 |
| ad No 13, 2022 |
Part 2 |
|
s 6..................... | am No 31, 2018; No 64, 2020 |
s 8..................... | am No 116, 2014; No 25, 2017 |
Part 2A |
|
Part 2A.................. | ad No 13, 2022 |
s 8A.................... | ad No 13, 2022 |
s 8B.................... | ad No 13, 2022 |
s 8C.................... | ad No 13, 2022 |
s 8D.................... | ad No 13, 2022 |
s 8E.................... | ad No 13, 2022 |
s 8F.................... | ad No 13, 2022 |
Part 3 |
|
Division 1 |
|
s 10.................... | am No 13, 2022 |
s 11.................... | am No 13, 2022 |
s 12.................... | am No 13, 2022 |
Division 2 |
|
Division 2 heading.......... | rs No 13, 2022 |
s 14.................... | am. No. 46, 2011 |
s 20.................... | am No 62, 2014 |
s 20A................... | ad No 13, 2022 |
Division 3 |
|
s 22.................... | am No 62, 2014 |
Division 4 |
|
s 27.................... | am No 46, 2011 |
s 31.................... | am No 36, 2015 |
Division 5A |
|
Division 5A............... | ad No 13, 2022 |
s 33A................... | ad No 13, 2022 |
s 33B................... | ad No 13, 2022 |
s 33C................... | ad No 13, 2022 |
Division 6 |
|
s 34.................... | am No 62, 2014 |
s 35.................... | am No 13, 2022 |
s 35A................... | ad No 13, 2022 |
s 37.................... | am No 13, 2022 |
Division 7 |
|
s 38.................... | am No 64, 2020; No 13, 2022 |
s 40.................... | am No 13, 2022 |
Part 4 |
|
s 40A................... | ad No 13, 2022 |
s 41.................... | rs No 13, 2022 |