Commonwealth Consolidated Acts Commonwealth Consolidated ActsIn this Act, unless the contrary intention appears:
"APRA" means the Australian Prudential Regulation Authority.
"Australia" includes Norfolk Island.
Note: See also section 2B of the Acts Interpretation Act 1901 (which provides that in any Act Australia includes the Territory of Christmas Island and the Territory of Cocos (Keeling) Islands) and section 15B of the Acts Interpretation Act 1901 (which includes the coastal sea).
"body corporate" for a strata or community title development has the meaning prescribed by the regulations.
"Bureau" means the Commonwealth Bureau of Meteorology.
"claims period" for a cyclone event means the period:
(a) starting on the day, and at the time, specified under paragraph 8F(1)(a) for the cyclone event; and
(b) ending on the day, and at the time, specified under paragraph 8F(2)(c) for the cyclone event.
"Corporation" means the Australian Reinsurance Pool Corporation established by section 9.
"cyclone" has the meaning prescribed by the regulations.
"cyclone event" means a cyclone event declared under subsection 8F(1) in relation to a cyclone.
"cyclone reinsurance contract" means a contract of reinsurance that the Corporation enters into as reinsurer under Part 2A.
"cyclone reinsurance scheme" means:
(a) the scheme operated by the Corporation in performing its function under paragraph 10(b) (cyclone and related flood damage reinsurance); and
(b) any other activities the Corporation undertakes for the purposes of performing that function.
"declared terrorist incident" means an act or acts declared under section 6 to be a declared terrorist incident.
"eligible cyclone loss" has the meaning given by section 8C.
"eligible insurance contract" has the meaning given by section 7.
"eligible property" means the following property that is located in Australia:
(a) buildings (including fixtures) or other structures or works on, in or under land;
(b) tangible property that is located in, or on, property to which paragraph (a) applies;
(c) any other property prescribed by the regulations.
Note: Roads, tunnels, dams and pipelines are examples of eligible property.
"eligible terrorism loss" means a loss or liability arising from a declared terrorist incident, but does not include a loss or liability arising from the hazardous properties (including radioactive, toxic or explosive properties) of nuclear fuel, nuclear material or nuclear waste.
"end" , in relation to a cyclone, has the meaning prescribed by the regulations.
"excess" means an amount of an insurance claim that is to be paid or borne by the insured.
"Finance Minister" means the Minister administering the Public Governance, Performance and Accountability Act 2013 .
"financial year" of a general insurer means a financial year of the insurer determined under section 323D of the Corporations Act 2001 .
"general insurer" has the same meaning as in the Insurance Act 1973 .
"insurance business" has the same meaning as in the Insurance Act 1973 .
"Lloyd's underwriter" has the same meaning as in the Insurance Act 1973 .
"member" means a member of the Corporation, and includes the Chair.
"own" , in relation to property, includes:
(a) owning the property together with another person or other persons; and
(b) having an insurable interest in the property.
"pool insurance contract" has the meaning given by section 8B.
"reduction percentage" means a reduction percentage specified in a declaration under section 6, and includes such a percentage as varied under that section.
"reintensify" , in relation to a cyclone, has the meaning prescribed by the regulations.
"startup time" means the beginning of 1 July 2003.
strata or community title development has the meaning prescribed by the regulations.
"terrorist act" has the meaning given by section 100.1 of the Criminal Code .
"unauthorised foreign insurer" has the meaning prescribed by the regulations.
"unit" in a strata or community title development has the meaning prescribed by the regulations.