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