Contents

Part 1--Preliminary                                                                                                              1

1............ Short title [see Note 1] ........................................................................ 1

2............ Commencement [see Note 1] .............................................................. 1

3............ Definitions .......................................................................................... 1

4............ Act extends to things outside Australia ............................................... 2

5............ Meaning of terrorist act ...................................................................... 2

Part 2--Insurance for terrorism risks                                                                        4

6............ Declared terrorist incidents .................................................................. 4

7............ Eligible insurance contracts ................................................................. 5

8............ Effect of terrorism exclusions in eligible insurance contracts .............. 5

Part 3--Australian Reinsurance Pool Corporation                                           7

Division 1--Establishment, functions and powers of the Corporation    7

9............ Establishment of Corporation .............................................................. 7

10.......... Functions of Corporation .................................................................... 7

11.......... Powers of Corporation ........................................................................ 7

12.......... Constitution of Corporation ................................................................ 7

Division 2--Administrative provisions about members                              9

13.......... Appointment of members .................................................................... 9

14.......... Acting Chair ........................................................................................ 9

15.......... Additional terms and conditions of appointment of members ............. 9

16.......... Outside employment of members ........................................................ 9

17.......... Remuneration and allowances of members ....................................... 10

18.......... Leave of absence ............................................................................... 10

19.......... Resignation ....................................................................................... 10

20.......... Termination of appointment of members ........................................... 10

Division 3--Meetings of the Corporation                                                         12

21.......... Times and places of meetings ............................................................ 12

22.......... Procedure at meetings ....................................................................... 12

23.......... Resolutions without meetings ........................................................... 12

Division 4--Chief Executive                                                                                    14

24.......... Chief Executive ................................................................................. 14

25.......... Duties of the Chief Executive ............................................................ 14

26.......... Termination of appointment .............................................................. 14

27.......... Acting appointments ......................................................................... 14

28.......... Additional terms and conditions of appointment of Chief Executive . 15

29.......... Outside employment of Chief Executive ........................................... 15

30.......... Leave of absence ............................................................................... 15

31.......... Resignation ....................................................................................... 15

Division 5--Employees and consultants                                                            16

32.......... Employees ......................................................................................... 16

33.......... Consultants ....................................................................................... 16

Division 6--Finances                                                                                                    17

34.......... Application of money ........................................................................ 17

35.......... Commonwealth guarantee ................................................................. 17

36.......... Liability to taxation ............................................................................ 17

37.......... Appropriation of Consolidated Revenue Fund .................................. 17

Division 7--Miscellaneous                                                                                        18

38.......... Minister may give directions to Corporation ..................................... 18

39.......... Evidence--Corporation's seal ........................................................... 19

40.......... Delegation by Corporation ................................................................ 19

Part 4--Miscellaneous                                                                                                        20

41.......... Review of Act ................................................................................... 20

42.......... Compensation--constitutional safety net .......................................... 20

43.......... Regulations ....................................................................................... 20

Notes                                                                                                                                              23

An Act relating to insurance cover for terrorist acts, and to other matters

  

Notes to the Terrorism Insurance Act 2003

Note 1

The Terrorism Insurance Act 2003 as shown in this compilation comprises Act No. 43, 2003 amended as indicated in the Tables below.

For all relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Terrorism Insurance Act 2003	43, 2003	24 June 2003	24 June 2003
Acts Interpretation Amendment Act 2011	46, 2011	27 June 2011	Schedule 2 (items 1143-1148) and Schedule 3 (items 10, 11): 27 Dec 2011	Sch. 3 (items 10, 11)

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted
Provision affected	How affected
Part 1
S. 3......................................	am. No. 46, 2011
Part 3
Division 2
S. 14....................................	am. No. 46, 2011
Note to s. 14.......................	ad. No. 46, 2011
Division 4
S. 27....................................	am. No. 46, 2011
Notes to s. 27(1), (2).........	ad. No. 46, 2011

Table A

Application, saving or transitional provisions

Acts Interpretation Amendment Act 2011 (No. 46, 2011)

Schedule 3

10  Saving--appointments

The amendments made by Schedule 2 do not affect the validity of an appointment that was made under an Act before the commencement of this item and that was in force immediately before that commencement.

11  Transitional regulations

The Governor-General may make regulations prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments and repeals made by Schedules 1 and 2.