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Terrorism Insurance Act Review: Exposure Drafts

Date:

Friday, 8 December 2006

Content ID:

1204

Abstract:

The Australian Government established a terrorism insurance scheme to minimise the wider economic impacts that flowed from the withdrawal of terrorism insurance in the wake of the terrorist attacks in the United States of America on 11 September 2001.  Australia’s terrorism insurance scheme commenced on 1 July 2003.

The Treasurer released a report on the Terrorism Insurance Act 2003 (the Act) in September 2006.  The report meets the statutory requirement that a review is completed every three years.  The report reviews the need for the Act to continue operating and recommends refinements to the scheme established under the Act.  The Australian Government has agreed to all of the report’s recommendations.

The Treasury has prepared draft amendments to the Terrorism Insurance Regulations 2003, draft ministerial directions and a draft regulation impact statement to implement the report’s recommendations.

The Treasury seeks submissions commenting on these draft documents by 15 January 2007.

Submissions should be sent to:

Treasury
Insurance Access and Pricing Unit
Attn: Terrorism Insurance Act Review
Langton Crescent
CANBERRA  ACT  2600

Fax: 02 6263 3866

Email: tiareview@treasury.gov.au

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Terrorism Insurance Act Review Regulation Impact Statement (Consultation Draft 8 December 2006)  1,541.54kb
Terrorism Insurance Amendment Regulations 2007 (Consultation Draft 8 December 2006)  14.20kb
Treasurer to ARPC (Premiums) Direction (Consultation Draft 8 December 2006)  248.27kb
Treasurer to ARPC (Risk Retention) Direction (Consultation Draft 8 December 2006)  32.97kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Terrorism Insurance Act Review Regulation Impact Statement (Consultation Draft 8 December 2006)  1,498.24kb
Treasurer to ARPC (Premiums) Direction (Consultation Draft 8 December 2006)  862.53kb
Treasurer to ARPC (Risk Retention) Direction (Consultation Draft 8 December 2006)  152.30kb

Related Items:

Terrorism Insurance Act Review: 2006 - 15/09/2006
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