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Terrorism Insurance Bill 2003

 

 

 

 

 

 

Terrorism Insurance Act 2003

 

No. 43, 2003

 

 

 

 

 

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

   

   

   



Contents

Part 1—Preliminary                                                                                                                1

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 2

3............ Definitions.......................................................................................... 2

4............ Act extends to things outside Australia.............................................. 3

5............ Meaning of terrorist act ...................................................................... 3

Part 2—Insurance for terrorism risks                                                                          5

6............ Declared terrorist incidents................................................................. 5

7............ Eligible insurance contracts................................................................. 6

8............ Effect of terrorism exclusions in eligible insurance contracts............. 7

Part 3—Australian Reinsurance Pool Corporation                                               9

Division 1—Establishment, functions and powers of the Corporation 9

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

10.......... Functions of Corporation................................................................... 9

11.......... Powers of Corporation....................................................................... 9

12.......... Constitution of Corporation............................................................... 9

Division 2—Administrative provisions about members                           11

13.......... Appointment of members................................................................ 11

14.......... Acting Chair...................................................................................... 11

15.......... Additional terms and conditions of appointment of members......... 12

16.......... Outside employment of members.................................................... 12

17.......... Remuneration and allowances of members....................................... 12

18.......... Leave of absence............................................................................... 12

19.......... Resignation....................................................................................... 12

20.......... Termination of appointment of members......................................... 12

Division 3—Meetings of the Corporation                                                        14

21.......... Times and places of meetings........................................................... 14

22.......... Procedure at meetings....................................................................... 14

23.......... Resolutions without meetings.......................................................... 15

Division 4—Chief Executive                                                                                   16

24.......... Chief Executive................................................................................. 16

25.......... Duties of the Chief Executive........................................................... 16

26.......... Termination of appointment............................................................ 16

27.......... Acting appointments........................................................................ 16

28.......... Additional terms and conditions of appointment of Chief Executive 17

29.......... Outside employment of Chief Executive.......................................... 17

30.......... Leave of absence............................................................................... 17

31.......... Resignation....................................................................................... 18

Division 5—Employees and consultants                                                           19

32.......... Employees........................................................................................ 19

33.......... Consultants....................................................................................... 19

Division 6—Finances                                                                                                   20

34.......... Application of money...................................................................... 20

35.......... Commonwealth guarantee................................................................. 20

36.......... Liability to taxation.......................................................................... 20

37.......... Appropriation of Consolidated Revenue Fund................................ 20

Division 7—Miscellaneous                                                                                       21

38.......... Minister may give directions to Corporation................................... 21

39.......... Evidence—Corporation’s seal.......................................................... 22

40.......... Delegation by Corporation............................................................... 22

Part 4—Miscellaneous                                                                                                        23

41.......... Review of Act................................................................................... 23

42.......... Compensation—constitutional safety net........................................ 23

43.......... Regulations....................................................................................... 23

 



 

 

 

Terrorism Insurance Act 2003

No. 43, 2003

 

 

 

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

[ Assented to 24 June 2003 ]

The Parliament of Australia enacts: