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ISSN 1328-8091 Parliament of Australia Departmentof Parliamentary Services Contents Purpose .................................................................................................................................................... 2 Background .............................................................................................................................................. 2 Summer of natural disasters ............................................................................................................... 2 Problems with insurance .................................................................................................................... 3 Use of the term ‘flooding’ .............................................................................................................. 3 Previous moves towards standard definitions ......................................................................... 4 Insurance contracts and ‘unfairness’ ............................................................................................. 4 Lack of flood insurance

ISSN 1328-8091 Parliament of Australia Departmentof Parliamentary Services Contents Purpose .................................................................................................................................................... 2 Background .............................................................................................................................................. 3 Committee consideration ................................................................................................................... 4 Main issues............................................................................................................................................... 4 Is a levy the best solution? ................................................................................................................. 4 Reinsurance/Commonwealth-State Natural Disaster Relief and Recovery Arrangements (NDRRA) .......................................................................................................................................... 10 Superannuation ................................................................................................................................ 11 Do the circumstances in which a taxpayer