Terrorism Insurance (Payments) Direction 2019

Dated        20 January 2019

Stuart Robert

Contents

Part 1—Preliminary                                                                                                      1

1  Name........................................................................................................................................ 1

2  Commencement........................................................................................................................ 1

3  Authority.................................................................................................................................. 1

4  Definitions................................................................................................................................ 1

Part 2—Direction to make payments                                                                           2

5  Payments to the Commonwealth.............................................................................................. 2

Part 1—Preliminary

1  Name

                   This instrument is the Terrorism Insurance (Payments) Direction 2019.

2  Commencement

             (1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

                   This instrument is made under the Terrorism Insurance Act 2003.

4  Definitions

                   In this instrument:

Act means the Terrorism Insurance Act 2003.

Part 2—Direction to make payments

5  Payments to the Commonwealth

             (1)  Under section 38 of the Act, Australian Reinsurance Pool Corporation is directed to make the following payments to the Commonwealth:

                     (a)  $90 million, as a combined fee; and

                     (b)  $10 million, as a temporary dividend.

             (2)  The payments are to be made to the Commonwealth on or before 31 March 2019 by electronic transfer to:

                   Department of the Treasury Official Administered Receipts Account
BSB:  092‑009
Account Number:  918 379