Terrorism Insurance Amendment Regulation 2013 (No. 1)

Select Legislative Instrument No. 193, 2013

I, Quentin Bryce AC CVO, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation under the Terrorism Insurance Act 2003.

Dated 25 July 2013

Quentin Bryce

Governor‑General

By Her Excellency’s Command

David Bradbury

Assistant Treasurer

Contents

1 Name of regulation

2 Commencement

3 Authority

4 Schedule(s)

Schedule 1—Amendments

Terrorism Insurance Regulations 2003

1  Name of regulation

  This regulation is the Terrorism Insurance Amendment Regulation 2013 (No. 1).

2  Commencement

  This regulation commences on 26 July 2013.

3  Authority

  This regulation is made under the Terrorism Insurance Act 2003.

4  Schedule(s)

  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

Terrorism Insurance Regulations 2003

1  After regulation 5

Insert:

6  Functions of Corporation

  For paragraph 10(b) of the Act, a function of the Corporation is to:

 (a) assist and support the National Insurance Affordability Initiative; and

 (b) assist and support the National Insurance Affordability Council in performing its functions as outlined in the Council’s Terms of Reference.

Note: When this regulation commenced, the National Insurance Affordability Initiative was administered by the Treasury portfolio.