Terrorism and Cyclone Insurance (Payments) Direction 2024

I, Stephen Jones, Assistant Treasurer and Minister for Financial Services, give the following direction to the Australian Reinsurance Pool Corporation.

Dated     21 March 2024

Stephen Jones

Assistant Treasurer
Minister for Financial Services

Contents

Part 1—Preliminary

1  Name 

2  Commencement

3  Authority

4  Definitions

Part 2—Direction to make payments

5  Payments to the Commonwealth

Part 1—Preliminary

1  Name

  This instrument is the Terrorism and Cyclone Insurance (Payments) Direction 2024.

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Note: This table relates only to the provisions of this instrument as originally made.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 and Cyclone Insurance Act 2003.

4  Definitions

Note: Expressions have the same meaning in this instrument as in the Terrorism and Cyclone Insurance Act 2003 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.

  In this instrument:

the Act means the Terrorism and Cyclone Insurance Act 2003.

Part 2—Direction to make payments

5  Payments to the Commonwealth

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

 (a) $55 million, as a guarantee fee;

 (b) $35 million, as a capital holding fee.

 (2) The payments are to be made to the Commonwealth on or before 31 March 2024 by electronic transfer to:

  Account name—Department of the Treasury Official Administered Receipts Account
BSB—092-009
Account Number—918 379