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Terrorism and Cyclone Insurance Act 2003
No. 43, 2003
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Department of the Treasury
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C2025C00633 C12
08 November 2025
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Part 1—Preliminary
1 Short title
2 Commencement
3 Definitions
4 Act extends to things outside Australia
5 Application to the Commonwealth
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Part 2—Insurance for terrorism risks
6 Declared terrorist incidents
7 Eligible insurance contracts
8 Effect of terrorism exclusions in eligible insurance contracts
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Part 2A—Cyclone and related flood damage reinsurance pool
8A When cyclone risks must be reinsured with the Corporation
8B Definition of pool insurance contract
8C Definition of eligible cyclone loss
8D Setting reinsurance premiums
8E Bureau to notify the Corporation when cyclone begins and ends
8F Declarations about cyclone events
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Part 3—Australian Reinsurance Pool Corporation
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Division 1—Establishment, functions and powers of the Corporation
9 Establishment of Corporation
10 Functions of Corporation
11 Powers of Corporation
12 Constitution of Corporation
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Division 2—Administrative provisions about members and observers
13 Appointment of members
14 Acting Chair
15 Additional terms and conditions of appointment of members
16 Outside employment of members
17 Remuneration and allowances of members
18 Leave of absence
19 Resignation
20 Termination of appointment of members
20A Observers
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Division 3—Meetings of the Corporation
21 Times and places of meetings
22 Procedure at meetings
23 Resolutions without meetings
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Division 4—Chief Executive
24 Chief Executive
25 Duties of the Chief Executive
26 Termination of appointment
27 Acting appointments
28 Additional terms and conditions of appointment of Chief Executive
29 Outside employment of Chief Executive
30 Leave of absence
31 Resignation
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Division 5—Employees and consultants
32 Employees
33 Consultants
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Division 5A—Reviewing actuary
33A Nomination of reviewing actuary
33B Duties of reviewing actuary
33C Corporation to assist reviewing actuary
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Division 6—Finances
34 Application of money
35 Commonwealth guarantee: payments otherwise than under cyclone reinsurance contracts
35A Commonwealth guarantee: payments under cyclone reinsurance contracts
36 Liability to taxation
37 Appropriation of Consolidated Revenue Fund
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Division 7—Miscellaneous
38 Minister may give directions to Corporation
39 Evidence—Corporation’s seal
40 Delegation by Corporation
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Part 4—Miscellaneous
40A Annual Financial Outlook Report
41 Review of Act
42 Compensation—constitutional safety net
43 Regulations
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
