Document ID: chunk:federal_register_of_legislation:C2022A00013:clause:1_27
Version: federal_register_of_legislation:C2022A00013
Segment Type: clause
Provision Reference: sch 1 cl 27
Character Range: 28442–29477

27  Application of section 8A of the Terrorism and Cyclone Insurance Act 2003
(1) Subsections 8A(1) to (3) and (5) to (8) of the Terrorism and Cyclone Insurance Act 2003, as inserted by item 9 of this Schedule, apply to a general insurer from the start of:
 (a) unless paragraph (b) applies—the 2024 calendar year; or
 (b) if the total gross written premiums for the householders class of direct business, as reported to APRA:
 (i) under the reporting standard prescribed for the purposes of subsection 8A(6) of that Act, as so inserted; and
 (ii) in respect of the last financial year of the insurer to end before 31 December 2022;
  is less than $300 million—the 2025 calendar year.
(2) The following provisions of the Terrorism and Cyclone Insurance Act 2003, as inserted by item 9 of this Schedule, apply in relation to a Lloyd's underwriter or unauthorised foreign insurer from the start of the 2024 calendar year:
 (a) subsections 8A(9) and (10);
 (b) subsections 8A(1) to (3), as applying because of subsections 8A(9) and (10).