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Terrorism and Cyclone Insurance Act 2003

No. 43, 2003

Compilation No. 11

Compilation date: 1 March 2024

                Includes amendments: Act No. 76, 2023

Registered: 4 March 2024

About this compilation

This compilation

This is a compilation of the Terrorism and Cyclone Insurance Act 2003 that shows the text of the law as amended and in force on 1 March 2024 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents
Part 1—Preliminary
1 Short title
2 Commencement
3 Definitions
4 Act extends to things outside Australia
5 Application to the Commonwealth
Part 2—Insurance for terrorism risks
6 Declared terrorist incidents
7 Eligible insurance contracts
8 Effect of terrorism exclusions in eligible insurance contracts
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
Part 3—Australian Reinsurance Pool Corporation
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
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