In a bid to ensure that Australians remain financially protected from acts of terrorism, the Turnbull government has commenced the 2018 review of the Terrorism Insurance Act 2003 – a move welcomed by the Australian Reinsurance Pool Corporation (ARPC).
The act established a scheme for replacement terrorism insurance coverage for commercial property, associated business interruption, and public liability claims, as well as the ARPC as a statutory authority to administer the scheme.
The review, undertaken every three years, will assess the need for the scheme to continue to operate. It will be delivered to the government by the end of the year and will cover the following issues:
The review will also tackle the following emerging issues:
ARPC said it will support the review, including answering stakeholder queries and connecting stakeholders to the Treasury if they wish to provide input to the review.
“I am very pleased to welcome the 2018 triennial review terms of reference and look forward to supporting the Treasury in undertaking this important work,” said Christopher Wallace, ARPC chief executive. “The four previous triennial reviews of the ARPC Scheme have ensured that the scheme remains fit for purpose.”
Stakeholders are urged to write their submissions on the issues raised in the terms of reference by June 30.