The new Cyclone Reinsurance Pool Taskforce commenced by the Treasury is seeking feedback from the insurance industry, community representatives, and interested stakeholders on the reinsurance pool's final design.
On May 04, the government announced that it will establish a reinsurance pool for cyclones and related flood damage, commencing from July 01, 2022. It will also back the pool with a $10 billion guarantee.
The reinsurance pool, to be administered by the Australian Reinsurance Pool Corporation (ARPC), will cover residential, strata, and small business property insurance policies in cyclone-prone areas – mainly in Northern Australia.
The ARPC urges stakeholders to register on the taskforce's webpage for updates and participate in the consultation process, which is open for submissions until June 18, 2021.
“While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted,” the Treasury said.
All information in the submissions will be available to the public on the Treasury website unless the respondents would like their submission to remain in confidence. However, automatically generated confidentiality statements in emails do not suffice for this purpose.
Therefore, those who want part of their submission to remain in confidence must provide information marked as such in a separate attachment.
“Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission,” the Treasury said.
