Australian Reinsurance Pool Corporation (ARPC) has welcomed the terms of reference for the 2018 Triennial Review of the Terrorism Insurance Act 2003 (TI Act), being undertaken by The Treasury.
The TI Act requires that a review be conducted at least once every three years on the need for the Act to continue in operation.
As in previous reviews, the 2018 Review will consider the need for the Act to continue and opportunities to improve the ARPC Scheme. This Review will also cover emerging risks such as cyber terrorism and coverage available for victims of terrorism. In addition, The Treasury will consider any other matters it deems important to the operation of the Scheme.
ARPC will support the review including answering any stakeholder questions and connecting stakeholders to The Treasury if they wish to provide input into 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,” says Dr Christopher Wallace, ARPC Chief Executive. “The four previous triennial reviews of the ARPC Scheme have ensured that the scheme remains fit for purpose,” he says.
Recommendations from the 2015 review have all been implemented. The Scheme’s coverage was extended to include certain mixed-use buildings and high value buildings and clarified coverage in the event of a Declared Terrorist Incident (DTI) which involves a biological or chemical substance.
As in previous years, The Treasury is responsible for undertaking the 2018 review and preparing a report for ARPC’s Minister, The Hon. Kelly O’ Dwyer MP, Minister for Revenue and Financial Services.
Key stakeholders are encouraged to make submissions through The Treasury process. For full details on the 2018 Triennial Review terms of reference and the process for making submissions to The Treasury, click here.
To view The Hon. Kelly O’Dwyer, Minister for Revenue and Financial Services’ Media Release, click here
ARPC media inquiries: Dr Christopher Wallace, ARPC Chief Executive Officer, P: + 61 2 8223 6777, E: [email protected]