An update on the triennial review and the raising of the National Terrorism Public Alert level to high

19 Sep 2014 (Updated 23 September 2014)

Background

In our May 2014 Market Update, we highlighted that the Terrorism Insurance Act 2003 (TI Act) requires a review to be conducted at least once every three years that examines the need for the Act to continue in operation (the triennial review). This update provides our stakeholders information on the triennial review which is now underway.

Triennial review

As in previous years, The Treasury is responsible for undertaking the review and preparing a report to the Minister which is the Assistant Treasurer. The review will consider whether there is a need for the Act to continue in operation (which is a requirement of the TI Act), ownership options for ARPC, design of the scheme and evaluating gaps in coverage of the scheme. The full terms of reference are now included on page two of this Market Update.

The Treasury has engaged an expert external consultant, Pottinger (www.pottinger.com), to assist them in undertaking the triennial review. 

Pottinger are a strategy and transactions advisory firm with experience advising The Treasury as well as insurance sector and financial services companies. ARPC is supporting both Treasury and Pottinger with the review process.

Reports for the three previous triennial reviews are available on ARPC’s website.