About ARPC

2020-21 Index

Acronyms and abbreviations

AASB Australian Accounting Standards Board
AGA Australian Government Actuary
AGD Attorney General’s Department
ANAO Australian National Audit Office
ANZIIF Australian and New Zealand Institute of Insurance and Finance
AMB A.M. BEST
APRA Australia Prudential Regulation Authority
APSC Australian Public Service Commission
ARPC Australian Reinsurance Pool Corporation
ASX Australian Stock Exchange
ATO Australian Taxation Office
CAE Chief Audit Executive
CBD Central business District
CEO Chief Executive Officer
CFO Chief Financial Officer
CIPMA Critical Infrastructure Protection Modelling and Analysis
COO Chief Operating Officer
CUO Chief Underwriting Officer
CY Calendar year
DTI Declared terrorist incident
FMO Finance Minister’s Orders
FOI Act Freedom of Information Act 1982
GA Geoscience Australia
GST Goods and services tax
GWP Gross written premium
HR Human resources
ILS Integrated Leadership System
IPS Information Publication Scheme
OECD Organisation for Economic Co-operation and Development
PGPA Public Governance, Performance and Accountability Act 2013
PID Public Interest Disclosure Act 2013
PMS Performance Management System
RBA Reserve Bank of Australia
RISe Reinsurance information system, ARPC’s client information management system
RMS Risk management strategy
S&P Standard and Poor’s
SES Senior executive staff
TI Act Terrorism Insurance Act 2003
WHS Act Work Health and Safety Act 2011
WHS Work Health and Safety
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Glossary

Aggregate sums insured The total of all a cedant’s property sums in a reporting zone, such as ARPC’s tiers.
Calendar year Refers to 1 January to 31 December of a particular year.
Capacity The ability of an insurer, reinsurer, syndicate or market to absorb risk.
Captive insurer An insurance company that is wholly owned by one or more entities (parent organisations) and whose main purpose is insuring the parent company’s risks.
Co-reinsurance A ‘co-reinsurance’ warranty may be imposed on some catastrophe excess of loss and stop loss contracts. The effect is to require the reinsured to retain net and unprotected a specified percentage of a layer such that it maintains an interest in economical loss settlement once the deductible has been exceeded.
Deductible The loss the reinsured assumes for its own account in non-proportional reinsurance.
Financial year Refers to 1 July to 30 June of a particular year.
Insurer customer An insurer that transfers all or part of a risk to a ceding reinsurer.
Reinsurance Reinsurance is insurance that is purchased by an insurance company from one or other insurance companies (the reinsurer) directly or through a broker as a means of risk management.
Retention The amount retained by a reinsured after placing reinsurance.
Retrocession Reinsurance purchased by reinsurance companies as a means of risk management.
Retrocessionaire A reinsurer that accepts retrocession business, reinsuring reinsurers.
Triennial review A review which examines the need for the TI Act to continue to operate and occurs every three years.
Underwriting year An underwriting year includes all premiums for all policies commencing within the financial year.
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List of requirements – corporate Commonwealth entities

Below is the table set out in Schedule 2A of the PGPA rule. Section 17BE (u) requires this table to be included in entities’ annual reports.
PGPA Rule Reference Part of Annual Report Description Requirement
17BE Contents
17BE(a) Background Details of the legislation establishing the body Mandatory
17BE(b)(i) Entity Functions A summary of the objects and functions of the entity as set out in the legislation Mandatory
17BE(b)(ii) Background The purposes of the entity as included in the entity’s corporate plan for the reporting period Mandatory
17BE(c) Governance Framework The names of the persons holding the position of responsible Minister or responsible Ministers during the reporting period and the titles of those Responsible Ministers Mandatory
17BE(d) Compensating the Government Directions given to the entity by the Minister under an Act or instrument during the reporting period If applicable, mandatory
Transactions with the Government as owners
17BE(e) Governance Framework Confirms no GPOs Any government policy order (GPO) that applied in relation to the entity during the reporting period under section 22 of the Act If applicable, mandatory
17BE(f) NA Particulars of non-compliance with: a) a direction given to the entity by the Minister under an Act or instrument during the reporting period; or b) a government policy order that applied in relation to the entity during the reporting period under section 22 of the Act If applicable, mandatory
17BE(g) Annual Performance Statement Annual performance statements in accordance with 39(1)(b) of the Act and section 16F of the rule Mandatory
17BE(h), 17BE(i) NA A statement of significant issues reported to the Minister under paragraph 19(1)(e) of the Act that relates to non- compliance with finance law and action taken to remedy non-compliance If applicable, mandatory
17BE(j) Board Members Information on the accountable authority or each member of the accountable authority, of the entity during the reporting period Mandatory
17BE(k) Organisational Chart Outline of the organisational structure of the entity (Including any subsidiaries of the entity) Mandatory
17BE(ka) ARPC’s People Statistics on the entity’s employees on an ongoing and non-ongoing basis, including the following: a) statistics on full-time employees; b) statistics on part-time employees; c) statistics on gender; d) statistics on staff location Mandatory
17BE(l) The Terrorism Reinsurance Pool Outline of the location (whether or not in Australia) of major activities or facilities of the entity Mandatory
17BE(m) Governance Information relating to the main corporate governance practices used by the entity during the reporting period Mandatory
17BE(n), 17BE(o) Financial Statements For transactions with a related Commonwealth entity or related company where the value of the transaction, or if there is more than one transaction, the aggregate of those transactions is more than $10,000 (inclusive of GST): a) the decision-making process undertaken by the accountable authority to approve the entity paying for a good or service from, or providing a grant to, the related Commonwealth entity or related company; and b) the value of the transaction, or if there is more than one transaction, the number of transactions and the aggregate value of the transactions If applicable, mandatory
17BE(p) NA Any significant activities and changes that affected the operation and structure of the entity during the reporting period If applicable, mandatory
17BE(q) Judicial and administrative decisions Confirmed NA Particulars of judicial decisions or decisions of administrative tribunals that may have a significant effect on the operations of an entity If applicable, mandatory
17BE(r) NA Particulars of any reports on the entity given by: a) the Auditor General (other than a report under section 43 of the Act); or b) a Parliamentary Committee; or c) the Commonwealth Ombudsman; or d) the Office of the Australian Information Commissioner If applicable, mandatory
17BE(s) NA An explanation of information not obtained from a subsidiary of the entity and the effect of not having the information on the annual report If applicable, mandatory
17BE(t) Board oversight of risk Details of any indemnity that applied during the reporting period to the accountable authority, any member of the accountable authority or officer of the entity against a liability (including premiums paid, or agreed to be paid, for insurance against the authority, member or officer’s liability for legal costs) If applicable, mandatory
17BE(taa) Governance The following information about the audit committee for the entity: a) a direct electronic address of the charter determining the functions of the audit committee b) the name of each member of the audit committee c) the qualifications, knowledge, skills or experience of each member of the audit committee d) information about each member’s attendance at meetings of the audit committee e) the remuneration of each member of the audit committee Mandatory
17BE(ta) Key Management Personnel Remuneration Information about executive remuneration Mandatory
17BF Disclosure requirements for government business enterprises
17BF(1) (a)(i) NA An assessment of significant changes in the entity’s overall financial structure and financial conditions If applicable, mandatory
17BF(1) (a)(ii) NA An assessment of any events or risks that could cause financial information that is reported not to be indicative of future operations or financial conditions If applicable, mandatory
17BF(1)(b) NA Information on dividends paid or recommended If applicable, mandatory
17BF(1)(c) NA Details of any community service obligations the government business enterprise has including: a) an outline of actions taken to fulfil those obligations; and b) an assessment of the cost of fulfilling those obligations If applicable, mandatory
17BF(2) NA A statement regarding the exclusion of information on the grounds that the information is commercially sensitive and would be likely to result in unreasonable commercial prejudice to the government business enterprise If applicable, mandatory
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How we lorum

Report of operations declaration

The Members of the Australian Reinsurance Pool Corporation are pleased to present their annual report on the operations of the Corporation for the financial year ended 30 June 2021. This report is made in accordance with a resolution of the Members.

The Members are responsible under section 46 of the PGPA Act for the preparation and content of this report in accordance with the PGPA Rule.

Signed for and on behalf of Members in accordance with the resolution of the Members.

Signature supplied

Ian Carson AM
BEc PGDip Professional Accounting FAICD
Chair
21 September 2021

Signature supplied

Robin Low
BCom FCA GAICD
Member and Chair of the Audit, Risk and Compliance Committee
21 September 2021

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Insurer customer logins to ARPC

Terrorism Insurer Portal (RISe)

RISe is ARPC’s Terrorism Reinsurance Pool (terrorism pool) insurer customer portal, which allows insurer customers to lodge their company information in a secure and user-friendly environment.

Cyclone Insurer Portal (PACE)

PACE is ARPC’s Cyclone Reinsurance Pool (cyclone pool) insurer customer portal, which allows cyclone pool insurer customers to lodge their company information in a secure and user-friendly environment.