About ARPC

2020-21 Index

Acronyms and abbreviations

AASBAustralian Accounting Standards Board
AGAAustralian Government Actuary
AGDAttorney General’s Department
ANAOAustralian National Audit Office
ANZIIFAustralian and New Zealand Institute of Insurance and Finance
APRAAustralia Prudential Regulation Authority
APSCAustralian Public Service Commission
ARPCAustralian Reinsurance Pool Corporation
ASXAustralian Stock Exchange
ATOAustralian Taxation Office
CAEChief Audit Executive
CBDCentral business District
CEOChief Executive Officer
CFOChief Financial Officer
CIPMACritical Infrastructure Protection Modelling and Analysis
COOChief Operating Officer
CUOChief Underwriting Officer
CYCalendar year
DTIDeclared terrorist incident
FMOFinance Minister’s Orders
FOI ActFreedom of Information Act 1982
GAGeoscience Australia
GSTGoods and services tax
GWPGross written premium
HRHuman resources
ILSIntegrated Leadership System
IPSInformation Publication Scheme
OECDOrganisation for Economic Co-operation and Development
PGPAPublic Governance, Performance and Accountability Act 2013
PIDPublic Interest Disclosure Act 2013
PMSPerformance Management System
RBAReserve Bank of Australia
RISeReinsurance information system, ARPC’s insurer customer information management system
RMSRisk management strategy
S&PStandard and Poor’s
SESSenior executive staff
TI ActTerrorism Insurance Act 2003
WHS ActWork Health and Safety Act 2011
WHSWork Health and Safety

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Aggregate sums insuredThe total of all a cedant’s property sums in a reporting zone, such as ARPC’s tiers.
Calendar yearRefers to 1 January to 31 December of a particular year.
CapacityThe ability of an insurer, reinsurer, syndicate or market to absorb risk.
Captive insurerAn 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-reinsuranceA ‘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.
DeductibleThe loss the reinsured assumes for its own account in non-proportional reinsurance.
Financial yearRefers to 1 July to 30 June of a particular year.
Insurer customerAn insurer that transfers all or part of a risk to a ceding reinsurer.
ReinsuranceReinsurance 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.
RetentionThe amount retained by a reinsured after placing reinsurance.
RetrocessionReinsurance purchased by reinsurance companies as a means of risk management.
RetrocessionaireA reinsurer that accepts retrocession business, reinsuring reinsurers.
Triennial reviewA review which examines the need for the TI Act to continue to operate and occurs every three years.
Underwriting yearAn 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 ReferencePart of Annual ReportDescriptionRequirement
17BE(a)BackgroundDetails of the legislation establishing the bodyMandatory
17BE(b)(i)Entity FunctionsA summary of the objects and functions of the entity as set out in the legislationMandatory
17BE(b)(ii)BackgroundThe purposes of the entity as included in the entity’s corporate plan for the reporting periodMandatory
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

17BE(d)Compensating the GovernmentDirections given to the entity by the Minister under an Act or instrument during the reporting periodIf applicable, mandatory
Transactions with the Government as owners

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 ActIf applicable, mandatory

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 StatementAnnual performance statements in accordance with 39(1)(b) of the Act and section 16F of the ruleMandatory



NAA 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-complianceIf applicable, mandatory
17BE(j)Board MembersInformation on the accountable authority or each member of the accountable authority, of the entity during the reporting periodMandatory
17BE(k)Organisational ChartOutline 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

17BE(l)The Terrorism Reinsurance PoolOutline of the location (whether or not in Australia) of major activities or facilities of the entityMandatory
17BE(m)GovernanceInformation relating to the main corporate governance practices used by the entity during the reporting periodMandatory



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)NAAny significant activities and changes that affected the operation and structure of the entity during the reporting periodIf applicable, mandatory

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 entityIf applicable, mandatory

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)NAAn explanation of information not obtained from a subsidiary of the entity and the effect of not having the information on the annual reportIf applicable, mandatory
17BE(t)Board oversight of riskDetails 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

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

17BE(ta)Key Management Personnel RemunerationInformation about executive remunerationMandatory
17BFDisclosure requirements for government business enterprises



NAAn assessment of significant changes in the entity’s overall financial structure and financial conditionsIf applicable, mandatory



NAAn assessment of any events or risks that could cause financial information that is reported not to be indicative of future operations or financial conditionsIf applicable, mandatory
17BF(1)(b)NAInformation on dividends paid or recommendedIf applicable, mandatory

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)NAA 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 enterpriseIf 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
21 September 2021

Signature supplied

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


Insurer customer logins to ARPC

Terrorism Insurer Portal (RISe)

RISe is ARPC’s Terrorism Reinsurance Pool (terrorism pool) insurer customer portal, which allows terrorism pool 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.