The Act

The Terrorism Insurance Act 2003 (Cth) (TI Act) was enacted by the Commonwealth Parliament following the events of 9/11 and the withdrawal of terrorism cover by insurance companies.

The TI Act establishes ARPC to provide insurance cover for eligible terrorism losses and to perform any other function prescribed in the regulations. For details about the Scheme established under the TI Act, go to The Scheme under ‘What we do’.

Section 38 provides that the Minister may give directions to ARPC in relation to the performance of its functions and powers.  Ministerial Directions may be accessed below.

Section 41 of the Act requires that at least once every three years the Minister is to prepare a report that reviews of the need for the TI Act to continue. The Triennial Reviews may be accessed below.

 

Statement of Expectations

As part of the government’s response to the Review of the Corporate Governance of Statutory Authorities and Office Holders, authored by Mr John Uhrig, the (then) Parliamentary Secretary to the Treasurer, the Hon Chris Pearce MP, wrote the following letter to the Chairman of the ARPC setting out his expectations of ARPC.

In response to the Minister’s letter outlining his expectations for the ARPC, the Statement of Intent was issued by the (then) Chairman on 24 July 2007.

Act

Regulations

Explanatory Memorandum

To view the latest Explanatory Memorandum https://www.legislation.gov.au/Details/C2004B01185

Ministerial Directions

  • Assistant Treasurer to ARPC (Payments to the Commonwealth) (No. 1) Direction 2019
  • Assistant Treasurer to ARPC (Premiums) Direction 2019      
  • Assistant Treasurer to ARPC (Payments to the Commonwealth) (No. 2) Direction 2019  
  • Minister for Revenue and Financial Services to ARPC (Payments to the Commonwealth) Direction 2018
  • Minister for Revenue and Financial Services to ARPC (Risk Retention) Direction 2017
  • Minister for Revenue and Financial Services to ARPC (Premiums) Direction 2017
  • Minister for Revenue and Financial Services to ARPC (Payments to the Commonwealth) Direction 2017
  • Assistant Treasurer to ARPC (Payments) Direction 2016
  • Assistant Treasurer to ARPC (Payments to the Commonwealth) Direction 2015
  • Assistant Treasurer to ARPC (Premiums) Direction 2015
  • Treasurer to ARPC (Payments to the Commonwealth) Amendment Direction 2014
  • Minister for Financial Services and Superannuation to ARPC (Payments to the Commonwealth) Direction 2013
  • Minister for Financial Services and Superannuation to ARPC (Payments to the Commonwealth) Direction 2012
  • Assistant Treasurer to ARPC (Premiums) Directions 2011
  • Treasurer to ARPC (Risk Retention) Direction 2007

 

Triennial Reviews of the TI Act

Reviews were conducted in 2006, 2009, 2012, 2015, and 2018. Previous reports can also be accessed below: