The Terrorism Insurance Act 2003 – Risk Retention Direction 2017 was made under the Terrorism Insurance Act 2003 (Cth) and registered on the Federal Register of Legislation on 30 May 2017.
It provides the Revenue and Financial Services Minister’s written directions to the Australian Reinsurance Pool Corporation (ARPC) relating to the extent to which the insured retains risk under a contract of reinsurance with the ARPC.
The direction (amongst other things):
- implements recommendations 3, 4 and 5 of the most recent review of the TIA completed in December 2015, with some minor amendments following industry consultation with stakeholders; and
- repeals the Treasurer to Australian Reinsurance Pool Corporation (Risk Retention) Direction 2003 and the Treasurer to Australian Reinsurance Pool Corporation (Risk Retention) Direction 2007.
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