Insurance Authority Act 2000 (ACT)

The Australian Capital Territory Insurance Authority (ACTIA) was established under the Insurance Authority Act 2000 (ACT). The Act was repealed by the Insurance Authority Act 2005 (ACT), but the republication of the Act in 2005 provides a snapshot of its provisions prior to repeal. The Act outlined the functions and powers of ACTIA, which included carrying on the business of insurer of Territory risks, promoting good risk management practices, and providing advice to the Minister on insurance and the management of Territory risks. The Act also established a board of management responsible for the policies and management of ACTIA, with the Minister having the authority to appoint directors and provide directions to ACTIA. The Act further defined the roles and responsibilities of the board, directors, and general manager, as well as the procedures for meetings and disclosure of interests. The Act also included provisions for the appointment of the general manager, staff, and consultants, as well as the declaration of dividends, exemptions from insurance levy and stamp duty on policies, and the regulation-making power. The Insurance Authority Act 2000 (ACT) provided a comprehensive framework for the establishment and operation of ACTIA, ensuring that the Authority could effectively manage Territory risks and fulfill its statutory functions.