Treasurer to Australian Reinsurance Pool Corporation (Premiums) Direction 2007 (Cth)

Case

TERRORISM INSURANCE ACT 2003

Treasurer to Australian Reinsurance Pool Corporation (Premiums) Direction 2007

I, Peter Costello, Treasurer, give this written direction to the Australian Reinsurance Pool Corporation under s.38(2)(d) of the Terrorism Insurance Act 2003 (the Act).

Dated 23 March 2007

PETER COSTELLO

Treasurer

1.       Name of Direction

This Direction is the Treasurer to Australian Reinsurance Pool Corporation (Premiums) Direction 2007.

2.       Commencement

This Direction commences when it is made.

  1. Definitions

In this Direction:

Australia Post means the Australian Postal Corporation established by the Australian Postal Corporation Act 1989.

Corporation means the Australian Reinsurance Pool Corporation.

Premium income means the gross base premium (Gross Base Premium)       written by a person (the Reinsured) during the period of a contract of    reinsurance with the Corporation in respect of eligible insurance contracts less    only returned premiums and cancellations relating to those covers.

       For the purpose of calculating Premium income for a contract of reinsurance in    respect of a contract of insurance:

(a)     that is comprised of two or more distinct covers that have been packaged           or bundled together; and

(b)     that was offered on the basis that the insured must take out one or more                     of a number of covers offered; and

(c)     for which the premiums attributable to each cover comprising that    contract of insurance are precisely quantifiable; and

(d)     that contains covers that (if provided individually) would be eligible                    insurance contracts,

the Gross Base Premium for the contract of insurance is the premium       attributable to those covers that (if provided individually) would be eligible    insurance contracts, less only returned premiums and cancellations relating to    those covers.

The calculation of Gross Base Premium shall not include the Fire Service        Levy, GST and Stamp Duty.

Tier A property means eligible property within the Postcode List for Tier A set out in Schedule 1.

Tier B property means eligible property within the Postcode List for Tier B set out in Schedule 1.

Tier C property includes eligible property within the Postcode List for Tier C set out in Schedule 1 and also includes eligible property that is not within a postcode set out in Schedule 1.

Note:   Some terms in this Direction, for example, eligible insurance contract and eligible property, have the same meaning as in the Act.

4.      New postcodes and postcodes with changed boundaries

 Subject to any contrary directions under s 38(2)(d) of the Act:

a)          if an area covered by a postcode within the Postcode List for Tier B, set out in Schedule 1, is divided by Australia Post into two or more areas covered by new postcodes, the new postcodes are to be treated as if they were included in the Postcode List for Tier B; and

b)           if an area covered by a postcode within the Postcode List for Tier C, set out in Schedule 1, is divided by Australia Post into two or more areas covered by new postcodes, the new postcodes are to be treated as if they were included in the Postcode List for Tier C; and

c)           if a population centre with a population of more than 100,000 people, which is currently covered by a postcode, or postcodes, within the Postcode List for Tiers A or B, expands in area and a new postcode is issued by Australia Post (or the boundaries of an existing postcode are changed by Australia Post) to cover this new area, the postcode covering that new area is to be treated as if it were included in the Postcode List for Tier B.

5.       Premium to be charged

The Corporation is to charge a premium in respect of each eligible insurance contract that is covered under a contract of reinsurance entered into between the Corporation and the Reinsured in accordance with the rates specified in the following Table.

TABLE

Class of Insurance Rate
Loss of, or damage to, property  (s.7(1)(a) of the Act)
- Tier A property 12% of premium income
- Tier B property 4% of premium income
- Tier C property 2% of premium income
Business Interruption (s.7(1)(b) of the Act)
- Tier A property 12% of premium income
- Tier B property 4% of premium income
- Tier C property 2% of premium income
Public Liability (s.7(1)(c) of the Act) Nil

SCHEDULE 1

Tier A Postcodes
2000 2009 2060 3000 3005 3006 3008
4000 5000 6000 6003
Tier B Postcodes
800 810 812 820 909 2006 2007
2008 2010 2011 2015 2016 2017 2018
2019 2020 2021 2022 2023 2024 2025
2026 2027 2028 2029 2030 2031 2032
2033 2034 2035 2036 2037 2038 2039
2040 2041 2042 2043 2044 2045 2046
2047 2048 2049 2050 2052 2061 2062
2063 2064 2065 2066 2067 2068 2069
2070 2071 2072 2073 2074 2075 2076
2077 2079 2085 2086 2087 2088 2089
2090 2091 2092 2093 2094 2095 2096
2097 2099 2100 2101 2102 2103 2104
2106 2107 2109 2110 2111 2112 2113
2114 2115 2116 2117 2118 2119 2120
2121 2122 2123 2125 2126 2127 2128
2129 2130 2131 2132 2133 2134 2135
2136 2137 2138 2139 2140 2141 2142
2143 2144 2145 2146 2147 2148 2150
2151 2152 2153 2154 2155 2160 2161
2162 2163 2164 2165 2166 2167 2168
2170 2174 2176 2177 2190 2191 2192
2193 2194 2195 2196 2197 2198 2199
2200 2203 2204 2205 2206 2207 2208
2209 2210 2211 2212 2213 2214 2216
2217 2218 2219 2220 2221 2222 2223
2224 2225 2226 2227 2228 2229 2230
2231 2232 2234 2251 2256 2257 2260
2261 2262 2263 2280 2282 2284 2285
2287 2289 2290 2291 2292 2293 2296
2297 2298 2299 2300 2302 2303 2304
2305 2306 2307 2308 2485 2500 2502
2505 2506 2522 2525 2526 2558 2559
2564 2565 2566 2567 2600 2601 2602
2603 2604 2605 2606 2607 2609 2612
2614 2615 2617 2747 2750 2760 2761
2762 2763 2766 2767 2768 2770 2773
2774 2900 2902 2903 2904 2905 2906
2911 2913 2914 3002 3003 3004 3010
3011 3012 3013 3015 3016 3018 3019
3020 3021 3022 3023 3025 3026 3028
3031 3032 3033 3034 3038 3039 3040
3041 3042 3043 3044 3045 3046 3047
3048 3049 3050 3051 3052 3053 3054
3055 3056 3057 3058 3060 3061 3062
3065 3066 3067 3068 3070 3071 3072
3073 3074 3075 3078 3079 3081 3082
3083 3084 3085 3086 3087 3088 3093
3094 3095 3101 3102 3103 3104 3105
3106 3107 3108 3109 3111 3113 3114
3121 3122 3123 3124 3125 3126 3127
3128 3129 3130 3131 3132 3133 3134
3135 3136 3137 3138 3140 3141 3142
3143 3144 3145 3146 3147 3148 3149
3150 3151 3152 3153 3154 3155 3156
3158 3161 3162 3163 3165 3166 3167
3168 3169 3170 3171 3172 3173 3174
3175 3177 3178 3179 3180 3181 3182
3183 3184 3185 3186 3187 3188 3189
3190 3191 3192 3193 3194 3195 3196
3197 3198 3199 3200 3201 3202 3204
3205 3206 3207 3214 3215 3218 3219
3220 3765 3767 3785 3786 3787 3796
3800 3802 3803 3805 3910 3911 3930
3931 3934 3976 3989 4005 4006 4007
4008 4009 4010 4011 4012 4013 4014
4017 4018 4019 4020 4021 4022 4029
4030 4031 4032 4034 4035 4036 4037
4051 4053 4054 4059 4060 4061 4064
4065 4066 4067 4068 4072 4073 4074
4075 4076 4077 4078 4101 4102 4103
4104 4105 4106 4107 4108 4109 4110
4111 4112 4113 4114 4115 4116 4117
4118 4119 4120 4121 4122 4123 4124
4125 4127 4128 4129 4130 4131 4132
4133 4151 4152 4153 4154 4155 4156
4157 4158 4159 4160 4161 4163 4164
4165 4169 4170 4171 4172 4173 4174
4178 4179 4205 4207 4208 4209 4210
4212 4214 4215 4216 4217 4218 4219
4220 4221 4224 4225 4226 4227 4229
4230 4300 4301 4303 4304 4305 4500
4501 4502 4503 4504 4505 4506 4508
4509 4551 4556 4557 4558 4564 4566
4567 4572 4573 4575 4810 4812 4813
4814 5005 5006 5007 5008 5009 5010
5011 5012 5013 5014 5015 5016 5017
5018 5019 5020 5021 5022 5023 5024
5025 5031 5032 5033 5034 5035 5037
5038 5039 5040 5041 5042 5043 5044
5045 5046 5047 5048 5049 5050 5051
5052 5061 5062 5063 5064 5065 5066
5067 5068 5069 5070 5072 5073 5074
5075 5076 5081 5082 5083 5084 5085
5086 5087 5088 5089 5090 5091 5092
5093 5094 5095 5096 5097 5098 5106
5107 5108 5109 5111 5112 5113 5127
5158 5159 5160 5161 5162 5164 5165
5166 5167 5168 5169 5246 5950 6004
6005 6006 6007 6008 6009 6010 6011
6012 6014 6015 6016 6017 6018 6019
6020 6021 6022 6023 6024 6025 6026
6027 6028 6029 6030 6050 6051 6052
6053 6054 6055 6056 6057 6058 6059
6060 6061 6062 6063 6064 6066 6070
6090 6100 6101 6102 6103 6104 6105
6106 6107 6108 6147 6148 6149 6150
6151 6152 6153 6154 6155 6156 6157
6158 6159 6160 6162 6163 6164 6907
7000 7004 7005 7007 7008 7009 7010
7011 7015 7018 7019 7053
Tier C Postcodes
822 828 829 830 832 835 836
837 838 840 841 845 846 847
850 852 853 854 860 862 870
872 880 885 886 2080 2081 2082
2083 2084 2105 2108 2156 2157 2158
2159 2171 2172 2173 2175 2178 2179
2233 2250 2258 2259 2264 2265 2267
2278 2281 2283 2286 2294 2295 2309
2311 2312 2314 2315 2316 2317 2318
2319 2320 2321 2322 2323 2324 2325
2326 2327 2328 2329 2330 2331 2333
2334 2335 2336 2337 2338 2339 2340
2341 2342 2343 2344 2345 2346 2347
2350 2351 2352 2353 2354 2355 2356
2357 2358 2359 2360 2361 2365 2369
2370 2371 2372 2379 2380 2381 2382
2386 2387 2388 2390 2395 2396 2397
2398 2399 2400 2401 2402 2403 2404
2405 2406 2408 2409 2410 2411 2415
2420 2421 2422 2423 2424 2425 2426
2427 2428 2429 2430 2431 2439 2440
2441 2443 2444 2445 2446 2447 2448
2449 2450 2452 2453 2454 2455 2456
2460 2462 2463 2464 2465 2466 2469
2470 2471 2472 2473 2474 2475 2476
2477 2478 2479 2480 2481 2482 2483
2484 2486 2487 2488 2489 2490 2508
2515 2516 2517 2518 2519 2527 2528
2529 2530 2533 2534 2535 2536 2537
2538 2539 2540 2541 2545 2546 2548
2549 2550 2551 2555 2556 2557 2560
2563 2568 2569 2570 2571 2572 2573
2574 2575 2576 2577 2578 2579 2580
2581 2582 2583 2584 2585 2586 2587
2588 2590 2594 2611 2618 2619 2620
2621 2622 2623 2624 2625 2626 2627
2628 2629 2630 2631 2632 2633 2640
2641 2642 2643 2644 2645 2646 2647
2648 2649 2650 2651 2652 2653 2655
2656 2658 2659 2660 2661 2663 2665
2666 2668 2669 2671 2672 2675 2680
2681 2700 2701 2702 2703 2705 2706
2707 2710 2711 2712 2713 2714 2715
2716 2717 2720 2721 2722 2725 2726
2727 2729 2730 2731 2732 2733 2734
2735 2736 2737 2738 2739 2745 2748
2749 2752 2753 2754 2755 2756 2757
2758 2759 2765 2775 2776 2777 2778
2779 2780 2782 2783 2784 2785 2786
2787 2790 2791 2792 2793 2794 2795
2797 2798 2799 2800 2803 2804 2805
2806 2807 2808 2809 2810 2820 2821
2823 2824 2825 2827 2828 2829 2830
2831 2832 2833 2834 2835 2836 2839
2840 2842 2843 2844 2845 2846 2847
2848 2849 2850 2852 2864 2865 2866
2867 2868 2869 2870 2871 2873 2874
2875 2876 2877 2878 2879 2880 2898
2899 2912 3024 3027 3029 3030 3036
3037 3059 3063 3064 3076 3089 3090
3091 3096 3097 3099 3115 3116 3139
3159 3160 3211 3212 3216 3217 3221
3222 3223 3224 3225 3226 3227 3228
3230 3231 3232 3233 3235 3236 3237
3238 3239 3240 3241 3242 3243 3249
3250 3251 3254 3260 3264 3265 3266
3267 3268 3269 3270 3271 3272 3273
3274 3275 3276 3277 3278 3279 3280
3281 3282 3283 3284 3285 3286 3287
3289 3292 3293 3294 3300 3301 3302
3303 3304 3305 3309 3310 3311 3312
3314 3315 3317 3318 3319 3321 3322
3323 3324 3325 3328 3329 3330 3331
3332 3333 3334 3335 3337 3338 3340
3341 3342 3345 3350 3351 3352 3355
3356 3357 3360 3361 3363 3364 3370
3371 3373 3375 3377 3378 3379 3380
3381 3384 3385 3387 3388 3390 3391
3392 3393 3395 3396 3399 3400 3401
3407 3409 3412 3413 3414 3415 3418
3419 3420 3423 3424 3427 3428 3429
3430 3431 3432 3433 3434 3435 3437
3438 3440 3441 3442 3444 3446 3447
3448 3450 3451 3453 3458 3460 3461
3462 3463 3464 3465 3467 3468 3469
3472 3475 3478 3480 3482 3483 3485
3487 3488 3489 3490 3491 3494 3496
3498 3500 3501 3505 3506 3507 3509
3512 3515 3516 3517 3518 3520 3521
3522 3523 3525 3527 3529 3530 3531
3533 3537 3540 3542 3544 3546 3549
3550 3551 3555 3556 3557 3558 3559
3561 3562 3563 3564 3565 3566 3567
3568 3570 3571 3572 3573 3575 3576
3579 3580 3581 3583 3584 3585 3586
3588 3589 3590 3591 3594 3595 3596
3597 3599 3607 3608 3610 3612 3614
3616 3617 3618 3620 3621 3622 3623
3624 3629 3630 3631 3633 3634 3635
3636 3637 3638 3639 3640 3641 3644
3646 3647 3649 3658 3659 3660 3662
3663 3664 3665 3666 3669 3670 3672
3673 3675 3677 3678 3682 3683 3685
3687 3688 3690 3691 3694 3695 3697
3698 3699 3700 3701 3704 3705 3707
3708 3709 3711 3712 3713 3714 3715
3717 3718 3719 3720 3722 3723 3725
3726 3727 3728 3730 3732 3733 3735
3737 3738 3739 3740 3741 3744 3746
3747 3749 3750 3751 3752 3753 3754
3755 3756 3757 3758 3759 3760 3761
3762 3763 3764 3766 3770 3775 3777
3778 3779 3781 3782 3783 3788 3789
3791 3792 3793 3795 3797 3799 3804
3806 3807 3808 3809 3810 3812 3813
3814 3815 3816 3818 3820 3821 3822
3823 3824 3825 3831 3833 3835 3840
3842 3844 3847 3850 3851 3852 3854
3856 3857 3858 3859 3860 3862 3864
3865 3869 3870 3871 3873 3874 3875
3878 3880 3882 3885 3886 3887 3888
3889 3890 3891 3892 3893 3895 3896
3898 3900 3902 3903 3904 3909 3912
3913 3915 3916 3918 3919 3920 3921
3922 3923 3925 3926 3927 3928 3929
3933 3936 3937 3938 3939 3940 3941
3942 3943 3944 3945 3946 3950 3951
3953 3954 3956 3957 3958 3959 3960
3962 3964 3965 3966 3967 3971 3975
3977 3978 3979 3980 3981 3984 3987
3988 3990 3991 3992 3995 3996 4025
4055 4069 4070 4183 4184 4211 4213
4223 4228 4270 4271 4272 4275 4280
4285 4287 4306 4307 4309 4310 4311
4312 4313 4340 4341 4342 4343 4344
4345 4346 4347 4350 4352 4353 4354
4355 4356 4357 4358 4359 4360 4361
4362 4363 4364 4365 4370 4371 4372
4373 4374 4375 4376 4377 4378 4380
4381 4382 4383 4384 4385 4387 4388
4390 4400 4401 4402 4403 4404 4405
4406 4407 4408 4410 4411 4412 4413
4415 4416 4417 4418 4419 4420 4421
4422 4423 4424 4425 4426 4427 4428
4454 4455 4461 4462 4465 4467 4468
4470 4471 4472 4474 4475 4477 4478
4479 4480 4481 4482 4486 4487 4488
4489 4490 4491 4492 4493 4494 4496
4497 4498 4507 4510 4511 4512 4514
4515 4516 4517 4518 4519 4520 4521
4550 4552 4553 4554 4555 4559 4560
4561 4562 4563 4565 4568 4569 4570
4571 4574 4580 4581 4600 4601 4605
4606 4608 4610 4611 4612 4613 4614
4615 4620 4621 4625 4626 4627 4630
4650 4655 4659 4660 4662 4670 4671
4673 4674 4676 4677 4678 4680 4694
4695 4697 4699 4700 4701 4702 4703
4704 4705 4706 4707 4709 4710 4711
4712 4713 4714 4715 4716 4717 4718
4719 4720 4721 4722 4723 4724 4725
4726 4727 4728 4730 4731 4732 4733
4735 4736 4737 4738 4739 4740 4741
4742 4743 4744 4745 4746 4750 4751
4753 4754 4756 4757 4798 4799 4800
4801 4802 4803 4804 4805 4806 4807
4808 4809 4811 4815 4816 4817 4818
4819 4820 4821 4822 4823 4824 4825
4828 4829 4830 4849 4850 4852 4854
4855 4856 4857 4858 4859 4860 4861
4865 4868 4869 4870 4871 4872 4873
4874 4875 4876 4877 4878 4879 4880
4881 4882 4883 4884 4885 4886 4887
4888 4890 4891 4895 5110 5114 5115
5116 5117 5118 5120 5121 5125 5126
5131 5132 5133 5134 5136 5137 5138
5139 5140 5141 5142 5144 5150 5151
5152 5153 5154 5155 5156 5157 5163
5170 5171 5172 5173 5174 5201 5202
5203 5204 5210 5211 5212 5213 5214
5220 5221 5222 5223 5231 5232 5233
5234 5235 5236 5237 5238 5240 5241
5242 5243 5244 5245 5250 5251 5252
5253 5254 5255 5256 5259 5260 5261
5262 5263 5264 5265 5266 5267 5268
5269 5270 5271 5272 5273 5275 5276
5277 5278 5279 5280 5290 5291 5301
5302 5303 5304 5306 5307 5308 5309
5310 5311 5312 5320 5321 5322 5330
5331 5332 5333 5340 5341 5342 5343
5344 5345 5346 5350 5351 5352 5353
5354 5355 5356 5357 5360 5371 5372
5373 5374 5381 5400 5401 5410 5411
5412 5413 5414 5415 5416 5417 5418
5419 5420 5421 5422 5431 5432 5433
5434 5440 5451 5452 5453 5454 5455
5460 5461 5462 5464 5470 5471 5472
5473 5480 5481 5482 5483 5485 5490
5491 5493 5495 5501 5502 5510 5520
5521 5522 5523 5540 5550 5552 5554
5555 5556 5558 5560 5570 5571 5572
5573 5575 5576 5577 5580 5581 5582
5583 5600 5601 5602 5603 5604 5605
5606 5607 5608 5609 5630 5631 5632
5633 5640 5641 5642 5650 5651 5652
5653 5654 5655 5660 5661 5670 5671
5680 5690 5700 5710 5720 5722 5723
5724 5725 5730 5731 5732 5733 5734
6031 6032 6033 6034 6035 6036 6037
6038 6041 6042 6043 6044 6065 6067
6068 6069 6071 6072 6073 6074 6076
6081 6082 6083 6084 6109 6110 6111
6112 6121 6122 6123 6124 6125 6126
6161 6165 6166 6167 6168 6169 6170
6171 6172 6173 6174 6175 6176 6207
6208 6210 6213 6214 6215 6218 6220
6221 6223 6224 6225 6226 6227 6228
6229 6230 6232 6233 6236 6237 6239
6240 6243 6244 6251 6252 6253 6254
6255 6256 6258 6260 6262 6271 6275
6280 6281 6282 6284 6285 6286 6288
6290 6302 6304 6306 6308 6309 6311
6312 6313 6315 6316 6317 6318 6320
6321 6322 6323 6324 6326 6327 6328
6330 6333 6335 6336 6337 6338 6341
6343 6346 6348 6350 6351 6352 6353
6355 6356 6357 6358 6359 6361 6363
6365 6367 6368 6369 6370 6372 6373
6375 6383 6384 6385 6386 6390 6391
6392 6393 6394 6395 6396 6397 6398
6401 6403 6405 6407 6409 6410 6411
6412 6413 6414 6415 6418 6419 6420
6421 6422 6423 6424 6425 6426 6427
6428 6429 6430 6431 6432 6434 6435
6436 6437 6438 6440 6442 6443 6445
6446 6447 6448 6450 6452 6460 6461
6462 6463 6465 6466 6467 6468 6470
6472 6473 6475 6476 6477 6479 6480
6484 6485 6487 6488 6489 6490 6501
6502 6503 6504 6505 6506 6507 6509
6510 6511 6512 6513 6514 6515 6516
6517 6518 6519 6521 6522 6525 6528
6530 6532 6535 6536 6537 6556 6558
6560 6562 6564 6566 6567 6568 6569
6571 6572 6574 6575 6603 6605 6606
6608 6609 6612 6613 6614 6616 6620
6623 6625 6627 6628 6630 6631 6632
6635 6638 6639 6640 6642 6646 6701
6705 6707 6710 6711 6712 6713 6714
6716 6718 6720 6721 6722 6723 6725
6726 6728 6731 6733 6740 6743 6751
6753 6754 6758 6760 6761 6762 6765
6770 6798 6799 7001 7012 7016 7017
7020 7021 7022 7023 7024 7025 7026
7027 7030 7050 7052 7054 7055 7109
7112 7113 7116 7117 7119 7120 7139
7140 7150 7151 7155 7162 7163 7170
7171 7172 7173 7174 7175 7176 7177
7178 7179 7180 7182 7183 7184 7185
7186 7187 7190 7209 7210 7211 7212
7213 7214 7215 7216 7248 7249 7250
7252 7253 7254 7255 7256 7257 7258
7259 7260 7261 7262 7263 7264 7265
7267 7268 7270 7275 7276 7277 7290
7291 7292 7300 7301 7302 7303 7304
7305 7306 7307 7310 7315 7316 7320
7321 7322 7325 7330 7331 7466 7467
7468 7469 7470
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