Minister to Australian Reinsurance Pool Corporation (Payments to the Commonwealth) Direction 2012

Administered by Department of the Treasury

Legislation au F2012L01542 In force Legislative Instrument

Legislation content

Minister to Australian Reinsurance Pool Corporation (Payments to the Commonwealth) Direction 2012

made under section 38 of the

Terrorism Insurance Act 2003

Compilation No. 1

Compilation date:  19 June 2014

Includes amendments up to: Treasurer to Australian Reinsurance Pool Corporation (Payments to the Commonwealth) Amendment Direction 2014

Registered: 15 April 2015

 

About this compilation

This compilation

This is a compilation of the Minister to Australian Reinsurance Pool Corporation (Payments to the Commonwealth) Direction 2012 that shows the text of the law as amended and in force on 19 June 2014 (the compilation date).

This compilation was prepared on 14 April 2015.

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on ComLaw (www.comlaw.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on ComLaw for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on ComLaw for the compiled law.

Selfrepealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

 

 

 

 

1  Name of Direction

  Minister to Australian Reinsurance Pool Corporation (Payments to the Commonwealth) Direction 2012.

2  Commencement

  This Direction commences when it is made.

3  Payments to be made

  The following payments are to be made by the Australian Reinsurance Pool Corporation to the Commonwealth:

  a one-off payment of $100 million to be made in January 2013;

  a payment of $75 million to be made in January 2013;

  a payment of $75 million to be made in January 2014;

  The payments are to be made to:

  Department of Treasury Official Administered Receipts Account

  BSB: 009

  Account Number: 918 379

 

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnotes about misdescribed amendments and other matters are included in a compilation only as necessary.

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the amendment is set out in the endnotes.

Endnote 2—Abbreviation key

 

A = Act

orig = original

ad = added or inserted

par = paragraph(s)/subparagraph(s)

am = amended

    /subsubparagraph(s)

amdt = amendment

pres = present

c = clause(s)

prev = previous

C[x] = Compilation No. x

(prev…) = previously

Ch = Chapter(s)

Pt = Part(s)

def = definition(s)

r = regulation(s)/rule(s)

Dict = Dictionary

Reg = Regulation/Regulations

disallowed = disallowed by Parliament

reloc = relocated

Div = Division(s)

renum = renumbered

exp = expires/expired or ceases/ceased to have

rep = repealed

    effect

rs = repealed and substituted

F = Federal Register of Legislative Instruments

s = section(s)/subsection(s)

gaz = gazette

Sch = Schedule(s)

LI = Legislative Instrument

Sdiv = Subdivision(s)

LIA = Legislative Instruments Act 2003

SLI = Select Legislative Instrument

(md) = misdescribed amendment

SR = Statutory Rules

mod = modified/modification

SubCh = SubChapter(s)

No. = Number(s)

SubPt = Subpart(s)

o = order(s)

underlining = whole or part not

Ord = Ordinance

    commenced or to be commenced

 

Endnote 3—Legislation history

 

Name

FRLI registration

Commencement

Application, saving and transitional provisions

Minister to Australian Reinsurance Pool Corporation (Payments to the Commonwealth) Direction 2012

13 July 2012 (F2012L01542)

21 June 2012

 

Treasurer to Australian Reinsurance Pool Corporation (Payments to the Commonwealth) Amendment Direction 2014

27 June 2014 (F2014L00856)

19 June 2014

 

Endnote 4—Amendment history

 

Provision affected

How affected

s 3.....................

am F2014L00856

 

 

Overview

The Minister to Australian Reinsurance Pool Corporation (Payments to the Commonwealth) Direction 2012, enacted in 2012 under the authority of the Terrorism Insurance Act 2003, was introduced to address a specific financial obligation arising from the Commonwealth's support to the Australian Reinsurance Pool Corporation (ARPC). This legislative instrument, created by the Minister for Finance, mandates the ARPC to make certain payments to the Commonwealth, reflecting a commitment to support the financial stability of the insurance market in the event of a terrorist attack. The policy objective is to ensure that the Commonwealth receives the funds necessary to maintain the integrity of the Terrorism Insurance Scheme. The Direction was amended in 2014 by the Treasurer to Australian Reinsurance Pool Corporation (Payments to the Commonwealth) Amendment Direction 2014, which updated the financial obligations of the ARPC. This legislative instrument was compiled and registered on 13 July 2012 and subsequently amended on 27 June 2014, with the amendments taking effect from 19 June 2014. The Direction is overseen by the Parliament and is part of a broader legislative framework designed to manage and mitigate risks associated with terrorism-related insurance claims in Australia.

Scope and Application

The Minister to Australian Reinsurance Pool Corporation (Payments to the Commonwealth) Direction 2012 applies to the Australian Reinsurance Pool Corporation, a statutory entity established under the Terrorism Insurance Act 2003, and mandates specific financial payments to the Commonwealth of Australia. This Direction was made under section 38 of the Terrorism Insurance Act 2003 and is effective from the date of its making. The Direction stipulates that the Australian Reinsurance Pool Corporation must make a one-off payment of $100 million and an additional payment of $75 million in January 2013, followed by another $75 million payment in January 2014. These payments are to be directed to the Department of Treasury Official Administered Receipts Account. The Direction applies nationally within the Commonwealth of Australia and is subject to modification through subordinate instruments such as amendments. Any uncommenced amendments are accessible on the ComLaw website, and the effect of these amendments is not shown in the text of the compiled law. The compiled law operates as modified by any other law, but the modifications do not alter the text of the law itself.

Key Provisions

The Minister to Australian Reinsurance Pool Corporation (Payments to the Commonwealth) Direction 2012 (the 'Direction') is a legislative instrument made under section 38 of the Terrorism Insurance Act 2003. The Direction specifies payments to be made by the Australian Reinsurance Pool Corporation (ARPC) to the Commonwealth. Under section 3, the ARPC is required to make three payments: a one-off payment of $100 million in January 2013, a payment of $75 million in January 2013, and another payment of $75 million in January 2014. These payments must be made to the Department of Treasury Official Administered Receipts Account, with specific BSB and account numbers provided. The Direction imposes specific obligations on the ARPC to ensure timely and accurate payments are made to the Commonwealth. This includes the requirement to remit the specified funds to the designated account within the stipulated timeframes. The Direction also mandates that the ARPC maintains records and documentation to substantiate the payments made in compliance with the Direction. Failure to comply with the requirements of the Direction may have legal consequences. While the Direction itself does not explicitly state penalties, non-compliance could potentially lead to enforcement actions under the Terrorism Insurance Act 2003 or other applicable legislation. For instance, penalties for non-compliance with directions made under the Terrorism Insurance Act 2003 can include fines and other civil or criminal sanctions as determined by relevant laws. It is important for the ARPC to adhere strictly to the Direction to avoid any legal repercussions.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.