Terrorism and Cyclone Insurance (Australian Reinsurance Pool Corporation Acting Members) Appointments (No. 1) 2026

Overview

The Terrorism and Cyclone Insurance (Australian Reinsurance Pool Corporation Acting Members) Appointments (No. 1) 2026I was introduced to address a temporary need for acting members within the Australian Reinsurance Pool Corporation, a critical component of the financial services sector in Australia. Enacted in 2026 by Daniel Mulino, the Assistant Treasurer and Minister for Financial Services, under the authority granted by the Terrorism and Cyclone Insurance Act 2003 and the Acts Interpretation Act 1901, the notifiable instrument appoints Evelyn Horton, Eilis Hurley, Fran Raymond, and Kent Griffin as acting members of the Corporation on a part-time basis from 23 April 2026 until 6 July 2026. This legislative instrument ensures continuity and stability within the Corporation during a period when regular members may be unavailable, thereby maintaining the Corporation's capacity to manage risks associated with terrorism and cyclone insurance effectively.

Scope and Application

The Terrorism and Cyclone Insurance (Australian Reinsurance Pool Corporation Acting Members) Appointments (No. 1) 2026I specifies the appointment of four individuals as acting members of the Australian Reinsurance Pool Corporation on a part-time basis for a defined period from 23 April 2026 to 6 July 2026. This appointment is pursuant to subsection 13(1) of the Terrorism and Cyclone Insurance Act 2003, and under subsection 33(4) of the Acts Interpretation Act 1901, confirming the eligibility of the appointees under subsection 13(3) of the Act. The Act applies to individuals who are appointed as acting members of the Australian Reinsurance Pool Corporation, focusing on their roles and responsibilities within the specified timeframe. Geographically, this legislation operates within the Commonwealth jurisdiction, impacting the national reinsurance arrangements for terrorism and cyclone insurance. The Act does not explicitly state exclusions, exemptions, or thresholds, but it does provide for the appointment of acting members to address specific needs or gaps in the reinsurance pool’s operations. The scope of the Act may be further defined or extended through subordinate instruments, which would detail the specific duties and powers of these acting members during their appointment period.

Key Provisions

The main operative sections of the Terrorism and Cyclone Insurance (Australian Reinsurance Pool Corporation Acting Members) Appointments (No. 1) 2026I pertain to the appointment of four individuals as acting members of the Australian Reinsurance Pool Corporation. Section 1 of the instrument appoints Evelyn Horton, Eilis Hurley, Fran Raymond, and Kent Griffin, each on a part-time basis. The appointments are effective from 23 April 2026 until 6 July 2026. The appointments are made under the authority conferred by subsection 13(1) of the Terrorism and Cyclone Insurance Act 2003 and subsection 33(4) of the Acts Interpretation Act 1901, on the basis that the individuals are eligible for such appointment under subsection 13(3) of the Act. The Act imposes certain obligations and requirements on the parties involved. Firstly, the appointments are made by Daniel Mulino, who is both the Assistant Treasurer and the Minister for Financial Services. The requirement is that the Assistant Treasurer and Minister for Financial Services must be satisfied that the individuals are eligible for the appointment. This satisfaction is based on criteria outlined in subsection 13(3) of the Terrorism and Cyclone Insurance Act 2003, ensuring that the appointees possess the necessary qualifications and suitability for the role. The appointees themselves are expected to adhere to the responsibilities and duties of acting members as defined within the Act and its associated regulations. The Terrorism and Cyclone Insurance (Australian Reinsurance Pool Corporation Acting Members) Appointments (No. 1) 2026I does not explicitly outline specific offences, penalties, or civil/criminal consequences for breach within the instrument itself. However, breaches of the Terrorism and Cyclone Insurance Act 2003, which governs the conduct of the Australian Reinsurance Pool Corporation and its members, may lead to various penalties. These could include fines, imprisonment, or both, depending on the nature and severity of the breach. The maximum penalties would be determined by the relevant provisions within the Terrorism and Cyclone Insurance Act 2003 and any applicable subsidiary legislation. It is important for the acting members to be fully aware of their obligations and to act within the legal framework to avoid any potential repercussions.