Terrorism and Cyclone Insurance (Australian Reinsurance Pool Corporation Chair) Appointment (No.1) 2023

Overview

The Terrorism and Cyclone Insurance (Australian Reinsurance Pool Corporation Chair) Appointment (No.1) 2023I is a notifiable instrument enacted to address the need for appointing a suitable individual to the role of Chair of the Australian Reinsurance Pool Corporation (ARPC). The instrument was issued on 5 July 2023 by Stephen Jones, the Assistant Treasurer and Minister for Financial Services, in accordance with subsection 13(1) of the Terrorism and Cyclone Insurance Act 2003. The objective of this appointment is to ensure that the ARPC, which plays a crucial role in providing reinsurance for terrorism and cyclone risks, is led by a qualified and experienced individual. Julie-Anne Schafer was appointed as the Chair on a part-time basis for a period of three years, beginning the day after the instrument was registered on the Federal Register of Legislation. This appointment is designed to provide stability and effective leadership to the ARPC in its important function of managing insurance risks associated with terrorism and natural disasters.

Scope and Application

The Notifiable Instrument F2023N00205 pertains to the appointment of Julie-Anne Schafer as the Chair of the Australian Reinsurance Pool Corporation on a part-time basis, effective from the day after its registration on the Federal Register of Legislation and lasting for a period of three years. This appointment is made under subsection 13(1) of the Terrorism and Cyclone Insurance Act 2003, with the Assistant Treasurer and Minister for Financial Services, Stephen Jones, confirming that Ms. Schafer meets the eligibility criteria outlined in subsection 13(3) of that Act. The scope of this appointment is focused on the leadership and oversight of the Australian Reinsurance Pool Corporation, which plays a critical role in providing reinsurance services, particularly in the context of terrorism and cyclone insurance. The legislation operates within the Commonwealth jurisdiction, impacting the operations and governance of the Australian Reinsurance Pool Corporation as a federal entity. The instrument itself does not detail specific exclusions, exemptions, or thresholds, but it operates within the broader legislative framework provided by the Terrorism and Cyclone Insurance Act 2003.

Key Provisions

The principal operative section of the Notifiable Instrument F2023N00205 (No.1) is the appointment of Julie-Anne Schafer as the Chair of the Australian Reinsurance Pool Corporation (ARPC). According to section 1 of the instrument, Julie-Anne Schafer is appointed on a part-time basis for a period of three years, starting the day after the instrument is registered on the Federal Register of Legislation. This appointment is made under subsection 13(1) of the Terrorism and Cyclone Insurance Act 2003, and it is based on the eligibility criteria outlined in subsection 13(3) of that Act. The obligations and requirements imposed by this legislation on Julie-Anne Schafer as the newly appointed Chair of the ARPC include adherence to the duties and responsibilities outlined in the Terrorism and Cyclone Insurance Act 2003. This includes managing the operations of the ARPC, ensuring that the Corporation meets its statutory objectives, and making decisions that are in the best interest of the ARPC and its stakeholders. Julie-Anne Schafer must also ensure compliance with any other applicable legislation, regulations, and guidelines that govern the operations of the ARPC. The Notifiable Instrument F2023N00205 (No.1) does not explicitly state any offences, penalties, or consequences for breach. However, any failure to comply with the obligations and requirements outlined in the Terrorism and Cyclone Insurance Act 2003 may result in legal action being taken against Julie-Anne Schafer or the ARPC. The potential penalties for breach of the Act may include fines, imprisonment, or both, depending on the severity of the breach. It is important to note that the maximum penalties for breach of the Terrorism and Cyclone Insurance Act 2003 are not specified in the Notifiable Instrument but are instead outlined in the main Act itself.