Terrorism and Cyclone Insurance (Australian Reinsurance Pool Corporation Chair, Members and Observer) Appointments (No. 1) 2026
I, Daniel Mulino, Assistant Treasurer and Minister for Financial Services, under subsections 13(1) and 20A of the Terrorism and Cyclone Insurance Act 2003:
(a) being satisfied that the persons are eligible for appointment under subsection 13(3) of that Act:
(i) appoint Julie-Anne Schafer as Chair of the Australian Reinsurance Pool Corporation, on a part-time basis, for the period beginning on 7 July 2026 until 6 July 2030;
(ii) appoint Evelyn Horton, Kent Griffin and Robert McLean as members of the Australian Reinsurance Pool Corporation, each on a part-time basis and each for a period beginning on 7 July 2026 until 6 July 2028;
(iii) appoint Eilis Hurley, Fran Raymond and Greg Nucifora as members of the Australian Reinsurance Pool Corporation, each on a part-time basis and each for a period beginning on 7 July 2026 until 6 July 2030; and
(b) being satisfied that the person has the qualifications or experience required under subsection 20A(3) of that Act, appoint Guy Thorburn as an observer of the Australian Reinsurance Pool Corporation, on a part-time basis, for the period beginning on 26 July 2026 until 25 July 2028.
Note: Guy Thorburn is a representative of the Australian Government Actuary.
Dated 9 June 2026
Dr Daniel Mulino
Assistant Treasurer
Minister for Financial Services
Overview
The Terrorism and Cyclone Insurance (Australian Reinsurance Pool Corporation Chair, Members and Observer) Appointments (No. 1) 2026I is a notifiable instrument issued under the authority of Daniel Mulino, the Assistant Treasurer and Minister for Financial Services, in accordance with subsections 13(1) and 20A of the Terrorism and Cyclone Insurance Act 2003. This instrument addresses the need to appoint individuals to key positions within the Australian Reinsurance Pool Corporation (ARPC), ensuring that the ARPC has the necessary leadership and expertise to fulfil its role in managing terrorism and cyclone insurance risks. The policy objective of this instrument is to ensure that the ARPC is effectively governed by appointing eligible individuals to these roles for specified terms, thereby maintaining the stability and efficiency of the reinsurance pool. The enactment of this instrument by the Australian Government under the authority of the Terrorism and Cyclone Insurance Act 2003 demonstrates the commitment to maintaining robust oversight and management within the ARPC.
Scope and Application
The Terrorism and Cyclone Insurance (Australian Reinsurance Pool Corporation Chair, Members and Observer) Appointments (No. 1) 2026I pertains to the appointment of individuals to specific roles within the Australian Reinsurance Pool Corporation, a body established under the Terrorism and Cyclone Insurance Act 2003. This notifiable instrument designates Julie-Anne Schafer as the Chair, and Evelyn Horton, Kent Griffin, Robert McLean, Eilis Hurley, Fran Raymond, and Greg Nucifora as members, all in part-time capacities. Additionally, Guy Thorburn, a representative of the Australian Government Actuary, is appointed as an observer. The appointments are made under the authority of the Assistant Treasurer and Minister for Financial Services, Daniel Mulino, and are effective from 7 July 2026 to varying end dates in 2028 and 2030. These appointments are subject to the eligibility criteria and qualifications specified in the Terrorism and Cyclone Insurance Act 2003. The appointments apply nationally, reinforcing the Commonwealth’s role in financial services and regulatory oversight within the reinsurance sector.
Key Provisions
The main operative sections of this notifiable instrument (F2026N00428) are concerned with appointments to key roles within the Australian Reinsurance Pool Corporation (ARPC). Section (a) provides for the appointment of Julie-Anne Schafer as Chair of the ARPC on a part-time basis from 7 July 2026 to 6 July 2030, and of Evelyn Horton, Kent Griffin, and Robert McLean as members of the ARPC from 7 July 2026 to 6 July 2028. Additionally, Eilis Hurley, Fran Raymond, and Greg Nucifora are appointed as members of the ARPC from 7 July 2026 until 6 July 2030. Section (b) appoints Guy Thorburn as an observer of the ARPC from 26 July 2026 to 25 July 2028, on the condition that he has the required qualifications or experience as outlined in the Terrorism and Cyclone Insurance Act 2003.
The Act imposes specific obligations and requirements on the appointed individuals. Julie-Anne Schafer, as the Chair, must oversee the activities of the ARPC and ensure compliance with the Act and its regulations. The members of the ARPC, including Evelyn Horton, Kent Griffin, Robert McLean, Eilis Hurley, Fran Raymond, and Greg Nucifora, are expected to contribute to the decision-making process of the corporation, ensuring that it operates effectively and efficiently within the regulatory framework. Guy Thorburn, as the observer, is tasked with providing insights and recommendations based on his expertise, particularly in relation to the financial and actuarial aspects of the reinsurance pool.
Failure to adhere to the requirements and obligations set out in the Terrorism and Cyclone Insurance Act 2003 can result in various consequences. While the notifiable instrument itself does not detail specific offences or penalties, breaches of the Act could lead to legal action, including civil or criminal charges. Such breaches might also result in disciplinary measures against the individuals concerned, potentially including removal from their positions. The Act provides for penalties such as fines and imprisonment for serious violations, although the exact penalties would be determined in the context of the broader legislative framework.