Terrorism and Cyclone Insurance (Australian Reinsurance Pool Corporation Member) Appointments (No. 1) 2023

Overview

The Terrorism and Cyclone Insurance (Australian Reinsurance Pool Corporation Member) Appointments (No. 1) 2023I was enacted by Stephen Jones, Assistant Treasurer and Minister for Financial Services, under subsection 13(1) of the Terrorism and Cyclone Insurance Act 2003. This notifiable instrument was introduced to address the need for eligible individuals to be appointed as members of the Australian Reinsurance Pool Corporation on a part-time basis, thereby ensuring that the Corporation has appropriately qualified members to fulfil its functions. The appointments, which include Evelyn Horton, Eilis Hurley, Fran Raymond, and Oscar Shub, are effective from 23 April 2023 for a period of three years, reflecting the policy objective of providing stability and expertise within the Corporation as it manages risks associated with terrorism and cyclone insurance.

Scope and Application

The Notifiable instrument F2023N00084 pertains to the appointment of individuals to the Australian Reinsurance Pool Corporation under the Terrorism and Cyclone Insurance Act 2003. This Act applies to the appointment of Evelyn Horton, Eilis Hurley, Fran Raymond, and Oscar Shub as part-time members of the Corporation, effective from 23 April 2023 for a duration of three years. The appointments are made by Stephen Jones, the Assistant Treasurer and Minister for Financial Services, who has determined the eligibility of these individuals under subsection 13(3) of the Act. This legislation falls under the Commonwealth jurisdiction and targets the financial services industry, specifically focusing on the reinsurance pool for terrorism and cyclone insurance. The instrument extends the application of the Act by appointing specific individuals to the Corporation, thereby enabling the fulfilment of its statutory objectives. There are no stated exclusions, exemptions, or thresholds in this particular notifiable instrument, and its application is not extended or restricted by any subordinate instruments.

Key Provisions

The main operative sections of this legislation are subsections 13(1) and 13(3) of the Terrorism and Cyclone Insurance Act 2003. Under these provisions, the Assistant Treasurer and Minister for Financial Services is authorised to appoint eligible individuals to serve as members of the Australian Reinsurance Pool Corporation. This particular notifiable instrument (F2023N00084) exercises that authority by appointing Evelyn Horton, Eilis Hurley, Fran Raymond, and Oscar Shub as part-time members for a term of three years commencing on 23 April 2023. This Act imposes several obligations and requirements on the newly appointed members of the Australian Reinsurance Pool Corporation. Primarily, these appointees must adhere to the guidelines and policies set forth by the Corporation, ensuring their decisions and actions align with the Corporation’s objectives and the overarching goals of the Terrorism and Cyclone Insurance Act 2003. They are expected to contribute to the effective administration and management of the reinsurance pool, focusing on risk assessment, policy formulation, and oversight of insurance-related activities. The legislation also includes provisions that outline the consequences of non-compliance or breach of duties by the appointed members. While specific offences and penalties are not detailed in this notifiable instrument, breaches of duties under the Terrorism and Cyclone Insurance Act 2003 could potentially lead to civil or criminal consequences. Generally, such breaches may result in fines or imprisonment, with the severity of the penalty depending on the nature and extent of the misconduct. However, the exact penalties are typically specified in the primary Act itself, which would govern the actions and responsibilities of the Corporation members in more detail. In summary, this notifiable instrument appoints four individuals to the Australian Reinsurance Pool Corporation, establishing their roles and the duration of their terms. It underscores their duty to operate within the framework of the Terrorism and Cyclone Insurance Act 2003, while the potential repercussions for any failures to meet these obligations are left to be addressed under the broader legislative context.