Terrorism and Cyclone Insurance (Australian Reinsurance Pool Corporation Observer) Appointment (No. 1) 2022
I, Jim Chalmers, Treasurer, under section 20A of the Terrorism and Cyclone Insurance Act 2003, being satisfied the person has the qualifications or experience required under subsection 20A(3), appoint Helen Rowell as an observer of the Australian Reinsurance Pool Corporation, on a part-time basis, for a period up to and including 30 June 2023 from the day after the instrument is registered on the Federal Register of Legislation.
Note: Helen Rowell is a representative of the Australian Prudential Regulation Authority.
Dated 25 July 2022
Dr Jim Chalmers
Treasurer
Overview
The Terrorism and Cyclone Insurance (Australian Reinsurance Pool Corporation Observer) Appointment (No. 1) 2022I is a notifiable instrument issued by the Treasurer, Dr Jim Chalmers, under section 20A of the Terrorism and Cyclone Insurance Act 2003. This instrument appoints Helen Rowell as an observer 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 continuing until 30 June 2023. This appointment was made to address a specific need within the framework of the Terrorism and Cyclone Insurance Act 2003, ensuring that the Australian Reinsurance Pool Corporation has the oversight and expertise necessary to manage risks related to terrorism and cyclone insurance effectively. Helen Rowell, representing the Australian Prudential Regulation Authority, was selected for this role due to her qualifications and experience, aligning with the requirements outlined in subsection 20A(3) of the Act. The objective of this appointment is to enhance the regulatory oversight and risk management capabilities of the Australian Reinsurance Pool Corporation.
Scope and Application
The Notifiable Instrument F2022N00172, titled "Terrorism and Cyclone Insurance (Australian Reinsurance Pool Corporation Observer) Appointment (No. 1) 2022," issued under the authority of Jim Chalmers, the Treasurer, designates Helen Rowell as an observer for the Australian Reinsurance Pool Corporation. This appointment is pursuant to section 20A of the Terrorism and Cyclone Insurance Act 2003, reflecting the Treasurer's satisfaction that Ms. Rowell possesses the requisite qualifications and experience stipulated in subsection 20A(3). Helen Rowell, who is a representative of the Australian Prudential Regulation Authority, will serve in this part-time capacity until 30 June 2023, commencing the day following the instrument's registration on the Federal Register of Legislation. This legislative instrument exemplifies the Commonwealth's regulatory oversight over entities involved in terrorism and cyclone insurance, ensuring a degree of scrutiny and expertise in the reinsurance pool's operations.
Key Provisions
The key operative sections of the Terrorism and Cyclone Insurance (Australian Reinsurance Pool Corporation Observer) Appointment (No. 1) 2022I, are primarily contained in the introductory clauses and the appointment stipulations. Under section 20A of the Terrorism and Cyclone Insurance Act 2003, the Treasurer, Jim Chalmers, is empowered to appoint an observer to the Australian Reinsurance Pool Corporation (ARPC). The instrument explicitly appoints Helen Rowell, a representative of the Australian Prudential Regulation Authority, as an observer on a part-time basis for a period ending on 30 June 2023, starting from the day after the instrument is registered on the Federal Register of Legislation. This appointment is predicated on the Treasurer's satisfaction that Helen Rowell possesses the requisite qualifications or experience as outlined in subsection 20A(3) of the principal Act.
The Terrorism and Cyclone Insurance (Australian Reinsurance Pool Corporation Observer) Appointment (No. 1) 2022I imposes specific obligations on the appointed observer, Helen Rowell. As an observer, her primary responsibility is to monitor and report on the operations and activities of the ARPC, ensuring that they comply with relevant legislation and regulatory standards. This includes understanding and interpreting the ARPC's business practices, financial health, and risk management strategies, particularly in relation to terrorism and cyclone insurance. Additionally, Helen Rowell is expected to liaise with other regulatory bodies and provide her insights and observations to the appropriate authorities.
Failure to comply with the obligations set forth in the Terrorism and Cyclone Insurance (Australian Reinsurance Pool Corporation Observer) Appointment (No. 1) 2022I could lead to various legal consequences. Although the specific penalties for non-compliance are not detailed within the instrument itself, breaches of the Terrorism and Cyclone Insurance Act 2003 generally result in severe penalties. These can include substantial fines and, in more serious cases, imprisonment. The precise penalties depend on the nature and severity of the breach, and they are determined according to the relevant sections of the principal Act. It is essential for Helen Rowell to adhere strictly to her duties to avoid any potential legal repercussions.