Terrorism Insurance (Member) Appointment (No. 2) 2021

Overview

The Terrorism Insurance (Member) Appointment (No. 2) 2021 Instrument, issued under the authority of the Assistant Treasurer, Michael Sukkar, and effective from 23 June 2021, appoints Elaine Collins as a part-time member of the Australian Reinsurance Pool Corporation (ARPC) for the period 1 July 2021 to 30 June 2024. This appointment was made pursuant to subsection 13(1) of the Terrorism Insurance Act 2003, with the Minister being satisfied that Ms. Collins meets the eligibility criteria outlined in subsection 13(3) of the Act. The Terrorism Insurance Act 2003 was enacted to address the issue of terrorism-related risks in the insurance market, ensuring the availability of terrorism insurance for critical infrastructure and thereby contributing to the resilience and stability of the Australian economy in the face of potential terrorist activities.

Scope and Application

The Terrorism Insurance (Member) Appointment (No. 2) 2021 Instrument, issued under the authority of the Terrorism Insurance Act 2003, appoints Elaine Collins to the Australian Reinsurance Pool Corporation on a part-time basis, effective from 1 July 2021 to 30 June 2024. This legislative instrument is applicable to the individual named, Elaine Collins, who is appointed as a member of the Australian Reinsurance Pool Corporation. This Act pertains to the specific conduct and roles within the corporation, ensuring that the appointed member adheres to the regulations and responsibilities outlined in the Terrorism Insurance Act 2003. The geographic reach of this legislation is national, as it pertains to entities and individuals operating within Australia, specifically those involved in the reinsurance sector and terrorism insurance arrangements. There are no explicit exclusions or exemptions mentioned within the text of this notifiable instrument, though the broader Act may contain provisions that delineate eligibility and operational scope. The application of the Act may be further extended or refined through subordinate instruments, which are not detailed in this specific notifiable instrument but are referenced in the broader legislative framework.

Key Provisions

The main operative sections of the Notifiable instrument F2021N00136, titled "Terrorism Insurance (Member) Appointment (No. 2) 2021I," focus on the appointment of Elaine Collins as a part-time member of the Australian Reinsurance Pool Corporation. This appointment is effective from 1 July 2021 to 30 June 2024, and it is made under subsection 13(1) of the Terrorism Insurance Act 2003 (section 1). The instrument confirms that Michael Sukkar, Assistant Treasurer and Minister for various portfolios, is satisfied that Ms Collins meets the eligibility criteria outlined in subsection 13(3) of the Terrorism Insurance Act 2003 (section 1). The Act imposes specific obligations on the appointed member, Elaine Collins, as well as on the Australian Reinsurance Pool Corporation. Ms Collins must serve in her capacity for the duration specified, contributing her expertise to the activities and decisions of the Corporation. This includes attending meetings, participating in the formulation of policies, and ensuring compliance with the legislative and regulatory frameworks governing terrorism insurance. The Australian Reinsurance Pool Corporation is required to facilitate Ms Collins' role, providing her with the necessary resources and support to effectively perform her duties. The Notifiable instrument does not explicitly detail offences, penalties, or specific consequences for breach of the provisions within this particular appointment instrument. However, the overarching Terrorism Insurance Act 2003 contains various provisions that could apply if there were any breaches of the duties or obligations associated with the appointment. These could include administrative penalties, civil liabilities, or even criminal charges depending on the nature and severity of the breach. The penalties for such breaches under the broader Act can range from fines to imprisonment, depending on the specific offence and the discretion of the court.