Terrorism Insurance (Payments) Direction 2022
I, Michael Sukkar, Assistant Treasurer, Minister for Housing, and Minister for Homelessness, Social and Community Housing, give the following direction to the Australian Reinsurance Pool Corporation.
Dated 10 March 2022
Michael Sukkar
Assistant Treasurer
Minister for Housing
Minister for Homelessness, Social and Community Housing
Contents
Part 1—Preliminary
1 Name
2 Commencement
3 Authority
4 Definitions
Part 2—Direction to make payments
5 Payments to the Commonwealth
Part 1—Preliminary
1 Name
This instrument is the Terrorism Insurance (Payments) Direction 2022.
2 Commencement
(1) Each provision of instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information | ||
Column 1 | Column 2 | Column 3 |
Provisions | Commencement | Date/Details |
1. The whole of this instrument | The day after this instrument is registered. |
|
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3 Authority
This instrument is made under the Terrorism Insurance Act 2003.
4 Definitions
Note: Paragraph 13(1)(b) of the Legislation Act 2003 has the effect that expressions have the same meaning in this instrument as in the Terrorism Insurance Act 2003 as in force from time to time.
In this instrument:
the Act means the Terrorism Insurance Act 2003.
Part 2—Direction to make payments
5 Payments to the Commonwealth
(1) Under section 38 of the Act, the Corporation is directed to make each of the following payments to the Commonwealth:
(a) $55 million, as a guarantee fee; and
(b) $35 million, as a capital holding fee.
(2) The payments are to be made to the Commonwealth on or before 31 March 2022 by electronic transfer to:
Account name—Department of the Treasury Official Administered Receipts Account
BSB—092‑009
Account Number—918 379