Terrorism Insurance Act 2003
to: establish a framework for a cyclone and cyclone-related flood damage reinsurance pool by extending the operation of the terrorism reinsurance scheme administered by the Australian Reinsurance Pool Corporation (ARPC); and amend the title of the Act to the
Terrorism and Cyclone Insurance Act 2003
Insurance Act 1973
to create a civil penalty for insurers who do not reinsure eligible cyclone risks with the ARPC.