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Treasury Laws Amendment (Cyclone and Flood Damage Reinsurance Pool) Bill 2022

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
46

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Summary

Amends the: 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; and Insurance Act 1973 to create a civil penalty for insurers who do not reinsure eligible cyclone risks with the ARPC.

Progress

House of Representatives
Introduced and read a first time 09 Feb 2022
Second reading moved 09 Feb 2022
Second reading debate 17 Feb 2022
Second reading agreed to 17 Feb 2022
Third reading agreed to 17 Feb 2022
Senate
Introduced and read a first time 29 Mar 2022
Second reading moved 29 Mar 2022
Second reading debate 29 Mar 2022
Second reading debate 30 Mar 2022
Second reading agreed to 30 Mar 2022
Committee of the Whole debate 30 Mar 2022
Third reading agreed to 30 Mar 2022
Finally passed both Houses 30 Mar 2022
Assent
  • Act no: 13
  • Year: 2022
31 Mar 2022

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

Senate

Schedules of amendments

No documents at present

Bills digest

Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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