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Terrorism Insurance Act Review 2018

Key documents

Treasury is seeking submissions related to the Triennial review of the Terrorism Insurance Scheme.

This consultation seeks stakeholder views on issues outlined in the Terms of Reference, particularly with respect to the following:

  • Whether the risk of cyber terrorism causing physical property damage should be included in the scheme by removing the scheme regulations for computer crime and over-riding policy exclusions for cyber terrorism; and
  • The extent of coverage available for terrorism incidents causing harm to people including armed assault.

Background

The Scheme, established by the Terrorism Insurance Act 2003, was intended to operate in the absence of commercially available terrorism insurance on reasonable terms.  As such, the Act requires a review of the Scheme every three years, to determine whether the market failure continues to justify the Government’s market intervention. The last review was in December 2015.

Previous reviews have recommended that the scheme continue in operation, however, the 2015 review noted that the availability and pricing of private sector terrorism insurance has slowly improved over time.

Responding

You can submit responses to this consultation up until 30 June 2018.

Interested parties are invited to comment on this consultation.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

How to respond

Post

Address written submissions to:

The Treasury
Langton Crescent
Parkes ACT 2600