Coronavirus (COVID-19) updates from the Australian Government

Exposure draft legislation: cyclone and related flood damage reinsurance pool

This consultation process has now been completed.
Date
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Consultation Type
Exposure Draft Legislation

Key Documents

The Government is seeking stakeholder views on exposure draft legislation for the establishment of a reinsurance pool for cyclones and related flood damage.

The draft legislation would establish a reinsurance pool for cyclones and related flood damage, to commence from 1 July 2022 and be backed by a $10 billion Government guarantee. The draft legislation would also enable the Australian Reinsurance Pool Corporation to administer both the cyclone pool and the existing terrorism reinsurance scheme.

Consultation on the draft legislation follows earlier consultation on the pool’s design and the ARPC’s governance, resourcing and administration.

Submissions

No submissions are currently available.