On 2 July 2021, the Government announced the commencement of the 2021 review of the Terrorism Insurance Act 2003.
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 released in December 2018.
As part of this Review the Treasury will consult broadly with relevant stakeholders. A consultation paper is also available on the Treasury website and interested parties are invited to comment on the issues raised in this paper by 30 July 2021.
News and media
- 2021 Triennial Review of the Terrorism Insurance Act 2003 - Michael Sukkar, 2 July 2021