Terrorism Insurance (Payments) Direction 2020 (Cth)

Terrorism Insurance (Payments) Direction 2020

I, Michael Sukkar, Minister for Housing and Assistant Treasurer, give the following direction to the Australian Reinsurance Pool Corporation.

Dated 8 September 2020

Michael Sukkar Minister for Housing Assistant Treasurer

Contents Part 1—Preliminary 1 Name 2 Commencement 3 Authority 4 Definitions Part 2—Direction to make payments 5 Payments to the Commonwealth

Part 1—Preliminary

1 Name This instrument is the Terrorism Insurance (Payments) Direction 2020.

2 Commencement (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information Column 1 Column 2 Column 3 Provisions Commencement Date/Details 1. The whole of this instrument The day after this instrument is registered.

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument. (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3 Authority This instrument is made under the Terrorism Insurance Act 2003.

4 Definitions Note: Paragraph 13(1)(b) of the Legislation Act 2003 has the effect that expressions have the same meaning in this instrument as in the Terrorism Insurance Act 2003 as in force from time to time. In this instrument: the Act means the Terrorism Insurance Act 2003.

Part 2—Direction to make payments

5 Payments to the Commonwealth (1) Under section 38 of the Act, the Corporation is directed to make each of the following payments to the Commonwealth: (a) $55 million, as a guarantee fee; (b) $35 million, as a capital holding fee; (c) $10 million, as a temporary dividend. (2) The payments are to be made to the Commonwealth on or before 31 March 2021 by electronic transfer to: Account name—Department of the Treasury Official Administered Receipts Account BSB—092-009 Account Number—918 379