1Treasurer to Australian Reinsurance Pool Corporation (Premiums) Direction 2003

TERRORISM INSURANCE ACT 2003

Treasurer to Australian Reinsurance Pool Corporation (Premiums) Direction 2003

I, Peter Costello, Treasurer, give this written direction to the Australian Reinsurance Pool Corporation under s.38(2)(d) of the Terrorism Insurance Act 2003 (the Act).

Dated 30 September 2003

PETER COSTELLO

Treasurer

1. Name of Direction

This Direction is the Treasurer to Australian Reinsurance Pool Corporation (Premiums) Direction 2003.

2. Commencement

This Direction commences when it is made.

3. Definitions

In this Direction:

Corporation means the Australian Reinsurance Pool Corporation.

Premium income means the gross base premium written by a person (the Reinsured) during the period of a contract of reinsurance with the Corporation in respect of eligible insurance contracts less only returned premiums and cancellations. The calculation of gross base premium shall not include the Fire Service Levy, GST and Stamp Duty.

Tier A property means eligible property within the Postcode List for Tier A set out in Schedule 1.

Tier B property means eligible property within the Postcode List for Tier B set out in Schedule 1.

Tier C property includes eligible property within the Postcode List for Tier C set out in Schedule 1 and also includes eligible property that is not within a postcode set out in Schedule 1.

Note: Some terms in this Direction, for example, eligible insurance contract and eligible property, have the same meaning as in the Act.

4. Premium to be charged

The Corporation is to charge a premium in respect of each eligible insurance contract that is covered under a contract of reinsurance entered into between the Corporation and the Reinsured in accordance with the rates specified in the following Table.

TABLE