Treasury Laws Amendment (Cyclone and Flood Damage Reinsurance Pool) Bill 2022
Amends the: Terrorism Insurance Act 2003 to: establish a framework for a cyclone and cyclone-related flood damage reinsurance pool by extending the operation of the terrorism reinsurance scheme administered by the Australian Reinsurance Pool Corporation (ARPC); and amend the title of the Act to the Terrorism and Cyclone Insurance Act 2003; and Insurance Act 1973 to create a civil penalty for insurers who do not reinsure eligible cyclone risks with the ARPC.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r6847
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