Treasurer to Australian Reinsurance Pool Corporation (Premiums) Direction 2007

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TERRORISM INSURANCE ACT 2003
 
 
 
Treasurer to Australian Reinsurance Pool Corporation (Premiums) Direction 2007
 
 
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 23 March 2007
 
 
 
PETER COSTELLO
Treasurer
 
1.       Name of Direction
 
This Direction is the Treasurer to Australian Reinsurance Pool Corporation (Premiums) Direction 2007.
 
2.       Commencement
 
This Direction commences when it is made.
 
3.             Definitions
 
In this Direction:
 
Australia Post means the Australian Postal Corporation established by the Australian Postal Corporation Act 1989.
 
Corporation means the Australian Reinsurance Pool Corporation.
 
          Premium income means the gross base premium (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 relating to those covers.
 
          For the purpose of calculating Premium income for a contract of reinsurance in    respect of a contract of insurance:
 
          (a)     that is comprised of two or more distinct covers that have been packaged           or bundled together; and
          (b)     that was offered on the basis that the insured must take out one or more                     of a number of covers offered; and
          (c)     for which the premiums attributable to each cover comprising that                       contract of insurance are precisely quantifiable; and
          (d)     that contains covers that (if provided individually) would be eligible                    insurance contracts,
 
          the Gross Base Premium for the contract of insurance is the premium       attributable to those covers that (if provided individually) would be eligible                                                      insurance contracts, less only returned premiums and cancellations relating to                                                                 those covers.
         
          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.      New postcodes and postcodes with changed boundaries
                      Subject to any contrary directions under s 38(2)(d) of the Act:
 a)          if an area covered by a postcode within the Postcode List for Tier B, set out in Schedule 1, is divided by Australia Post into two or more areas covered by new postcodes, the new postcodes are to be treated as if they were included in the Postcode List for Tier B; and
b)           if an area covered by a postcode within the Postcode List for Tier C, set out in Schedule 1, is divided by Australia Post into two or more areas covered by new postcodes, the new postcodes are to be treated as if they were included in the Postcode List for Tier C; and
c)           if a population centre with a population of more than 100,000 people, which is currently covered by a postcode, or postcodes, within the Postcode List for Tiers A or B, expands in area and a new postcode is issued by Australia Post (or the boundaries of an existing postcode are changed by Australia Post) to cover this new area, the postcode covering that new area is to be treated as if it were included in the Postcode List for Tier B.
 
5.       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
 
Class of Insurance
Rate

Loss of, or damage to, property  (s.7(1)(a) of the Act)
 

- Tier A property
12% of premium income

- Tier B property
4% of premium income

- Tier C property
2% of premium income

Business Interruption (s.7(1)(b) of the Act)
 

- Tier A property
12% of premium income

- Tier B property
4% of premium income

- Tier C property
2% of premium income

Public Liability (s.7(1)(c) of the Act)
Nil

 
schedule 1
 
 
Tier A Postcodes

2000
2009
2060
3000
3005
3006
3008

4000
5000
6000
6003
 
 
 

 
 
Tier B Postcodes

800
810
812
820
909
2006
2007

2008
2010
2011
2015
2016
2017
2018

2019
2020
2021
2022
2023
2024
2025

2026
2027
2028
2029
2030
2031
2032

2033
2034
2035
2036
2037
2038
2039

2040
2041
2042
2043
2044
2045
2046

2047
2048
2049
2050
2052
2061
2062

2063
2064
2065
2066
2067
2068
2069

2070
2071
2072
2073
2074
2075
2076

2077
2079
2085
2086
2087
2088
2089

2090
2091
2092
2093
2094
2095
2096

2097
2099
2100
2101
2102
2103
2104

2106
2107
2109
2110
2111
2112
2113

2114
2115
2116
2117
2118
2119
2120

2121
2122
2123
2125
2126
2127
2128

2129
2130
2131
2132
2133
2134
2135

2136
2137
2138
2139
2140
2141
2142

2143
2144
2145
2146
2147
2148
2150

2151
2152
2153
2154
2155
2160
2161

2162
2163
2164
2165
2166
2167
2168

2170
2174
2176
2177
2190
2191
2192

2193
2194
2195
2196
2197
2198
2199

2200
2203
2204
2205
2206
2207
2208

2209
2210
2211
2212
2213
2214
2216

2217
2218
2219
2220
2221
2222
2223

2224
2225
2226
2227
2228
2229
2230

2231
2232
2234
2251
2256
2257
2260

2261
2262
2263
2280
2282
2284
2285

2287
2289
2290
2291
2292
2293
2296

2297
2298
2299
2300
2302
2303
2304

2305
2306
2307
2308
2485
2500
2502

2505
2506
2522
2525
2526
2558
2559

2564
2565
2566
2567
2600
2601
2602

2603
2604
2605
2606
2607
2609
2612

2614
2615
2617
2747
2750
2760
2761

2762
2763
2766
2767
2768
2770
2773

2774
2900
2902
2903
2904
2905
2906

2911
2913
2914
3002
3003
3004
3010

3011
3012
3013
3015
3016
3018
3019

3020
3021
3022
3023
3025
3026
3028

3031
3032
3033
3034
3038
3039
3040

3041
3042
3043
3044
3045
3046
3047

3048
3049
3050
3051
3052
3053
3054

3055
3056
3057
3058
3060
3061
3062

3065
3066
3067
3068
3070
3071
3072

3073
3074
3075
3078
3079
3081
3082

3083
3084
3085
3086
3087
3088
3093

3094
3095
3101
3102
3103
3104
3105

3106
3107
3108
3109
3111
3113
3114

3121
3122
3123
3124
3125
3126
3127

3128
3129
3130
3131
3132
3133
3134

3135
3136
3137
3138
3140
3141
3142

3143
3144
3145
3146
3147
3148
3149

3150
3151
3152
3153
3154
3155
3156

3158
3161
3162
3163
3165
3166
3167

3168
3169
3170
3171
3172
3173
3174

3175
3177
3178
3179
3180
3181
3182

3183
3184
3185
3186
3187
3188
3189

3190
3191
3192
3193
3194
3195
3196

3197
3198
3199
3200
3201
3202
3204

3205
3206
3207
3214
3215
3218
3219

3220
3765
3767
3785
3786
3787
3796

3800
3802
3803
3805
3910
3911
3930

3931
3934
3976
3989
4005
4006
4007

4008
4009
4010
4011
4012
4013
4014

4017
4018
4019
4020
4021
4022
4029

4030
4031
4032
4034
4035
4036
4037

4051
4053
4054
4059
4060
4061
4064

4065
4066
4067
4068
4072
4073
4074

4075
4076
4077
4078
4101
4102
4103

4104
4105
4106
4107
4108
4109
4110

4111
4112
4113
4114
4115
4116
4117

4118
4119
4120
4121
4122
4123
4124

4125
4127
4128
4129
4130
4131
4132

4133
4151
4152
4153
4154
4155
4156

4157
4158
4159
4160
4161
4163
4164

4165
4169
4170
4171
4172
4173
4174

4178
4179
4205
4207
4208
4209
4210

4212
4214
4215
4216
4217
4218
4219

4220
4221
4224
4225
4226
4227
4229

4230
4300
4301
4303
4304
4305
4500

4501
4502
4503
4504
4505
4506
4508

4509
4551
4556
4557
4558
4564
4566

4567
4572
4573
4575
4810
4812
4813

4814
5005
5006
5007
5008
5009
5010

5011
5012
5013
5014
5015
5016
5017

5018
5019
5020
5021
5022
5023
5024

5025
5031
5032
5033
5034
5035
5037

5038
5039
5040
5041
5042
5043
5044

5045
5046
5047
5048
5049
5050
5051

5052
5061
5062
5063
5064
5065
5066

5067
5068
5069
5070
5072
5073
5074

5075
5076
5081
5082
5083
5084
5085

5086
5087
5088
5089
5090
5091
5092

5093
5094
5095
5096
5097
5098
5106

5107
5108
5109
5111
5112
5113
5127

5158
5159
5160
5161
5162
5164
5165

5166
5167
5168
5169
5246
5950
6004

6005
6006
6007
6008
6009
6010
6011

6012
6014
6015
6016
6017
6018
6019

6020
6021
6022
6023
6024
6025
6026

6027
6028
6029
6030
6050
6051
6052

6053
6054
6055
6056
6057
6058
6059

6060
6061
6062
6063
6064
6066
6070

6090
6100
6101
6102
6103
6104
6105

6106
6107
6108
6147
6148
6149
6150

6151
6152
6153
6154
6155
6156
6157

6158
6159
6160
6162
6163
6164
6907

7000
7004
7005
7007
7008
7009
7010

7011
7015
7018
7019
7053
 
 

 
 
Tier C Postcodes

822
828
829
830
832
835
836

837
838
840
841
845
846
847

850
852
853
854
860
862
870

872
880
885
886
2080
2081
2082

2083
2084
2105
2108
2156
2157
2158

2159
2171
2172
2173
2175
2178
2179

2233
2250
2258
2259
2264
2265
2267

2278
2281
2283
2286
2294
2295
2309

2311
2312
2314
2315
2316
2317
2318

2319
2320
2321
2322
2323
2324
2325

2326
2327
2328
2329
2330
2331
2333

2334
2335
2336
2337
2338
2339
2340

2341
2342
2343
2344
2345
2346
2347

2350
2351
2352
2353
2354
2355
2356

2357
2358
2359
2360
2361
2365
2369

2370
2371
2372
2379
2380
2381
2382

2386
2387
2388
2390
2395
2396
2397

2398
2399
2400
2401
2402
2403
2404

2405
2406
2408
2409
2410
2411
2415

2420
2421
2422
2423
2424
2425
2426

2427
2428
2429
2430
2431
2439
2440

2441
2443
2444
2445
2446
2447
2448

2449
2450
2452
2453
2454
2455
2456

2460
2462
2463
2464
2465
2466
2469

2470
2471
2472
2473
2474
2475
2476

2477
2478
2479
2480
2481
2482
2483

2484
2486
2487
2488
2489
2490
2508

2515
2516
2517
2518
2519
2527
2528

2529
2530
2533
2534
2535
2536
2537

2538
2539
2540
2541
2545
2546
2548

2549
2550
2551
2555
2556
2557
2560

2563
2568
2569
2570
2571
2572
2573

2574
2575
2576
2577
2578
2579
2580

2581
2582
2583
2584
2585
2586
2587

2588
2590
2594
2611
2618
2619
2620

2621
2622
2623
2624
2625
2626
2627

2628
2629
2630
2631
2632
2633
2640

2641
2642
2643
2644
2645
2646
2647

2648
2649
2650
2651
2652
2653
2655

2656
2658
2659
2660
2661
2663
2665

2666
2668
2669
2671
2672
2675
2680

2681
2700
2701
2702
2703
2705
2706

2707
2710
2711
2712
2713
2714
2715

2716
2717
2720
2721
2722
2725
2726

2727
2729
2730
2731
2732
2733
2734

2735
2736
2737
2738
2739
2745
2748

2749
2752
2753
2754
2755
2756
2757

2758
2759
2765
2775
2776
2777
2778

2779
2780
2782
2783
2784
2785
2786

2787
2790
2791
2792
2793
2794
2795

2797
2798
2799
2800
2803
2804
2805

2806
2807
2808
2809
2810
2820
2821

2823
2824
2825
2827
2828
2829
2830

2831
2832
2833
2834
2835
2836
2839

2840
2842
2843
2844
2845
2846
2847

2848
2849
2850
2852
2864
2865
2866

2867
2868
2869
2870
2871
2873
2874

2875
2876
2877
2878
2879
2880
2898

2899
2912
3024
3027
3029
3030
3036

3037
3059
3063
3064
3076
3089
3090

3091
3096
3097
3099
3115
3116
3139

3159
3160
3211
3212
3216
3217
3221

3222
3223
3224
3225
3226
3227
3228

3230
3231
3232
3233
3235
3236
3237

3238
3239
3240
3241
3242
3243
3249

3250
3251
3254
3260
3264
3265
3266

3267
3268
3269
3270
3271
3272
3273

3274
3275
3276
3277
3278
3279
3280

3281
3282
3283
3284
3285
3286
3287

3289
3292
3293
3294
3300
3301
3302

3303
3304
3305
3309
3310
3311
3312

3314
3315
3317
3318
3319
3321
3322

3323
3324
3325
3328
3329
3330
3331

3332
3333
3334
3335
3337
3338
3340

3341
3342
3345
3350
3351
3352
3355

3356
3357
3360
3361
3363
3364
3370

3371
3373
3375
3377
3378
3379
3380

3381
3384
3385
3387
3388
3390
3391

3392
3393
3395
3396
3399
3400
3401

3407
3409
3412
3413
3414
3415
3418

3419
3420
3423
3424
3427
3428
3429

3430
3431
3432
3433
3434
3435
3437

3438
3440
3441
3442
3444
3446
3447

3448
3450
3451
3453
3458
3460
3461

3462
3463
3464
3465
3467
3468
3469

3472
3475
3478
3480
3482
3483
3485

3487
3488
3489
3490
3491
3494
3496

3498
3500
3501
3505
3506
3507
3509

3512
3515
3516
3517
3518
3520
3521

3522
3523
3525
3527
3529
3530
3531

3533
3537
3540
3542
3544
3546
3549

3550
3551
3555
3556
3557
3558
3559

3561
3562
3563
3564
3565
3566
3567

3568
3570
3571
3572
3573
3575
3576

3579
3580
3581
3583
3584
3585
3586

3588
3589
3590
3591
3594
3595
3596

3597
3599
3607
3608
3610
3612
3614

3616
3617
3618
3620
3621
3622
3623

3624
3629
3630
3631
3633
3634
3635

3636
3637
3638
3639
3640
3641
3644

3646
3647
3649
3658
3659
3660
3662

3663
3664
3665
3666
3669
3670
3672

3673
3675
3677
3678
3682
3683
3685

3687
3688
3690
3691
3694
3695
3697

3698
3699
3700
3701
3704
3705
3707

3708
3709
3711
3712
3713
3714
3715

3717
3718
3719
3720
3722
3723
3725

3726
3727
3728
3730
3732
3733
3735

3737
3738
3739
3740
3741
3744
3746

3747
3749
3750
3751
3752
3753
3754

3755
3756
3757
3758
3759
3760
3761

3762
3763
3764
3766
3770
3775
3777

3778
3779
3781
3782
3783
3788
3789

3791
3792
3793
3795
3797
3799
3804

3806
3807
3808
3809
3810
3812
3813

3814
3815
3816
3818
3820
3821
3822

3823
3824
3825
3831
3833
3835
3840

3842
3844
3847
3850
3851
3852
3854

3856
3857
3858
3859
3860
3862
3864

3865
3869
3870
3871
3873
3874
3875

3878
3880
3882
3885
3886
3887
3888

3889
3890
3891
3892
3893
3895
3896

3898
3900
3902
3903
3904
3909
3912

3913
3915
3916
3918
3919
3920
3921

3922
3923
3925
3926
3927
3928
3929

3933
3936
3937
3938
3939
3940
3941

3942
3943
3944
3945
3946
3950
3951

3953
3954
3956
3957
3958
3959
3960

3962
3964
3965
3966
3967
3971
3975

3977
3978
3979
3980
3981
3984
3987

3988
3990
3991
3992
3995
3996
4025

4055
4069
4070
4183
4184
4211
4213

4223
4228
4270
4271
4272
4275
4280

4285
4287
4306
4307
4309
4310
4311

4312
4313
4340
4341
4342
4343
4344

4345
4346
4347
4350
4352
4353
4354

4355
4356
4357
4358
4359
4360
4361

4362
4363
4364
4365
4370
4371
4372

4373
4374
4375
4376
4377
4378
4380

4381
4382
4383
4384
4385
4387
4388

4390
4400
4401
4402
4403
4404
4405

4406
4407
4408
4410
4411
4412
4413

4415
4416
4417
4418
4419
4420
4421

4422
4423
4424
4425
4426
4427
4428

4454
4455
4461
4462
4465
4467
4468

4470
4471
4472
4474
4475
4477
4478

4479
4480
4481
4482
4486
4487
4488

4489
4490
4491
4492
4493
4494
4496

4497
4498
4507
4510
4511
4512
4514

4515
4516
4517
4518
4519
4520
4521

4550
4552
4553
4554
4555
4559
4560

4561
4562
4563
4565
4568
4569
4570

4571
4574
4580
4581
4600
4601
4605

4606
4608
4610
4611
4612
4613
4614

4615
4620
4621
4625
4626
4627
4630

4650
4655
4659
4660
4662
4670
4671

4673
4674
4676
4677
4678
4680
4694

4695
4697
4699
4700
4701
4702
4703

4704
4705
4706
4707
4709
4710
4711

4712
4713
4714
4715
4716
4717
4718

4719
4720
4721
4722
4723
4724
4725

4726
4727
4728
4730
4731
4732
4733

4735
4736
4737
4738
4739
4740
4741

4742
4743
4744
4745
4746
4750
4751

4753
4754
4756
4757
4798
4799
4800

4801
4802
4803
4804
4805
4806
4807

4808
4809
4811
4815
4816
4817
4818

4819
4820
4821
4822
4823
4824
4825

4828
4829
4830
4849
4850
4852
4854

4855
4856
4857
4858
4859
4860
4861

4865
4868
4869
4870
4871
4872
4873

4874
4875
4876
4877
4878
4879
4880

4881
4882
4883
4884
4885
4886
4887

4888
4890
4891
4895
5110
5114
5115

5116
5117
5118
5120
5121
5125
5126

5131
5132
5133
5134
5136
5137
5138

5139
5140
5141
5142
5144
5150
5151

5152
5153
5154
5155
5156
5157
5163

5170
5171
5172
5173
5174
5201
5202

5203
5204
5210
5211
5212
5213
5214

5220
5221
5222
5223
5231
5232
5233

5234
5235
5236
5237
5238
5240
5241

5242
5243
5244
5245
5250
5251
5252

5253
5254
5255
5256
5259
5260
5261

5262
5263
5264
5265
5266
5267
5268

5269
5270
5271
5272
5273
5275
5276

5277
5278
5279
5280
5290
5291
5301

5302
5303
5304
5306
5307
5308
5309

5310
5311
5312
5320
5321
5322
5330

5331
5332
5333
5340
5341
5342
5343

5344
5345
5346
5350
5351
5352
5353

5354
5355
5356
5357
5360
5371
5372

5373
5374
5381
5400
5401
5410
5411

5412
5413
5414
5415
5416
5417
5418

5419
5420
5421
5422
5431
5432
5433

5434
5440
5451
5452
5453
5454
5455

5460
5461
5462
5464
5470
5471
5472

5473
5480
5481
5482
5483
5485
5490

5491
5493
5495
5501
5502
5510
5520

5521
5522
5523
5540
5550
5552
5554

5555
5556
5558
5560
5570
5571
5572

5573
5575
5576
5577
5580
5581
5582

5583
5600
5601
5602
5603
5604
5605

5606
5607
5608
5609
5630
5631
5632

5633
5640
5641
5642
5650
5651
5652

5653
5654
5655
5660
5661
5670
5671

5680
5690
5700
5710
5720
5722
5723

5724
5725
5730
5731
5732
5733
5734

6031
6032
6033
6034
6035
6036
6037

6038
6041
6042
6043
6044
6065
6067

6068
6069
6071
6072
6073
6074
6076

6081
6082
6083
6084
6109
6110
6111

6112
6121
6122
6123
6124
6125
6126

6161
6165
6166
6167
6168
6169
6170

6171
6172
6173
6174
6175
6176
6207

6208
6210
6213
6214
6215
6218
6220

6221
6223
6224
6225
6226
6227
6228

6229
6230
6232
6233
6236
6237
6239

6240
6243
6244
6251
6252
6253
6254

6255
6256
6258
6260
6262
6271
6275

6280
6281
6282
6284
6285
6286
6288

6290
6302
6304
6306
6308
6309
6311

6312
6313
6315
6316
6317
6318
6320

6321
6322
6323
6324
6326
6327
6328

6330
6333
6335
6336
6337
6338
6341

6343
6346
6348
6350
6351
6352
6353

6355
6356
6357
6358
6359
6361
6363

6365
6367
6368
6369
6370
6372
6373

6375
6383
6384
6385
6386
6390
6391

6392
6393
6394
6395
6396
6397
6398

6401
6403
6405
6407
6409
6410
6411

6412
6413
6414
6415
6418
6419
6420

6421
6422
6423
6424
6425
6426
6427

6428
6429
6430
6431
6432
6434
6435

6436
6437
6438
6440
6442
6443
6445

6446
6447
6448
6450
6452
6460
6461

6462
6463
6465
6466
6467
6468
6470

6472
6473
6475
6476
6477
6479
6480

6484
6485
6487
6488
6489
6490
6501

6502
6503
6504
6505
6506
6507
6509

6510
6511
6512
6513
6514
6515
6516

6517
6518
6519
6521
6522
6525
6528

6530
6532
6535
6536
6537
6556
6558

6560
6562
6564
6566
6567
6568
6569

6571
6572
6574
6575
6603
6605
6606

6608
6609
6612
6613
6614
6616
6620

6623
6625
6627
6628
6630
6631
6632

6635
6638
6639
6640
6642
6646
6701

6705
6707
6710
6711
6712
6713
6714

6716
6718
6720
6721
6722
6723
6725

6726
6728
6731
6733
6740
6743
6751

6753
6754
6758
6760
6761
6762
6765

6770
6798
6799
7001
7012
7016
7017

7020
7021
7022
7023
7024
7025
7026

7027
7030
7050
7052
7054
7055
7109

7112
7113
7116
7117
7119
7120
7139

7140
7150
7151
7155
7162
7163
7170

7171
7172
7173
7174
7175
7176
7177

7178
7179
7180
7182
7183
7184
7185

7186
7187
7190
7209
7210
7211
7212

7213
7214
7215
7216
7248
7249
7250

7252
7253
7254
7255
7256
7257
7258

7259
7260
7261
7262
7263
7264
7265

7267
7268
7270
7275
7276
7277
7290

7291
7292
7300
7301
7302
7303
7304

7305
7306
7307
7310
7315
7316
7320

7321
7322
7325
7330
7331
7466
7467

7468
7469
7470
 
 
 
 

 
 

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