Minister may make declaration as to significant terrorism-related liabilities
239AD Minister may make declaration as to significant terrorism-related liabilities
The Minister may, by order published in the Gazette, declare that an act of terrorism specified in the declaration has given rise to significant terrorism-related liabilities.
The Minister may not make such a declaration unless—
an insurer has requested the Minister to do so, and
the Minister is satisfied that—
an act of terrorism occurred after 4pm on 30 June 2002 or at any time on any day after that date, and
the act of terrorism has given rise to liabilities (whether liabilities of one or more self-insurers, or liabilities under policies of insurance issued or renewed by one or more insurers that are not self-insurers, or both) for payment of amounts that, in total, exceed the threshold amount.
This Act’s bill:Explanatory memorandum
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