starting on the day, and at the time, specified under paragraph 8F(1)(a) for the cyclone event; and

ending on the day, and at the time, specified under paragraph 8F(2)(c) for the cyclone event.

the scheme operated by the Corporation in performing its function under paragraph 10(b) (cyclone and related flood damage reinsurance); and

any other activities the Corporation undertakes for the purposes of performing that function.

cover the insurer’s liability, under all pool insurance contracts that it enters into, in respect of all eligible cyclone losses; and

insure against 100% of the insurer’s liability, under each of those pool insurance contracts, in respect of all eligible cyclone losses.

in respect of the last financial year of the general insurer that ended before the start of the calendar year referred to in subsection (5); and

for a class of direct business consisting of contracts of insurance:

that the general insurer enters into as insurer; and

that are wholly or partly pool insurance contracts; and

under which the insurer undertakes any liability in respect of eligible cyclone losses (whether or not the contracts cover other risks) other than eligible cyclone losses arising at a place covered by a determination in force under subsection (7);

the syndicate; and

each Lloyd’s underwriter who is a member of the syndicate, when acting in that capacity;

it provides insurance cover that is of a kind referred to in subsection (2) and also of a kind referred to in subsection (3), whether or not the cover is limited or restricted in any way, and whether or not the contract also provides any other insurance cover; or

it is prescribed by the regulations for the purposes of this paragraph.

insurance cover for loss of, or damage to, eligible property that is owned by the insured;

insurance cover for business interruption and consequential loss arising from:

loss of, or damage to; or

inability to use all or part of;

insurance cover in respect of a home building;

insurance cover in respect of contents of a home building;

if:

the insured is the body corporate for a strata or community title development; and

at least 50% of the total floor space of the units in the development is used wholly or mainly for residential purposes;

a building located on land that is included in the development; and

contents of such a building;

insurance cover (other than insurance cover of a kind referred to in paragraph (a), (b) or (c)):

that is in respect of a building, contents of a building, or both; and

for which the total of the sums insured does not exceed the amount prescribed by the regulations for the purposes of this paragraph.

the insured is a government entity as defined by the regulations for the purposes of this subsection; and

the home building or building, as the case may be, is managed by such a government entity (whether or not the same as the one referred to in paragraph (a) of this subsection).

it is a contract of reinsurance; or

it provides insurance cover (other than insurance cover of a kind referred to in paragraph (3)(a) or (b)) to a farm business, including:

producing crops or livestock, or produce derived from the crops or livestock; and

secondary processing of, or manufacturing goods from, the crops, livestock or produce, at the place where the crops or livestock are produced; and

the interests of the insured in property used in doing something covered by subparagraph (i) or (ii) of this paragraph; or

it is prescribed by the regulations for the purposes of this subsection.

from the weather system in relation to which a cyclone event was declared under subsection 8F(1); or

without limiting the generality of paragraph (a) of this subsection, from any of the following that is caused by that weather system:

wind, rain, rainwater or rainwater runoff;

a storm surge, as defined by the regulations for the purposes of this subparagraph;

a flood, as defined by the regulations for the purposes of this subparagraph.

to ensure that, over the longer term, premiums paid under such contracts are sufficient to cover or offset:

the amounts paid in meeting the Corporation’s liabilities under such contracts (including payments by the Commonwealth under section 35A in respect of such liabilities); and

all other amounts applied by the Corporation as mentioned in subsection 34(1), in so far as those amounts may reasonably be regarded as connected with the cyclone reinsurance scheme; and

in so far as those premiums are for reinsuring liability under pool insurance contracts that involve medium to high levels of exposure to eligible cyclone losses—to keep the premiums as low as possible while maintaining incentives to reduce and mitigate the risk of eligible cyclone losses; and

in so far as those premiums are for reinsuring liability under pool insurance contracts that involve lower levels of exposure to eligible cyclone losses—to keep those premiums at levels comparable to what would be charged by other reinsurers.

a cyclone exists or has reintensified; and

the cyclone is likely to affect any part of Australia;

the Bureau determines that a cyclone has ended; and

the cyclone is one about which the Bureau has notified the Corporation under subsection (1);

as soon as practicable, and in any event within 24 hours, after the Bureau determines as mentioned in subsection (1) or (2), as the case may be; and

(b) in writing sent by electronic communication within the meaning of the Electronic Transactions Act 1999.

specify the day and time when the cyclone began or reintensified, as notified by the Bureau; and

state that the claims period for the cyclone event began on that day at that time.

the previous declaration; and

the day and time when the cyclone ended, as notified by the Bureau; and

the day and time when the claims period for the cyclone event ended, or will end, as the case requires.

that began on the day, and at the time, specified under paragraph (2)(b); and

whose duration is prescribed by the regulations for the purposes of this subsection.

must be made as soon as practicable, and in any event within 24 hours, after the Bureau notifies the Corporation that a cyclone exists, has reintensified or has ended, as the case may be; and

must be made by notifiable instrument; and

cannot be varied or revoked; and

must be published on the Corporation’s website as soon as practicable, and in any event within those 24 hours.

an error in matter specified in the declaration; or

a contravention of subsection (4).

to operate a cyclone and related flood damage reinsurance pool by entering into contracts of reinsurance as reinsurer in accordance with Part 2A;

any other functions prescribed by the regulations.

at least 6, but not more than 8, other members.

is entitled to receive notice of meetings of the Corporation; and

may attend any meeting of the Corporation and take such part in the proceedings, not including voting, as the observer thinks fit; and

may report to the Minister on any matter relating to the cyclone reinsurance scheme; and

if the Minister requests a report on such a matter, must report to the Minister on that matter.

at most one may be a representative of APRA; and

at most one may be a representative of the Australian Government Actuary.

is a Fellow of The Institute of Actuaries of Australia; and

in the opinion of the Corporation, is a fit and proper person, and has appropriate skills, experience or knowledge, to be the reviewing actuary; and

is neither a person employed under section 32 nor a consultant engaged under section 33.

ceases to be a Fellow of The Institute of Actuaries of Australia; or

becomes a person employed under section 32 or a consultant engaged under section 33.

to review the premiums that the Corporation proposes to charge in respect of cyclone reinsurance contracts, and the Corporation’s compliance with section 8D in setting those premiums; and

to review, and report to the Corporation on, each Financial Outlook Report prepared under the Minister; andsection 40A, before the Report is given to

to provide advice and reports on actuarial matters, as requested by the Corporation.

unless paragraph (b) of this subsection applies—$10 billion; or

if an amount is determined for that financial year under subsection (4)—the greatest amount so determined.

if the Minister is not the Treasurer—consult with the Treasurer; and

consult with the Prime Minister and the Finance Minister; and

determine an amount for a financial year, for the purposes of paragraph (2)(b), that in the Minister’s opinion is sufficient to ensure that, after taking into account the guarantee under this section, the Corporation will be able to discharge all its cyclone loss liabilities.

directions relating to the extent to which risk is to be retained by reinsureds under contracts of reinsurance that the Corporation enters into as reinsurer.

the Chief Executive; or

a person employed under section 32 in a senior executive position.

as soon as practicable after 1 July 2025; and

at least once every 5 years after that day;

unless paragraph (b) applies—the 2024 calendar year; or

if the total gross written premiums for the householders class of direct business, as reported to APRA:

under the reporting standard prescribed for the purposes of subsection 8A(6) of that Act, as so inserted; and

in respect of the last financial year of the insurer to end before 31 December 2022;

subsections 8A(9) and (10);

subsections 8A(1) to (3), as applying because of subsections 8A(9) and (10).