Regulation Impact Statement Updates
Official website for publishing regulatory impact analysis information for regulatory decisions announced by the Australian Government, COAG and COAG Councils.
Review of the Terrorism Insurance Scheme
Independent Review – Department of the Treasury
On 15 December 2015, the Treasury released the latest statutory review on Australia’s terrorism insurance scheme. The scheme provides terrorism reinsurance, generally for commercial property, associated business interruption and public liability classes of insurance.
Consistent with best practice requirements, the Treasury certified the review has undertaken a process and analysis equivalent to a RIS. The review estimates the regulatory cost at about $5,200 per annum and identifies offsets. Under the Government’s best practice regulation requirements, the Office of Best Practice Regulation (OBPR) does not assess independent reviews. Regulatory costs and offset estimates have been agreed with the OBPR.