Australian Capital Territory Insurance Authority
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The Australian Capital Territory Insurance Authority
The ACT Insurance Authority
is a statutory authority responsible to the ACT Treasurer.
It commenced operation in April 2001 being established by the ACT Insurance
Authority Act 2000 to replace the Insurance Management Account in the ACT
Department of Treasury that was
introduced from 1 July 1998. A new governing Act was introduced in 2005, The
Insurance Authority Act 2005.
The Authority provides insurance protection and risk management advice for the Australian Capital Territory Government, covering over $10,000,000,000 worth of physical assets and its associated liability exposures.
All government departments and statutory authorities, unless exempted by the Treasurer, are insured with the Authority, with an Agency Agreement setting out the cover provided and the level of excess (deductible) required to be met by the agencies. A premium is charged to agencies based on risk factors and risk management practices in place.
The objectives of the Authority are to:
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enable the Territory to meet the cost of its insurable claims and losses in an orderly, timely and cost effective manner;
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ensure the costs are fully reflected in the Territory’s accounts;
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protect the Territory’s budget from exposure to very large claims; and
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promote and improve risk management practices in all Territory agencies.
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