About Us

History
Principal Objectives
Functions
Clients

History

The Australian Capital Territory Insurance Authority (ACTIA) is a statutory authority responsible to the ACT Treasurer.

ACTIA 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.

Click here to download the ACT Insurance Authority Act 2005 in PDF format

ACTIA provides insurance protection and risk management advice for the Australian Capital Territory Government, covering over $19,000,000,000 worth of physical assets and its associated liability exposures.

All government departments and statutory authorities, unless exempted by the Treasurer, are insured with ACTIA, 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.

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Principal Objectives

ACTIA is established under Section 7 of the ACT Insurance Authority Act 2005. The objectives of the ACTIA are:

• to carry out the business of insurer of Territory risks;
• to take out insurance of Territory risks with other entities;
• to satisfy or settle claims in relation to Territory risks;
• to take action, with the Treasurer’s approval, for the realising, enforcing, assigning or extinguishing rights against third parties arising out of or in relation to its business, including, for example: (a) taking possession of, dealing with or disposing of, property; or (b) carrying on a third party’s business as a going concern;
• to develop and promote good practices for the management of Territory risks;
• to give advice to the Treasurer about insurance and the management of Territory risks;
• to carry out the role of the Nominal Defendant of the ACT; and
• to administer, on behalf of and under agreement with the Chief Minister’s Department, the Default Insurance Fund, established on 1 July 2006.

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Functions

The functions of ACTIA are specified in Section 8 of the Insurance Act 2005 and include:

• carrying on the business of insurer of Territory risks;
• insuring of Territory risks with other entities;
• managing claims in relation to Territory risks;
• promoting good risk management practices; and
• giving advice to the Minister about insurance and the management of Territory risks.

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Clients

ACTIA has no external (non-ACT Gov) clients.

ACTIA insures all ACT Government agencies.

Types of insurance cover provided include:

• public liability;
• medical malpractice;
• professional indemnity;
• property damage;
• standing timber; and
• others including specialised motor, overseas travel, directors and officers and financial crime.

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