Legislative Assembly for the ACT: 2002 Week 7 Hansard (6 June) . . Page.. 1988..
MR CORBELL (continuing):
existing reinsurance cover; and the insurer(s) had paid the fund threshold amount as defined in the bill.
After these triggers have been met and the cabinet consulted, the government will appoint a fund manager. The fund manager either will be able to seek a direct appropriation from the government or will be allowed to borrow such moneys as are required to fund the entitlements of the injured workers. The fund manager will then be able to levy approved insurers to recover moneys paid out to injured workers.
Whilst the solution offered in the bill provides the certainty needed by insurers to continue to operate, it is not as effective a solution as the return to the market of private reinsurers. To encourage the return of reinsurers to the market, the bill has been given a finite life. The amendments will therefore expire on 1 April 2004.
The two-year period provided for in the bill will give the territory's approved insurers and their reinsurers time to reassess the real risks they face and return to the market an effective and financially viable product for the territory. During this period the government itself will monitor the relative positions of the approved insurers and the reinsurance market.
The bill also contains a number of provisions that are consequential and necessary to the introduction of these amendments, together with further provisions deemed necessary to the commencement of the scheme on 1 July this year.
Mr Speaker, I commend the bill to the Assembly.
Debate (on motion by Mr Smyth ) adjourned to the next sitting.
Land development-proposed joint committee inquiry
MR SMYTH (10.43): I move:
(1) the Standing Committee on Public Accounts and the Standing Committee on Planning and Environment jointly inquire into and report on methodologies and outcomes proposed for resumption by the government of the process of land development and the restructuring of planning arrangements including but not limited to:
(a) the sustainability of the economic models;
(b) the impact on land and house affordability; and
(c) the likely impact on the current rights of leaseholders.
(2) The Standing Committee on Public Accounts and the Standing Committee on Planning and Environment shall meet, deliberate and report jointly and not individually, and on matters in paragraph 1 of this resolution.
(3) At the joint committees' first meeting, before proceeding to other business, the members present shall elect a presiding member and a deputy presiding member.