The Australian Capital Territory Insurance Authority (ACTIA) is a statutory authority responsible to the ACT Treasurer.
ACTIA provides insurance protection and risk management advice for the Australian Capital Territory Government, covering over $23 billion worth of physical assets and its associated liability exposures.
All government directorates and statutory authorities, unless exempted by the Treasurer, are insured with ACTIA. An Indemnity Agreement sets 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.
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:
- taking possession of, dealing with or disposing of, property; or
- 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;
In addition, the Authority also performs the function of:
- the Office of the Nominal Defendant of the ACT, for claims against uninsured/unidentified vehicles for the ACT Compulsory Third Party Insurance Scheme; and
- the Default Insurance Fund, for default claims under the ACT Private Workers Compensation Scheme.
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.
ACTIA insures all ACT Government agencies and has no external (non-ACT Government) clients.
Types of insurance cover provided include:
- public liability;
- medical malpractice;
- professional indemnity;
- property damage; and
- others including standing timber, specialised motor, overseas travel, directors and officers and financial crime.
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, ACT Insurance Authority Act 2005.
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