QLD Article

Northern Australia Reinsurance Pool Passes House

Updated: Sep 22

We did it!



On the afternoon of 17 February, a watershed moment occurred in the history of the strata industry in Queensland. The Treasury Laws Amendment (Cyclone and Flood Damage Reinsurance Pool) Bill 2022 (Cth) passed the House of Representatives without a vote. This means it had bipartisan support. It is likely it will be rubber stamped by the Senate in the final week of March and will be operational in time for the new financial year. Comments made by Minister Jane Hume in Senate Estimates indicate that an additional 6,000 strata buildings stand to benefit from the pool as a result of changes made from the exposure draft which were advocated for by SCA. After a decade of advocacy, this almost feels surreal. We look forward to seeing the results come 1 July.