Far North Queensland Reinsurance Pool legislation receives royal assent
The Treasury Laws Amendment (Cyclone and Flood Damage Reinsurance Pool) Bill 2022 has passed enabling the establishment of a Reinsurance Pool for cyclone and cyclone-related flood damage for homes, strata corporations and small businesses.
After strong advocacy from the Retirement Living Council and in conjunction with the Association of Residents of Queensland Villages, retirement villages are included in the scope of this scheme.
See 8B(3)(c)(ii) - "at least 50% of the total floor space of the units in the development is used wholly or mainly for residential purposes." which indicates retirement villages eligibility for this scheme.
Additionally, in this draft factsheet, which has been confirmed by Treasury as final in all but name, names retirement villages by name as being under this scheme. We are awaiting an updated and final factsheet from Treasury.
We will update industry on how they can access this scheme when that information becomes available.