The Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, today announced the reappointments of Ms Patricia Azarias and Mr James (Jim) Murphy each as a part-time member of the Australian Reinsurance Pool Corporation (ARPC) for a three-year period from 25 April 2011 to 24 April 2014.
Ms Azarias is the Regional General Manager for Business and Organisational Performance at the National Australia Bank. Ms Azarias has extensive expertise on governance and financial management issues, is currently a director on the SBS Board and held senior positions in the United Nations between 2003 and 2006, including as Director of the Internal Audit Division and its team of 70 auditors from 39 countries. In addition, Ms Azarias has extensive expertise infrastructure planning and financing. This expertise was utilised in senior roles in the NSW Premier's Department and Department of Transport between 2002 and 2003 and was evident in her role as Director, Public Accounts Committee of the Parliament of NSW between 1991 and 2001.
Mr Murphy is the Executive Director, Markets Group, The Treasury and has been an ARPC member since 2004. Mr Murphy has been in his current Treasury role since 2003 and is responsible for policy relating to financial systems, corporate regulation, competition, consumer affairs and foreign investment. Mr Murphy also held a senior post at the International Monetary Fund between 2001 and 2002 and was the Head of Budget Policy in the Budget Group of the Department of Finance and Administration between 1999 and 2000. Mr Murphy held senior positions developing corporate and financial market policy in the Treasury and the Attorney-General's Department between 1988 and 1998.
"These reappointments will continue the high level of skills and experience available to the ARPC, ensuring the ARPC has appropriately qualified members to deal with the differing issues that arise," Mr Shorten said.
The ARPC is a statutory authority established by the Terrorism Insurance Act 2003 to administer Australia's terrorism insurance scheme. The Act deems terrorism risk cover into eligible insurance contracts by rendering terrorism exclusion clauses void. Insurance companies may then reinsure their additional risk with the ARPC. Both the scheme and the ARPC commenced operations on 1 July 2003.
In 2009-10, the ARPC achieved a gross written premium result of $105 million and strengthened its reserve for claims to $604 million by the end of the financial year. A key role for the Board is to ensure prudent management of these funds.