ACT Insurance Authority (ACTIA)
The Australian Capital Territory Insurance Authority (ACTIA) is a statutory authority reporting to the Special Minister of State and operates under the ACT Insurance Authority Act 2005.
The Authority provides insurance, claims, and risk management services to ACT Government directorates and statutory authorities.
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 Motor Accident Injuries Scheme (MAIS); and
- the Default Insurance Fund, for default claims under the ACT Private Workers Compensation Scheme.
Functions
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.
Clients
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.
History
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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