Australia’s new Terrorism Insurance Scheme – and its new level of tax – comes into effect today. Despite the last-minute nature of the pool’s formation, the leadership of the Australian Reinsurance Pool Corporation (ARPC) board is impressive.

Gersh Investment Partners director Joseph Gersh, who has a background in law and commerce, has been appointed part-time Chairman. Part-time ARPC members include ex-PricewaterhouseCoopers partner Marian Micalizzi and Corrs Chambers Westgarth partner Andrew Lumsden.

Treasury officials Jim Murphy and Murray Edwards – who drew up the reinsurance pool scheme – have been appointed part-time members for six months to assist the corporation in its initial stages. After this phase additional directors from the private sector will be appointed.