Annual Report 2011 - TIO

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The Territory way. TIO Annual Report 2010/2011About TIOOur CharterTIO was established under Section 4 of the Territory Insurance Office Act 1979 andcommenced operations on 1 July 1979. Its policies and contracts of insurance orindemnity, deposits placed with it and liabilities in relation to the Motor AccidentsCompensation business are guaranteed by the Northern Territory Government underSection 30 of the Act. The functions of TIO are defined under Section 5.2They are:››To act as an insurer in respect ofthe assets and prospective liabilitiesof the Territory and statutorycorporations.››To transact Workers Compensationinsurance in respect of personsrequired by the Workers Rehabilitationand Compensation Act, or any Actreplacing that Act, to insure.››To administer a Motor AccidentCompensation Scheme in accordancewith an Act or an agreementbetween TIO and the person orbody responsible for the scheme.››To carry out such functions in relationto the management and controlof moneys and other assets of theTerritory and statutory corporations,and on such terms and conditionsas the Minister directs.››To provide such financial servicesas are approved by the Minister.››To transact such general businessof insurance as the Minister directs.››To promote and participatein the promotion of road andindustrial safety.››Such other functions as are, from timeto time, imposed upon it by or underany other Act.From comprehensive and disasterinsurance through to home loans,TIO’s complete range of productshelps to build confidence andresilience among Territorians.Our BusinessTIO is a statutory corporation owned bythe NT Government. It provides insuranceand financial services to Territorians andoperates on a commercial basis.It was established by the NorthernTerritory Government in 1979 to provideinsurance cover within the NorthernTerritory. It particularly focuses on meetingthe unique needs of the Territory.Over the years, the business hasdiversified and now includes financialservices, insurance, the administration anddelivery of NT schemes for compulsorypersonal injury motor accidentscompensation and Government homeloans for low to middle income earners.While TIO is “guaranteed” by theGovernment, the organisation operateson a commercial basis and is committedto complying with Australian PrudentialRegulation Authority (APRA) standards andachieving key industry benchmarks.
Our PurposeTIO’s purpose is to help build confidence and resilience in the Territory. It does so byconcentrating on three areas:››Road Safety – educate and influencecommunity attitudes to reducethe number and severity of roadaccidents and improve motoraccident compensation andinsurance claim outcomes.››Community Resilience – promoteand support community preparation,property maintenance and insurancecover to build resilience againsteconomic loss, resume their lifestyleafter loss, and reduce the severityof insurance claims as a result ofsevere events.››Home Ownership – promotethe benefits of and pathways tohomeownership to increase family,social, and financial stability andstrengthen the community byincreasing access to home ownership.In addition to these key themes TIO also recognises its role in the community in supportof all of the NT population.3TIO’s Branches at Alice Springs, Katherine,Palmerston and Darwin City are complementedby extensive on-line and telephone access options.This ReportUnder Section 27 of the Territory InsuranceOffice Act 1979, the Board is required toprepare an annual report and financialstatements for submission to the Minister,who is required to present them tothe Legislative Assembly. This reportis prepared in accordance with thoserequirements.This report is also intended to informTIO customers, other stakeholders andinterested parties of the performanceof TIO during the 2010/2011 year asit relates to our purpose, values andstrategic goals.
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35. Events subsequent to balance da
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Contact UsAlice Springs12 Gregory T
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