TIO Group Statement of Corporate Intent 1 July 2014 to 30 June 2017
Tabled paper 992
Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT
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Although the administration of the MAC scheme currently sits within the Board and Management structure of the TIO, separate governance arrangements exist, including a statutory fund to manage the MAC scheme assets. The commercial business encompasses Insurance and Banking. The Insurance business offers: Domestic insurance - home building and contents, motor and boat Commercial insurance - Fire/Industrial Special Risk (ISR), motor, liability, and workers' compensation The Banking business provides focused solutions for Territorians in the home lending and savings markets. The Insurance and Banking businesses offer competitive products and services operating on a commercial basis, delivering value to the NT Government and the NT community at large. While the NT Government guarantees every policy, contract of insurance or indemnity and deposits placed with TIO, TIO operates on a commercial basis and to the same Australian Prudential Regulation Authority (APRA) prudential standards as all other insurance and banking businesses in Australia - albeit monitored and regulated via the Department of Treasury and Finance. The TIO Board and Management are committed to achieving the Government's mandated capital requirements, industry prudential standards and key benchmarks. TIO Group Statement of Corporate Intent 2