Pacific Catastrophe Risk Insurance Facility Act 2016 (No. 1 of 2016).

This Act establishes the Pacific Catastrophe Risk Insurance Facility as agreed at the 2015 Forum Economic Ministers' Meeting. The facility is established in the form of a foundation and a Pacific Catastrophe Risk Insurance Company. The foundation shall - (a) establish and own a company to undertake captive insurance activities on behalf of the Foundation for the benefit of each of its member countries; and (b) develop, review, and approve the strategic plan for the Pacific Catastrophe Risk Insurance Facility. The Foundation is the sole shareholder of the Company. No Act of the Cook Islands, or any regulation, by-law, or rule may- (a) impose on the Foundation or the company (or both)- (i) any liability, duty, responsibility, obligation, or restrictions: (ii) any fee, impost, tax, levy, dues, duty, or excise: (iii) any fine or penalty: (b) require, in relation to the Foundation or the Company ( or both),- (i) the deposit of any money in any public account: (ii) the filing of any accounts, returns, reports, or records: (iii) the licensing or registration of the Foundation.