Pacific Catastrophe Risk Insurance Facility Act (No. 15 of 2021).

The purposes of this Act are to: (i) continue to implement the agreement about disaster risk financing activities; (ii) continue the Pacific Catastrophe Risk Insurance Company and the Foundation (together comprising the Facility) with the objectives specified in this Act; and (iii) facilitate the development of disaster risk financing activities for the benefit of all the member countries or any of them; (iv) facilitate funding to the Facility from external sources, including member countries and developing partners; and (v) continue to enable member countries, in partnership with developing partners, to provide guidance on, and oversee the implementation of the Facility.
This Act compels the Pacific Catastrophe Risk Insurance Company to act for the benefit of all the member countries, or any of them, in a manner consistent with the following objectives: (a) to undertake captive insurance business within the meaning of the Captive Insurance Act 2013; (b) to provide disaster risk management services and tools; (c) to enhance capacity for disaster risk management and climate change adaptation; (d) to develop the strategic plan for the Facility for review and approval by the Foundation; (e) to undertake any other activities for the reduction or mitigation of financial loss to the member countries caused by natural disasters.