❓ Hon Dr Steve Thomas questions the Treasurer regarding the Bell Resources settlement received by ICWA, seeking confirmation of litigation costs, settlement amounts, net return, and dividend decisions. The Treasurer provides figures and confirms the dividend decision is pending.
AnsweredQoN 276Legislative Council
QuestionView source ↗
I refer to the Bell Resources settlement given to the Insurance Commission of Western Australia (ICWA) on 11 September 2020 of $665.4 million, and the evidence given during a public hearing by the ICWA to the Standing Committee on Estimates and Financial Operations on 1 September 2021, and I ask: (a) can the Treasurer confirm the evidence of ICWA that the cost of the litigation to the Government was $292 million; (b) if no to (a), what was the cost; (c) what was the amount of money returned to ICWA from the Bell Resources settlement; (d) what was the net return to ICWA of the Bell Resource settlement after costs were taken out; and (e) can the Treasurer confirm the statement by ICWA that the Board of ICWA is yet to make a decision about what dividend it will pay to the State Government from the net returned Bell Resources fund?
AnswerView source ↗
Answered
12 October 2021
Responded by
Minister for Mental Health representing the Treasurer
Response time
8 days
The Insurance Commission of Western Australia advises:
(a) Yes, $292.9 million.
(b) Not applicable.
(c) On 11 September 2020, the Insurance Commission received a settlement amount of $665.4 million. A further $1.1 million was received during September 2020 and another $37.1 million was received in July 2021, bringing the total recovered to $703.6 million.
(d) $703.6 million was recovered from the settlement. Expenses paid between 1995 and 2021 total $292.9 million.
(e) As part of the annual dividend process and in line with its legislative obligations, the Board will make a dividend recommendation to the Minister following the finalisation of the 2020-21 financial results.
(a) Yes, $292.9 million.
(b) Not applicable.
(c) On 11 September 2020, the Insurance Commission received a settlement amount of $665.4 million. A further $1.1 million was received during September 2020 and another $37.1 million was received in July 2021, bringing the total recovered to $703.6 million.
(d) $703.6 million was recovered from the settlement. Expenses paid between 1995 and 2021 total $292.9 million.
(e) As part of the annual dividend process and in line with its legislative obligations, the Board will make a dividend recommendation to the Minister following the finalisation of the 2020-21 financial results.
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