Question On Notice No. 276 asked in the Legislative Council on 8 September 2021 by Hon Dr Steve Thomas
Question Directed to the: Minister for Mental Health representing the Treasurer
Parliament: 41 Session: 1
Question
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?
Answered on 12 October 2021
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.