Determination of market share of each insurer
9.17 Determination of market share of each insurer
A licensed insurer must, within such time after the end of each quarter and each year as is determined by the Authority, notify the Authority of the amount of insurance premiums received by it in relation to all third-party policies taken to have been issued by it during that quarter or year.
The Authority must, after notifications have been received from all licensed insurers in respect of a quarter or year, determine, in relation to each insurer, the proportion that the insurance premiums for third-party policies received by the insurer for the quarter or year bears to the aggregate amount of insurance premiums for third-party policies received by all licensed insurers for the quarter or year.
The Authority may round a proportion determined under this section to one-tenth of a percent.
After determining the proportion for each licensed insurer, the Authority must inform all licensed insurers of the proportions so determined.
In this section—
quarter means a quarter ending on the last day of September, December, March and June in each year.
year means a year commencing on 1 July.
This Act’s bill:Explanatory memorandumSecond reading speech
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