Calculation of final contribution
16 Calculation of final contribution
The Commissioner must, by the end of 30 November 2017, calculate a final contribution for each liable insurance company.
A final contribution is the total SES contribution that would have been payable by the insurance company for the final year of the scheme if the contribution had been calculated on the basis of—
the premium total provided by the insurance company in its final return, and
the premium totals provided by all insurance companies in their final returns.
If an insurance company fails to provide a final return to the Commissioner within the time required under clause 15, or any further time (not exceeding 30 days) allowed by the Commissioner—
the Commissioner may estimate the premium total for that insurance company using any information available to the Commissioner (including information from previous returns, if any), and
that estimate is taken to be the premium total provided by the insurance company in its final return.
If the Commissioner estimates the premium total for an insurance company under subclause (3), the final contribution payable by that insurance company is that estimate plus an insurer loading of 50% of that estimate.
In this clause—
liable insurance company means an insurance company liable for a SES contribution in the final year of the scheme.
premium total means the total amount of premiums of an insurance company that are subject to an SES contribution.
This Act’s bill:Explanatory memorandum
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