Liability of owner where foreign insurer involved
18 Liability of owner where foreign insurer involved
The Commissioner may notify a relevant owner that the owner is responsible for an appropriate proportion of any contribution deficit that is required to be paid by a foreign insurance company that holds a risk in respect of the owner’s property.
The appropriate proportion is the proportion that the premiums paid by the relevant owner for the final year of the scheme bears to the premium total provided (or taken under this Part to have been provided) by the insurance company in its final return.
Any insurer loading is not to be included in the calculation of the contribution deficit under this clause.
If the relevant owner fails to pay the appropriate proportion of the final contribution within 30 days after it is due, the owner is guilty of an offence.
Maximum penalty—10 penalty units.
An amount paid by a person under this clause may be deducted from any premium recoverable in the State by or on behalf of the foreign insurance company on the issue or renewal of an insurance policy on the property or may be recovered from the foreign insurance company as a debt by the person making the payment.
This clause applies whether the premium concerned was received in or outside the State.
In this clause—
relevant owner means a person who is the owner of property in respect of which a foreign insurance company has received a premium subject to a SES contribution.
This Act’s bill:Explanatory memorandum
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