Contributions to Insurers’ Contribution Fund—premiums received after 30 June 1985 on policies issued before that date
14 Contributions to Insurers’ Contribution Fund—premiums received after 30 June 1985 on policies issued before that date
If—
an insurer receives premiums after 30 June 1985 in respect of policies of insurance issued before that date, and
the amount of contribution previously paid by the insurer under section 30J of the former Act (as in force before the commencement of Schedule 2 (2) to the Workers’ Compensation (Further Amendment) Act 1986) was calculated without taking those premiums into account,
the insurer is liable to pay the additional amount of contribution that would have been payable under that section (as so in force) had those premiums been taken into account, except that in respect of those premiums—
the additional contribution shall be deemed to be payable at the rate of 7 per cent of the deemed premium income of the insurer (as defined by section 30G of the former Act as so in force),
that deemed premium income shall be deemed to be calculated at the rates fixed under the former Act as at 29 June 1985, and
the additional contribution shall be deemed to be payable at such times as the Authority may determine.
This Act’s bill:Explanatory memorandum
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