Workers Compensation Act 1987

Each licensed insurer shall pay the contributions prescribed by this section to the Nominal Insurer for payment into the Insurance Fund.

The contribution to be paid by a licensed insurer in respect of each financial year for which the regulations require a contribution to be made is an amount equal to the percentage (prescribed by the regulations) of the premium income of the licensed insurer in respect of that financial year.

A contribution is payable at such times and in respect of premium income received during such periods as may be prescribed by the regulations.

If a contribution payable by a licensed insurer has not been paid within the time prescribed by or under this section, the amount of the contribution together with a late payment fee calculated at the rate of 15 per cent of that amount per annum compounded quarterly (or, where another rate is prescribed, that other rate) may be recovered by the Nominal Insurer as a debt in any court of competent jurisdiction.

A certificate executed by the Authority certifying that an amount specified in the certificate was the premium income received by a licensed insurer so specified in respect of a financial year so specified is (without proof of its execution by the Authority) admissible in any proceedings for the purposes of this section and is evidence of the matters specified in the certificate.

More than one percentage may be prescribed for different portions of a financial year for the purposes of subsection (2).