Victorian Managed Insurance Authority Act 1996

The capital of the Authority is repayable as a rebate on premiums to departments and participating bodies and other persons or bodies to which insurance or an indemnity is to be provided by the Authority at the time and in the amounts determined by the Minister with the agreement of the Treasurer after consultation with the Authority.

If the Authority requires additional capital, the additional capital is to be raised by a surcharge on premiums to be paid by departments and participating bodies and other persons or bodies to which insurance or an indemnity is to be provided by the Authority at the time and in the amounts determined by the Minister with the agreement of the Treasurer after consultation with the Authority.

The Minister must in determining the rebate or surcharge policy that applies to the Authority have regard to the capital requirements of the Authority and the need to provide an appropriate prudential margin for the operations of the Authority.