General Insurance Supervisory Levy Act 1989
Act No.17 of 1989 as amended
Consolidated to 13 November 1997
(includes amendments up to Act No. 9 of 1997)
Prepared by the Office of Legislative Drafting,
Attorney-General’s Department, Canberra

Contents
1	Short title [see Note 1]	
2	Commencement [see Note 1]	
3	Acts to be read as one	
4	Act to bind Crown	
5	Extension to external Territories	
6	Interpretation	
7	Imposition of general insurance levy	
8	Amount of levy	
9	Daily component of general insurance levy	
10	Calculation of indexation factor	
11	Regulations	

An Act to impose a levy on bodies that are required to lodge accounts under the Insurance Act 1973
1  Short title [see Note 1]
This Act may be cited as the General Insurance Supervisory Levy Act 1989.
2  Commencement [see Note 1] 
This Act commences, or shall be taken to have commenced, as the case requires, on the commencement of the Collection Act.
3  Acts to be read as one
The Collection Act is incorporated, and shall be read as one, with this Act.
4  Act to bind Crown
This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory, of the Northern Territory and of Norfolk Island.
5  Extension to external Territories
This Act extends to each external Territory to which the Insurance Act 1973 extends.
6  Interpretation
In this Act, unless the contrary intention appears:
Collection Act means the Insurance Supervisory Levies Collection Act 1989.
daily component of general insurance levy, in relation to a leviable day, means the amount calculated under section 9;
indexation factor means the indexation factor calculated under section 10.
index number, in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of that quarter.
statutory upper limit means:
	(a)	in relation to the financial year commencing on 1 July 1990—the amount calculated by multiplying $11,000 by the indexation factor for that financial year; or
	(aa)	in relation to the financial year commencing on 1 July 1991—$15,000; or
	(b)	in relation to the financial year commencing on 1 July 1992 or 1 July 1993—the amount calculated by multiplying the statutory upper limit for the previous financial year by the indexation factor for the financial year starting on that day; or
	(c)	in relation to a later financial year commencing on 1 July 1994—$17,000; or
	(d)	in relation to each following financial year (the relevant financial year) before the financial year commencing on 1 July 1997the amount calculated by multiplying the statutory upper limit for the financial year immediately preceding the relevant financial year by the indexation factor for the relevant financial year; or
	(e)	in relation to the financial year commencing on 1 July 1997$35,000; or
	(f)	in relation to a later financial yearthe amount calculated by multiplying the statutory upper limit for the previous financial year by the indexation factor for the later financial year.
7  Imposition of general insurance levy
Levy payable in accordance with subsection 6(1) or (2) of the Insurance Supervisory Levies Collection Act 1989 is imposed.
8  Amount of levy
	(1)	The amount of general insurance levy payable for a period is the amount obtained by:
	(a)	calculating the daily component of general insurance levy for each leviable day in that period; and
	(b)	aggregating those daily components.
	(2)	If the amount of general insurance levy that would, apart from this subsection, be payable for a period is an amount of dollars and cents, the amount shall be rounded up to an amount of whole dollars.
9  Daily component of general insurance levy
	(1)	The daily component of general insurance levy for a leviable day in a financial year is the amount calculated using the formula: 

where:
Annual rate is $13,000 or such other amount as is applicable under the regulations to the leviable day.
No. of days in financial year is the number of days in the financial year.
	(2)	The amount prescribed for the purposes of the formula in subsection (1) in relation to a leviable day in a financial year shall not exceed the statutory upper limit for the financial year.
	(3)	An amount shall not be prescribed for the purposes of the formula in subsection (1) in relation to a leviable day in a financial year earlier than the financial year commencing on 1 July 1990.
10  Calculation of indexation factor
	(1)	The indexation factor for a financial year is the number (calculated to 3 decimal places) ascertained by dividing the index number for the March quarter immediately preceding that financial year by the index number for the March quarter immediately preceding that first-mentioned March quarter.
	(2)	If the factor ascertained under subsection (1) in relation to a financial year would, if it were calculated to 4 decimal places, end with a number greater than 4, the factor ascertained under that subsection in relation to that financial year shall be taken to be the factor calculated to 3 decimal places and increased by 0.001.
	(3)	Subject to subsection (4), if at any time, whether before or after the commencement of this section, the Australian Statistician has published or publishes an index number in respect of a quarter in substitution for an index number previously published by the Australian Statistician in respect of that quarter, the publication of the later index number shall be disregarded for the purposes of this section.
	(4)	If at any time, whether before or after the commencement of this section, the Australian Statistician has changed or changes the reference base for the Consumer Price Index, then, for the purposes of the application of this section after the change took place or takes place, regard shall be had only to the index numbers published in terms of the new reference base.
11  Regulations
The Governor-General may make regulations for the purposes of subsection 9(1).

NOTE
1. 	The General Insurance Supervisory Levy Act 1989 as shown in this reprint comprises Act No. 17, 1989 amended as indicated in the Tables below. 
Table of Acts

Act	Number 
and year	Date 
of Assent	Date of commencement	Application, saving or transitional provisions	

General Insurance Supervisory Levy Act 1989 	17, 1989 	20 Apr 1989 	20 Apr 1989 (see s. 2) 		
General Insurance Supervisory Levy Amendment Act 1991 	4, 1992 	6 Jan 1992 	6 Jan 1992 	S. 5 	
Insurance Laws Amendment Act (No. 2) 1994 	49, 1994 	7 Apr 1994 	Schedule ( items 3, 6, 8-16): 1 Oct 1994 (see  Gazette 1994, No. GN38)
Remainder: Royal Assent	— 	
General Insurance Supervisory Levy Amendment Act 1997	9, 1997	5 Mar 1997	5 Mar 1997	—	

Table of Amendments

ad. = added or inserted      am. = amended      rep. = repealed      rs. = repealed and substituted	

Provision affected	How affected	
S. 6 		am. No. 4, 1992; No. 49, 1994; No. 9, 1997 	
S. 9 		am. No. 4, 1992