General Insurance Supervisory Levy Amendment Act 1997

No. 9, 1997

An Act to amend the General Insurance Supervisory Levy Act 1989, and for related purposes

Contents

1 Short title..................................1

2 Commencement..............................1

3 Schedule(s).................................2

Schedule 1—Amendment of the General Insurance Supervisory Levy Act 1989              3

General Insurance Supervisory Levy Amendment Act 1997

No. 9, 1997

An Act to amend the General Insurance Supervisory Levy Act 1989, and for related purposes

[Assented to 5 March 1997]

The Parliament of Australia enacts:

1  Short title

  This Act may be cited as the General Insurance Supervisory Levy Amendment Act 1997.

2  Commencement

  This Act commences on the day on which it receives the Royal Assent.

3  Schedule(s)

  Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendment of the General Insurance Supervisory Levy Act 1989

1  Section 6 (paragraph (d) of the definition of statutory upper limit)

Repeal the paragraph, substitute:

 (d) in relation to each following financial year (the relevant financial year) before the financial year commencing on 1 July 1997the 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 yearthe amount calculated by multiplying the statutory upper limit for the previous financial year by the indexation factor for the later financial year.

[Minister’s second reading speech made in—

House of Representatives on 21 November 1996

Senate on 10 February 1997]