General Insurance Supervisory Levy Amendment Act 1991

No. 4 of 1992

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

[Assented to 6 January 1992]

The Parliament of Australia enacts:

Short title etc.

1. (1) This Act may be cited as the General Insurance Supervisory Levy Amendment Act 1991.

(2) In this Act, "Principal Act" means the General Insurance Supervisory Levy Act 1989¹.

Commencement

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

Interpretation

3. Section 6 of the Principal Act is amended by inserting after paragraph (a) of the definition of "statutory upper limit" the following paragraph:

"(aa)     in relation to the financial year commencing on 1 July 1991— $15,000; or".

Daily component of general insurance levy

4. Section 9 of the Principal Act is amended by omitting from subsection (1) "$11,000" and substituting "$13,000".

Application of amendment—section 9 of the Principal Act

5. (1) The amendment made by section 4 applies in relation to leviable days after 30 June 1991.

(2) Regulations made for the purposes of the formula in subsection 9 (1) of the Principal Act have no effect to the extent to which they relate to leviable days in the financial year commencing on 1 July 1991.

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NOTE

1.     No. 17, 1989.

[Minister's second reading speech made in—

House of Representatives on 6 June 1991

Senate on 21 August 1991]