General Insurance Supervisory Levy Amendment Bill 1996
First Reading

1996

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

General Insurance Supervisory Levy Amendment Bill 1996

No. , 1996

(Treasury)

A Bill for an Act to amend the General Insurance Supervisory Levy Act 1989, and for related purposes

9617720--1,055/19.11.1996--(177/96) Cat. No. 96 5514 X ISBN 0644 481846

Contents

1       Short title

2       Commencement

3       Schedule(s)

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

A Bill for an Act to amend the General Insurance Supervisory Levy Act 1989, and for related purposes

The Parliament of Australia enacts:

1 Short title

        This Act may be cited as the General Insurance Supervisory Levy Amendment Act 1996.

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        Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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