Australian Capital Territory Current Acts

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Regulations about temporary fund

    (1)     A regulation may make provision in relation to the temporary fund, including—

        (a)     the imposition of levies on insurers for the fund; and

        (b)     payments from the fund.

    (2)     In particular, a regulation may make provision in relation to—

        (a)     levies for the fund, including their rate; and

        (b)     payments to the fund, including contributions by the Territory to the fund; and

        (c)     payments from the fund, including the information insurers claiming an entitlement to reimbursement from the fund must give to the fund's manager.

    (3)     However, a regulation must not impose a levy for a period that is—

        (a)     for a licensed insurer—more than 10% of the premiums received by the insurer in relation to compulsory insurance policies issued by the insurer that begin during the period; and

        (b)     for a licensed self-insurer—more than 10% of the estimated premium that would have been payable by the licensed self-insurer for a compulsory insurance policy obtained by the licensed self-insurer that began at the beginning of the period.

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