Australian Capital Territory Repealed Acts Australian Capital Territory Repealed ActsThis legislation has been repealed.
(1) In this Act:
Note A definition applies except so far as the contrary intention appears (see Legislation Act 2001 , s 155).
"assessable portion", in relation to a prescribed premium for an insurance policy, means the proportion of that premium determined in accordance with regulations made under section 5.
"foreign insurer" means a general insurer not authorised under a law of the Territory, the Commonwealth, a State or another Territory to carry on business as a general insurer.
"general insurance" means insurance in respect of—
(a) property situated in the ACT when the insurance was effected; or
(b) an act or omission occurring in the ACT.
"general insurer" means a person who carries on the business of general insurance.
"premium", in relation to an insurance policy, includes any brokerage or commission paid or due to be paid or allowed on a premium, or on any bonus or return premium allowed in respect of the policy, but does not include—
(a) stamp duty payable in respect of the policy under a law of the Territory, a State or another Territory; or
(b) any part of the premium that is paid or due to be paid by way of reinsurance by the insurer to any other insurer in the ACT.
"prescribed premium" means a premium payable for a policy of general insurance, being a policy of a class that is prescribed by regulations made under section 5.
"total levy amount" means $10 000 000 or any other sum determined by the Minister in writing.
(2) A determination of the Minister for subsection (1), definition of total levy amount is a disallowable instrument.
Note A disallowable instrument must be notified, and presented to the Legislative Assembly, under the Legislation Act 2001.