Commonwealth Numbered Acts

LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES ACT 1991 No. 2 of 1992 - SECT 5

5. (1) The regulations may impose one or more levies on the assets in a
leviable fund of a company.

(2) A protection levy is not imposed on the assets in a leviable fund of a
company unless the company is registered under the Life Insurance Act 1945 on
the day before the day on which the regulation imposing the levy takes effect.

(3) Regulations imposing different protection levies must take effect on
different days.

(4) A protection levy must not be imposed unless the Commissioner has issued a
written certificate stating that the judicial manager or liquidator of an
eligible company has notified the Commissioner that, if that protection levy
were to be imposed, the judicial manager or liquidator will apply for a grant.