Commonwealth Numbered Acts

LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES ACT 1991 No. 2 of 1992 - SECT 7

7. The amount of a protection levy imposed on the assets in a leviable fund of
a company is calculated using the formula:
Applicable rate X Australian proportion of value of assets where:

"Applicable rate" means the rate (expressed as a decimal fraction) that, under
the regulations, is applicable to the levy;

"Australian proportion of value of assets" means the Australian proportion of
the value of the assets in the fund as at:

   (a)  if the company was registered under the Life Insurance Act 1945 at the
        end of the last financial year of the company before the day on which
        the regulation imposing the levy took effect - the end of that
        financial year; or

   (b)  in any other case - the end of the day before the day on which the
        regulation imposing the levy took effect.