Commonwealth Numbered Acts

LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES ACT 1991 No. 2 of 1992 - SECT 9

9. A regulation (in this section called the "current regulation") purporting
to impose a protection levy has no effect if:

   (a)  the total amount of the protection levy purporting to be imposed by
        the current regulation exceeds $65,000,000; or

   (b)  both of the following conditions are satisfied:

   (i)  the amount calculated using the following formula does not exceed
        $65,000,000:
Earlier protection levies X Net winding-up advances where:

"Earlier protection levies" means the total amount of protection levy or
protection levies imposed by regulations that took effect earlier than the
date on which the current regulation took effect;

"Net winding-up advances" means so much of the total winding-up advances (if
any) that became payable before the date on which the current regulation took
effect as is not attributable to:

                (A)  income derived from the investment of money standing to
                     the credit of the Fund; or

                (B)  grant repayments;

   (ii) the sum of the following amounts exceeds $65,000,000:

                (A)  the total amount of the protection levy purporting to be
                     imposed by the current regulation;

                (B)  the amount calculated using the formula in subparagraph
                     (i).