Commonwealth Numbered Regulations - Explanatory Statements

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INSURANCE SUPERVISORY LEVIES COLLECTION REGULATIONS (AMENDMENT) 1992 NO.37

STATUTORY RULES 1992 No. 37

INSURANCE SUPERVISORY LEVIES COLLECTION REGULATIONS (AMENDMENT)

ISSUED BY AUTHORITY OF THE TREASURER

The Insurance Supervisory Levies Collection Act 1989 (the Act) provides for the collection of annual supervisory levies imposed on authorised general insurers and Lloyd's, and registered life offices by the General Insurance Supervisory Levy Act 1989 and the Life Insurance Supervisory Levy Act 1989 respectively. The Act is aimed at recovering the ongoing costs of supervision of such bodies under the Insurance Act 1973 and the Life Insurance Act 1945 by the Insurance and Superannuation Commissioner.

Regulation 3 allows for remission from the full amount of the levy for insurers authorised under section 37 of the Insurance Act 1973.

The amendment to the regulation increases the amount of remission applicable to such insurers from $9 600 to $11 000. The amendment will therefore maintain the annual rate of levy payable by insurers authorised under section 37 of the Insurance Act 1973 at $2 000, following an increase in the annual rate of the supervisory levy imposed under the General Insurance Supervisory Levy Act from $11 600 to $13 000. It is not appropriate to increase the amount of levy imposed on these insurers as they require a significantly lower supervisory effort.

Insurance and Superannuation Commission
CANBERRA ACT