New South Wales Consolidated Acts

WORKERS COMPENSATION ACT 1987 - SECT 173B

173B Redetermination of premium and payment of interest

(1) The regulations may make provision for or with respect to the following--

(a) the adjustment of the premium (
"the original premium" ) payable for the issue or renewal of a policy of insurance, on the basis of a change in relevant wage details,

(b) requiring the provision of updated information by employers for the purpose of effecting any such adjustment,

(c) requiring the payment of any amount that becomes due as a result of any such adjustment of premium,

(d) requiring the payment of interest on any such amount (including providing for interest to be payable from the time of payment of the original premium or an instalment of the original premium).

(2) In this section,
"relevant wage details" means the information as to wages payable or paid to workers on the basis of which the amount of the premium payable for the issue or renewal of a policy of insurance is determined.

Note : A change in relevant wage details occurs when--

(a) an employer changes the employer's estimate of the wages that will be payable to workers during a period, or

(b) the wages actually paid to workers during a period is different to the amount of wages estimated to be payable during that period.