Northern Territory Numbered Acts

TERRITORY INSURANCE OFFICE AMENDMENT ACT 2005 (NO 46 OF 2005) - SECT 4

After section 33 –

insert

33A.     Treasurer's Determinations

(1)     The Treasurer may, consistent with this Act, make determinations (the "Determinations") about any of the following:

    (a)     prudential standards that –

        (i)     must be applied by the Office; or

        (ii)     relate to the performance of any of the functions of the Office;

    (b)     monitoring and enforcement of any of the prudential standards (including the appointment of persons for those purposes);

    (c)     standards about the governance of the Office;

    (d)     the fee under section 33B.

(2)     In making the Determinations, the Treasurer must consult with and have regard to any comments made by the Office.

(3)     The Treasurer must, by notice in the Gazette , notify the making of the Determinations.

(4)     A Determination must not commence before its notification under subsection (3).

(5)     For subsection (1), the Determinations may apply, adopt or incorporate any or all of the provisions of an instrument as in force or existing from time to time.

33B.     Prudential supervision fee

(1)     The Office must, for each financial year, pay to the Central Holding Authority a fee for the prudential supervision of the Office by the Territory.

(2)     The fee is the amount decided by the Treasurer for the financial year in accordance with the Determinations made under section 33A.

(3)     The Office must pay the fee for the financial year within 2 months after the Treasurer has notified the Office of the amount.