Australian Capital Territory Repealed Regulations

This legislation has been repealed.

INSURANCE LEVY REGULATIONS 1998 (REPEALED) - SCHEDULE 2

Schedule 2     Annual return by general insurers

(see reg 5)

Name of general insurer : ¹

Business address:

Billing address:

Contact name:             Telephone No:         Fax No:
                Email address (if any):        

Year in which last return submitted:         No:

Name shown on last return (if different from above):

The total amounts of prescribed premiums ² due to the insurer (whether or not the premiums were actually received) for the taking out or renewal of insurance policies in the financial year from 1 July [ year ] to 30 June [ year ] were as follows. The assessable portions ³ of those premiums for the Insurance Levy Act 1998 are set out in relation to each total.

item	class of insurance policy 4	total prescribed premiums $	assessable portion (%)	assessable portion $
1	insurance of property including—         (a)     insurance against consequential loss; and         (b)     insurance against static risks ; 5 but not including any insurance of a class specified elsewhere in this return		(80%)
2	houseowners' and householders' insurance, however designated (buildings or contents or both)		(50%)
3	personal insurance combined on personal jewellery and clothing, personal effects and works of art		(10%)
4	motor vehicle and motor cycle insurance		(2.5%)
5	marine and baggage insurance confined to—         (a)     maritime perils; or         (b)     risks involving transportation on land or in the air; including storage incidental to transportation by sea, land or air, but not including static risks 5		(1%)
6	combined fire and hail insurance on growing crops		(1%)
7	livestock insurance		(1%)
8	aviation hull insurance		(0%)	($0)
9	insurance solely covering loss by theft		(0%)	($0)
10	insurance solely covering plate glass		(0%)	($0)
11	insurance solely covering machinery, if confined to mechanical breakdown or consequential loss arising from mechanical breakdown		(0%)	($0)
12	insurance solely covering explosion or collapse of boilers or pressure vessels, if confined to damage other than by fire		(0%)	($0)
13	insurance solely covering inherent or latent defects in goods, if—         (a)     the insurance is confined to damage or consequential loss arising out of defective design, defective workmanship or defective materials; and         (b)     the insurance does not cover any damage or consequential loss arising from fire		(0%)	($0)
Total assessable portions				$

Note 1     A general insurer is an insurer who is in the business of providing insurance in respect of—

(a)     property situated in the ACT when the insurance was taken out; or

(b)     an act or omission occurring in the ACT.

See Insurance Levy Act 1998 s 4 (1)—definitions of general insurance and general insurer .

Note 2     The prescribed premium is the premium for each insurance policy of the class listed in the return—

(a)     including any brokerage or commission paid or due to be paid or allowed on the premium, or on any bonus or return premium allowed in respect of the policy; but

(b)     not including stamp duty payable in respect of the policy under a law of the Territory, a State or another Territory; and

(c)     not including any part of the premium that is paid or due to be paid by way of reinsurance by the insurer to any other insurer in the Territory.

See Insurance Levy Act 1998 s 4 (1)—definitions of premium and prescribed premium .
Note 3     The assessable portions for each class of policy shown in the return are those set out in the Insurance Levy Regulations 1998 , schedule 1.
Note 4     The classes of insurance policy shown in the return are those set out in the Insurance Levy Regulations 1998 , schedule 1.

Note 5     Static risks include risks involving movements at any situation of any or all of the following:

(a)     goods;

(b)     stock;

(c)     material associated with processing or storage operations.

Declaration by insurer
I, ..... [ insert name ] ..... of ..... [ insert business address ] ..... declare that this is a true return of the total amounts of prescribed premiums due to the insurer (whether or not the premiums were actually received) for the taking out or renewal of insurance policies in the financial year from 1 July [ insert year ] to 30 June [ insert year ].
Dated
[ insert date ]
Signed
[ insert signature of person authorised to sign for insurer ]

Auditor's certificate
I [ or We] ..... [ insert name(s) ] ..... of the firm .....[ insert name of firm ] ..... declare that I am [ we are ] qualified auditors for the Insurance Levy Act 1998 and the Insurance Levy Regulations 1998 .
I [ or We] certify that I [ or we] have carried out an audit of the books and records of ..... [ insert name of insurer, and branch (if appropriate) ] ..... and relied on audit returns from branches or offices outside the ACT but within Australia, if applicable, as far as concerns the requirements of the Insurance Levy Act 1998 .
In my [ or our] opinion, the total amounts of prescribed premiums due to the insurer (whether or not the premiums were actually received) for the taking out or renewal of insurance policies in the financial year from 1 July [ insert year ] to 30 June [ insert year ], as set out in this return, are correct as shown by such books and records, and the return is a true return for the Insurance Levy Act 1998 .
Dated
[ insert date ]
Signed
[ insert signature(s) ]