Commonwealth Consolidated Acts

LIFE INSURANCE SUPERVISORY LEVY IMPOSITION ACT 1998 - SECT 5

                   In this Act, unless the contrary intention appears:

"indexation factor" means the indexation factor calculated under section 8.

"index number" , in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of that quarter.

"levy imposition day" , in relation to a life insurance company for a financial year, means:

                     (a)  if the life insurance company is a life insurance company on 1 July of the financial year--that day; or

                     (b)  in any other case--the day, during the financial year, on which the life insurance company becomes a life insurance company.

"life insurance company" means a company that is registered under the Life Insurance Act 1995 .

"statutory upper limit" means:

                     (a)  in relation to the financial year commencing on 1 July 2005--$1,500,000; or

                     (b)  in relation to a later financial year--the amount calculated by multiplying the statutory upper limit for the previous financial year by the indexation factor for the later financial year.