Commonwealth Numbered Acts

FINANCIAL CLAIMS SCHEME (GENERAL INSURERS) LEVY ACT 2008 (NO. 104, 2008) - SECT 6

             (1)  The Governor‑General may make regulations prescribing matters required or permitted by this Act to be prescribed.

             (2)  Before the Governor‑General makes a regulation affecting the imposition or amount of a levy connected with the application of Division 3 of Part VC of the Insurance Act 1973 in relation to a general insurer, the Minister must be satisfied the regulation will help achieve the objective in subsection (3) of this section.

             (3)  The objective is that the total amount of levy connected with the application of that Division in relation to the insurer equal the excess of APRA's financial claims scheme costs for the insurer over the sum of amounts paid to APRA by the insurer in connection with that Part or in the winding up of the insurer.