Repeal the subsection, substitute:

(3)

The imposition day for a contribution year for a participating MDO is:

(a) for the contribution year that starts on 1 July 2003:
(i) 1 March 2004; or
(ii) such other day as is specified in the regulations as the imposition day for the contribution year; and
(b) for a later contribution year:
(i) 1 August in the contribution year; or
(ii) such other day as is specified in the regulations as the imposition day for the contribution year.
2 Before subsection 6(1)

Insert:

(1A)

The amount of the IBNR indemnity contribution imposed on a participating member of a participating MDO for the contribution year for the MDO that starts on 1 July 2003 is the lesser of:

(a) the applicable percentage of the member's annual subscription for the base year; and
(b) $1,000.

(1B)

The amount of the IBNR indemnity contribution imposed on a participating member of a participating MDO for the contribution year for the MDO that starts on 1 July 2004 is the amount worked out by adding:

(a) half of the applicable percentage of the member's annual subscription for the base year; and
(b) the lesser of:
(i) $500; and
(ii) half of the applicable percentage of the member's annual subscription for the base year.
3 Subsection 6(1)

After "the MDO", insert "that starts on or after 1 July 2005".