Commonwealth Numbered Acts

PRIVATE HEALTH INSURANCE ACT 2007 (NO. 31, 2007) - SECT 307.5

             (1)  If a * private health insurance levy remains wholly or partly unpaid by a private health insurer after it becomes due and payable, the insurer is liable to pay a late payment penalty under this section.

             (2)  The * late payment penalty is calculated:

                     (a)  at the rate specified in the Private Health Insurance (Levy Administration) Rules (which must not be higher than 15%); and

                     (b)  on the unpaid amount of the levy; and

                     (c)  for the period:

                              (i)  starting when the levy becomes due and payable; and

                             (ii)  ending when the levy, and the penalty payable under this section, have been paid in full.