New South Wales Consolidated Acts

BISHOPSGATE INSURANCE AUSTRALIA LIMITED ACT 1983 - SECT 4

4 Contributions to the fund

(1) The Government Insurance Office may, in any year prescribed by the regulations (being a year commencing on 1 July 1983, or on 1 July in any following year) determine the amount to be contributed to the fund in that year, being an amount which the Government Insurance Office considers is necessary to satisfy, during that year, claims, judgments and awards arising from or pertaining to policies of insurance issued by the Company and to provide for the payment of any other amounts required by this Act to be paid from the fund during that year.

(2) Where the Government Insurance Office determines an amount pursuant to subsection (1) in respect of a year prescribed for the purposes of that subsection, each licensed insurer shall in that year pay to the Government Insurance Office for payment into the fund an appropriate contribution calculated in accordance with the following formula:

"A" is the amount which the licensed insurer is required by or under the Workers’ Compensation Act 1926 , to contribute to the fund established by section 41 of that Act in the year immediately preceding the year so prescribed,
"B" is the total amount required by or under that Act to be contributed by all licensed insurers to that fund in that preceding year, and
"C" is the amount determined pursuant to subsection (1) in respect of the year so prescribed.

(3) An appropriate contribution, calculated in accordance with subsection (2), not paid within the time specified by the Government Insurance Office in a notice to a licensed insurer requiring the licensed insurer to pay the contribution may be recovered as a debt in any court of competent jurisdiction.

(4) In any proceedings under subsection (3), a certificate purporting to be executed by the Board as to the amount of the appropriate contribution payable, pursuant to this section, by the licensed insurer, and as to the time within which the contribution should be paid, as specified by the Government Insurance Office, shall without proof of its execution by the Board be evidence of the facts stated therein.