New South Wales Consolidated Acts

STATE EMERGENCY SERVICE ACT 1989 - SECT 24M

24M Advance payment by insurance companies

(1) An insurance company must, in each financial year, make an advance payment to the Director-General pending an assessment under section 24F.

(2) The advance payment is to be an amount equal to the percentage fixed by the Minister in respect of that year of the total amount of the premiums subject to contribution under subsection (4) received by or due to the company during the financial year that ended one year before the financial year for which the advance payment is due.

(3) The percentage fixed by the Minister is to be the percentage that will provide the total amount to be contributed under this Part by all insurance companies in respect of all regions in the financial year for which the contribution is required.

(4) The amount of the premiums under any class of policies of insurance specified in Schedule 2 that is to be subject to contribution under this section is as indicated in that Schedule in respect of that class of policies of insurance.

(5) If the Minister is satisfied that at least two-thirds of the insurance companies liable to contribute under this section desire that Schedule 2 be amended in a certain manner, and the Director-General recommends the amendment, the Minister may by notice published on the NSW legislation website, amend that Schedule accordingly.

(6) Any such amendment takes effect from 1 July, or such other date following publication of the notice as the Minister directs in the notice.