New South Wales Consolidated Acts

STATE EMERGENCY SERVICE ACT 1989 - SECT 24O

24O Adjustments

(1) If an insurance company submits a return under this Division in a financial year, the Director-General is to notify the company of the required contribution in relation to the company for that year assessed in accordance with the following formula:

"a" is the total amount of premiums subject to contribution specified in the return made by the company,
"b" is the total amount to be contributed under this Division by all insurance companies in respect of the year to which the return relates,
"c" is the total amount of all premiums subject to contribution specified in returns under this Division made by all insurance companies in respect of that year.

(2) If the required contribution assessed in relation to an insurance company for a financial year is greater than the advance payment required to be made under this Division by the company for that financial year, the company must, not later than 31 December in the financial year in which the assessment is made or such later day as may be approved by the Director-General, pay to the Director-General the amount of the difference between the advance payment and the assessed amount.

(3) If the required contribution is assessed for a financial year in which the company did not make an advance payment under this Division, the company must, not later than 31 December in the financial year in which the assessment is made or such later day as may be approved by the Director-General, pay the amount assessed to the Director-General.

(4) If the required contribution assessed for a financial year is less than the amount of the advance payment required to be made under this Division by the company for that financial year, the Director-General is to credit the amount of the difference against:

(a) any instalments that remain to be paid in respect of the advance payment for the financial year in which the assessment is made, and

(b) any instalments that will be required to be paid in respect of the advance payment to be made during the following financial year,

in such manner as the Director-General may determine and, if any balance is outstanding at the end of the financial year referred to in paragraph (b), the Director-General is to pay the amount outstanding to the company not later than the next 30 June.

(5) If an insurance company:

(a) is entitled to a credit referred to in subsection (4) in respect of an advance payment under this Division, and

(b) did not receive, and was not entitled to receive, in the financial year in which the advance payment was made, any premium in respect of which it would have been required by this Division to submit a return, and

(c) the liabilities of the company in relation to the contributions under this Part have been discharged,

the Director-General must, as soon as practicable, pay to the company the amount of the credit or, as the case may be, the balance outstanding.