WORKERS COMPENSATION REGULATION 2003 - REG 149A Policies under which premiums may be paid in four instalments

This legislation has been repealed.

WORKERS COMPENSATION REGULATION 2003 - REG 149A

149A Policies under which premiums may be paid in four instalments

(1) An employer may elect to pay the premiums under a policy of insurance in four instalments (together with any required adjustment of premium) under this Subdivision if:

(a) the scheme agent through whom the policy of insurance is to be provided to the employer has notified the employer that it has the facilities to enable such instalment payments, and

(b) the period of insurance is 12 months, and

(c) the basic tariff premium (within the meaning of the insurance premiums order for the time being in force) for the employer's policy of insurance at the time at which the insurer first demands a premium for the policy exceeds $1,000, and

(d) the election is made within 1 month after the commencement of the period of insurance to which the premiums relate.

(2) Payment of the required instalments deposit (that is, Instalment No 1) within 1 month after the commencement of the period of insurance constitutes an election to pay by instalments.

(3) For the purposes of this Subdivision, the "required instalments deposit" is, subject to clause 149B (3), an amount equal to one-quarter of the estimated premium for the policy (as estimated for that payment).