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

This legislation has been repealed.

WORKERS COMPENSATION REGULATION 2003 - REG 149E

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

(1) An employer may elect to pay the deposit premium under a retro-paid loss premium policy in four instalments (together with any required adjustments of premium) under this Subdivision if:

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

(b) the election is made within 1 month after the commencement of the period of insurance to which the deposit premium relates.

(2) Payment of the first instalment (that is, Instalment No 1) within 1 month after the commencement of the period of insurance constitutes an election to pay by instalments under this Subdivision.

(3) For the purposes of this Subdivision, the "first instalment" is an amount equal to one-quarter of the deposit premium for the policy.