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

This legislation has been repealed.

WORKERS COMPENSATION REGULATION 2003 - REG 149G

149G Policies under which premiums may be paid in twelve instalments

(1) An employer may elect to pay the deposit premium under a retro-paid loss premium policy in twelve instalments (together with any required adjustment 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 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.

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