WORKERS COMPENSATION REGULATION 2003 - REG 71 Rebates for insurers who contributed to an advance from the Premiums Adjustment Fund

This legislation has been repealed.

WORKERS COMPENSATION REGULATION 2003 - REG 71

71 Rebates for insurers who contributed to an advance from the Premiums Adjustment Fund

(1) The Authority is to determine the amount under section 228 (1) of the Act on the basis that money advanced to the Guarantee Fund from the Premiums Adjustment Fund under section 224D of the Act is to be repaid during the financial year in which the money was advanced to the Guarantee Fund.

(2) However, if the Authority:

(a) under section 224D (4) of the Act dispenses with the repayment of money so advanced, or

(b) determines that it is not to be repaid during that financial year, it may reduce the contributions of eligible insurers to the Guarantee Fund by such proportion as it considers appropriate.

(3) In this clause, "eligible insurer", in relation to an advance made to the Guarantee Fund, means an insurer who contributed money to the Premiums Adjustment Fund that the Authority determines was used to make the advance.