MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 13 The insurer’s premium

MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 13

13 The insurer’s premium

(1) An insurer’s premium is to be set by each licensed insurer, within limits fixed by the commission, for each class of insurance.

(2) The premiums are to relate to a period (an
"assessment period" ) fixed under a regulation.

(3) The insurer’s premium is to be set by the insurer on the basis that the insurance is to cover a registration period of 1 year.

(3A) Subsection (3B) applies to a CTP insurance policy—

(a) that comes into force after 30 June 2003; and

(b) for which a person is entitled to an input tax credit for the insurer’s premium component of the insurance premium for the policy.

(3B) The insurer’s premium consists of—

(a) the amount set under subsection (1) for the class of insurance to which the policy relates; and

(b) an additional amount prescribed under a regulation.

(4) If the registration period is more or less than 1 year, the insurer’s premium for the relevant CTP policy is—

(a) the proportion of the insurer’s premium for 1 year that the period of registration bears to 1 year; and

(b) an additional amount fixed on a basis prescribed under a regulation.

(5) A regulation under subsection (3B) (b) may prescribe a different amount for each class of insurance provided by each licensed insurer.

(6) In this section—


"input tax credit" has the meaning given by the A New Tax System (Goods and Services Tax) Act 1999 (Cwlth) , section 195 - 1.