MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 27
Disbursement of gross premiums by transport administration
MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 27
Disbursement of gross premiums by transport administration
27 Disbursement of gross premiums by transport administration
(1) Transport administration must in each week—
(a) give the commission a
return setting out, for the previous week—
(i) the total amount received by
way of insurance premiums; and
(ii) the total amount received by way of
insurer’s premium for each licensed insurer; and
(iii) the amount received
by way of statutory insurance scheme levy; and
(iv) the amount received by
way of hospital and emergency services levy; and
(v) the amount received by
way of Nominal Defendant levy; and
(vi) the amount received by way of the
injury insurance scheme levy; and
(vii) the amount received by way of
administration fee; and
(b) pay to each licensed insurer the total amount
received by way of insurer’s premium for the licensed insurer; and
(c) pay
to the commission the total amount received by way of levies, other than
amounts received by way of the injury insurance scheme levy.
(2) Transport
administration must also in each week—
(a) give the insurance agency a
return setting out, for the previous week, the amount received by way of the
injury insurance scheme levy; and
(b) pay to the insurance agency the total
amount received by way of the injury insurance scheme levy.
(3) For
subsections (1) (c) and (2) (b) , the total amount received by way of levy
includes any amount received from a licensed insurer for transmission to the
commission or the insurance agency.
(4) Transport administration may retain
the amount received by way of administration fee.