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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.