General Insurance Supervisory Levy Amendment Act 1997 (Cth)

General Insurance Supervisory Levy Amendment Act 1997

No. 9, 1997

An Act to amend the General Insurance Supervisory Levy Act 1989, and for related purposes

Contents

General Insurance Supervisory Levy Amendment Act 1997

No. 9, 1997

An Act to amend the General Insurance Supervisory Levy Act 1989, and for related purposes

[Assented to 5 March 1997]

The Parliament of Australia enacts:

1Short title

This Act may be cited as the General Insurance Supervisory Levy Amendment Act 1997.

2Commencement

This Act commences on the day on which it receives the Royal Assent.

3Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendment of the General Insurance Supervisory Levy Act 1989

1. 1

   Section 6 (paragraph (d) of the definition of statutory upper limit)

   Repeal the paragraph, substitute:

   1. (d)

      in relation to each following financial year (the relevant financial year) before the financial year commencing on 1 July 1997¾the amount calculated by multiplying the statutory upper limit for the financial year immediately preceding the relevant financial year by the indexation factor for the relevant financial year; or

   2. (e)

      in relation to the financial year commencing on 1 July 1997¾$35,000; or

   3. (f)

      in relation to a later financial year¾the amount calculated by multiplying the statutory upper limit for the previous financial year by the indexation factor for the later financial year.

[Minister’s second reading speech made in—

House of Representatives on 21 November 1996

Senate on 10 February 1997]

(177/96)