INSURANCE SUPERVISORY LEVIES COLLECTION ACT 1989
- Updated as at 1 July 1995 (HISTACT CHAP 3387 #DATE 01:07:1995)
*1* The Insurance Supervisory Levies Collection Act 1989 as shown in this reprint comprises Act No. 18, 1989 amended as indicated in the Table below. Table of Acts Act Number Date of Date of Application, saving or and year notification commencement transitional provisions in Gazette Insurance Supervisory Levies Collection Act 1989 18, 1989 20 Apr 1989 20 Apr 1989 Life Insurance (Consequential Amendments and Repeals) Act 1995 5, 1995 23 Feb 1995 1 July 1995 (see - s. 2 and Gazette 1995, No. GN24) Table of Amendments ad=added or inserted am=amended rep=repealed rs=repealed and substituted Provision affected How affected S. 3 am. No. 5, 1995 Ss. 5-7 am. No. 5, 1995 #ADD 5:7:1995 INSURANCE SUPERVISORY LEVIES COLLECTION ACT 1989 - TABLE OF PROVISIONS
TABLE
TABLE OF PROVISIONS
1. Short title
2. Commencement
3. Interpretation
4. Act to bind Crown
5. Extension to external Territories
6. Liability to levy
7. When levy due for payment
8. Penalty for non-payment of levy
9. Recovery of levy etc.
10. Delegation by Commissioner
11. Review of decisions
12. Regulations
INSURANCE SUPERVISORY LEVIES COLLECTION ACT 1989 - LONG TITLE
SECT
An Act to make provision for the collection of the levy imposed
by the General Insurance Supervisory Levy Act 1989 and the Life
Insurance Supervisory Levy Act 1989, and for related purposes
INSURANCE SUPERVISORY LEVIES COLLECTION ACT 1989 - SECT 1
Short title
SECT
1. This Act may be cited as the Insurance Supervisory Levies Collection Act
1989.*1*
SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .
INSURANCE SUPERVISORY LEVIES COLLECTION ACT 1989 - SECT 2
Commencement
SECT
2. This Act commences on the day on which it receives the Royal Assent.*1*
SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .
INSURANCE SUPERVISORY LEVIES COLLECTION ACT 1989 - SECT 3
Interpretation
SECT
3. In this Act, unless the contrary intention appears:
"Commissioner" means the Insurance and Superannuation Commissioner appointed
under the Insurance and Superannuation Commissioner Act 1987, or a person for
the time being acting as Insurance and Superannuation Commissioner under that
Act;
"company" has the same meaning as in the Life Insurance Act 1945 as in force
immediately before the commencement of the Life Insurance Act 1995;
"general insurance levy" means levy that is payable in accordance with
subsection 6 (1) or (2) of this Act (being levy imposed by the General
Insurance Supervisory Levy Act 1989);
"leviable day" means:
(a) in relation to a body corporate that is required to lodge accounts under
subsection 44 (1) of the Insurance Act 1973 - a day after 23 August 1988
during any part of which an authority under that Act authorising the body
corporate to carry on insurance business was in force;
(b) in relation to Lloyd's - a day after 23 August 1988 during any part of
which Part VII of the Insurance Act 1973 was in force;
(c) in relation to a company that is required to lodge accounts under
paragraph 52 (2) (a) of the Life Insurance Act 1945 - a day after 23 August
1988 during any part of which the company was registered under that Act; or
(d) in relation to a life company - a day during any part of which the
company was registered, or was taken to be registered, under the Life
Insurance Act 1995;
"levy" means general insurance levy or life insurance levy;
"life company" means a company that is required to give financial statements
under subsection 82 (1) of the Life Insurance Act 1995;
"Life Insurance Act 1945" means the Life Insurance Act 1945 as in force from
time to time before the commencement of the Life Insurance Act 1995 and
includes the Life Insurance Act 1945 as in force under section 258 of the Life
Insurance Act 1995;
"life insurance levy" means levy that is payable in accordance with
subsection 6 (3) of this Act (being levy imposed by the Life Insurance
Supervisory Levy Act 1989);
"Lloyd's" has the same meaning as in the Insurance Act 1973.
INSURANCE SUPERVISORY LEVIES COLLECTION ACT 1989 - SECT 4
Act to bind Crown
SECT
4. This Act binds the Crown in right of the Commonwealth, of each of the
States, of the Australian Capital Territory, of the Northern Territory and of
Norfolk Island.
INSURANCE SUPERVISORY LEVIES COLLECTION ACT 1989 - SECT 5
Extension to external Territories
SECT
5. (1) This Act, insofar as it relates to general insurance levy, extends to
each external Territory to which the Insurance Act 1973 extends.
(2) This Act, insofar as it relates to life insurance levy, extends to each
external Territory to which the Life Insurance Act 1995 extends.
INSURANCE SUPERVISORY LEVIES COLLECTION ACT 1989 - SECT 6
Liability to levy
SECT
6. (1) A body corporate that is required to lodge accounts under subsection
44 (1) of the Insurance Act 1973 for a period that includes a leviable day is
liable to pay a levy for that period.
(2) Lloyd's is liable to pay a levy for each period:
(a) for which Lloyd's is required to lodge accounts under clause 3 of the
Schedule to the Insurance Act 1973; and
(b) that includes a leviable day.
(3) A company that is required to lodge accounts under paragraph 52 (2) (a)
of the Life Insurance Act 1945 for a period that includes a leviable day is
liable to pay a levy for that period.
(4) If:
(a) a financial year of a life company ends on or after the date of
commencement of the Life Insurance Act 1995; and
(b) that financial year includes a leviable day;
the life company is liable to pay a levy for the period that consists of that
financial year.
INSURANCE SUPERVISORY LEVIES COLLECTION ACT 1989 - SECT 7
When levy due for payment
SECT
7. (1) General insurance levy payable by a body corporate (other than
Lloyd's) for a period is due and payable on whichever of the following days is
the later:
(a) the day by which the body corporate is required to lodge accounts under
subsection 44 (1) of the Insurance Act 1973 for that period;
(b) the twenty-eighth day after the date of commencement of this Act.
(2) General insurance levy payable by Lloyd's for a period is due and
payable on whichever of the following days is the later:
(a) the day by which Lloyd's is required to lodge accounts under clause 3 of
the Schedule to the Insurance Act 1973 for that period;
(b) the twenty-eighth day after the date of commencement of this Act.
(3) Life insurance levy payable by a company, other than a life company; for
a period is due and payable on whichever of the following days is the later:
(a) the day by which the company is required to lodge accounts under
paragraph 52 (2) (a) of the Life Insurance Act 1945 for that period;
(b) the twenty-eighth day after the date of commencement of this Act.
(3A) Life insurance levy payable by a life company for a period is due and
payable on the last day of the period within which the company is required by
subsection 118 (3) of the Life Insurance Act 1995 to give to the Commissioner
financial statements as at the end of that period.
(4) For the purposes of this section, any extensions of time for lodging
accounts or financial statements shall be disregarded.
INSURANCE SUPERVISORY LEVIES COLLECTION ACT 1989 - SECT 8
Penalty for non-payment of levy
SECT
8. (1) If any levy payable by a person remains unpaid after the time when it
became due for payment, the person is liable to pay to the Commonwealth, by
way of penalty, an amount calculated at the rate of 20% per annum on the
amount unpaid, computed from that time.
(2) The Commissioner may remit the whole or a part of an amount payable
under this section.
INSURANCE SUPERVISORY LEVIES COLLECTION ACT 1989 - SECT 9
Recovery of levy etc.
SECT
9. The following amounts may be recovered by the Commonwealth as debts due
to the Commonwealth:
(a) levy that is due and payable;
(b) an amount that is payable by way of penalty under section 8.
INSURANCE SUPERVISORY LEVIES COLLECTION ACT 1989 - SECT 10
Delegation by Commissioner
SECT
10. (1) The Commissioner may, by writing, delegate to a person occupying or
performing the duties of a specified office in the branch of the Australian
Public Service under the control of the Commissioner all or any of the
Commissioner's powers under this Act.
(2) The delegate is, in the exercise of a power delegated under subsection
(1), subject to the directions of the Commissioner.
INSURANCE SUPERVISORY LEVIES COLLECTION ACT 1989 - SECT 11
Review of decisions
SECT
11. (1) An application may be made to the Administrative Appeals Tribunal
for review of a decision made under subsection 8 (2).
(2) Where the Commissioner makes a decision under subsection 8 (2) and gives
to a person whose interests are affected by the decision notice in writing of
the decision, that notice shall:
(a) in all cases - include a statement to the effect that, subject to the
Administrative Appeals Tribunal Act 1975, application may be made to the
Administrative Appeals Tribunal, by or on behalf of any person whose interests
are affected by the decision, for review of the decision; and
(b) except where subsection 28 (4) of that Act applies - include a statement
to the effect that a request may be made under section 28 of that Act by or on
behalf of such a person for a statement setting out the findings on material
questions of fact, referring to the evidence or other material on which those
findings were based and giving the reasons for the decision.
(3) A failure to comply with subsection (2) does not affect the validity of
the decision.
INSURANCE SUPERVISORY LEVIES COLLECTION ACT 1989 - SECT 12
Regulations
SECT
12. The Governor-General may make regulations, not inconsistent with this
Act, prescribing matters:
(a) required or permitted by this Act to be prescribed; or
(b) necessary or convenient to be prescribed for carrying out or giving
effect to this Act;
and in particular:
(c) providing for exemptions from levy and for remissions of levy;
(d) providing for the manner of payment for levy and other amounts payable
to the Commonwealth under this Act; and
(e) providing for the refund (or other application) of overpayments.
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