Mineral and Energy Resources (Financial Provisioning) Regulation 2019 (QLD)

Mineral and Energy Resources (Financial Provisioning) Regulation 2019

1   Short title

This regulation may be cited as the Mineral and Energy Resources (Financial Provisioning) Regulation 2019.

2   Commencement

This regulation commences on 1 April 2019.

3   Prescribed insurer—Act, s 56

(1)For section 56(3) of the Act, a prescribed insurer is an entity that is—

(a)an approved security provider; and

(b)not a sole parent captive.

(2)However, if financial assurance mentioned in section 89(1)(a) of the Actwas provided by an entity that satisfied subsection (1)(a) and not subsection (1)(b) (a pre-commencement insurer), a prescribed insurer includes the pre-commencement insurer.

(3)In this section—

approved security provider means an approved security provider under the Financial and Performance Management Standard 2009, section 36.

insurance company means a company authorised under the Insurance Act 1973 (Cwlth) to carry on insurance business.

sole parent captive means an insurance company that—

(a)is owned by a single company or a group of related bodies corporate; and

(b)exists for the purpose of underwriting risks of a parent company or members of a group of related entities, including, for example, risks of joint venture partners and contractors of members of the group.

4   Assessment fee—Act, s 60

For section 60(1) of the Act, the assessment fee payable for an allocation decision for an authority is stated in schedule 1.

5   Prescribed percentage—Act, sch 1, definition prescribed percentage

For schedule 1 of the Act, definition prescribed percentage, the prescribed percentage is—

(a)for an authority allocated to the risk category of very low—0.5%; or

(b)for an authority allocated to the risk category of low—1.0%; or

(c)for an authority allocated to the risk category of moderate—2.75%.

Schedule 1 Assessment fee

section 4

$
Assessment fee for an allocation decision for an authority—
(a)  if the estimated rehabilitation cost for the authority at the beginning of the day of the decision is at least $100,000 and less than $1,000,000	250
(b)  if the estimated rehabilitation cost for the authority at the beginning of the day of the decision is at least $1,000,000 and less than $10,000,000	1,250
(c)  if the estimated rehabilitation cost for the authority at the beginning of the day of the decision is at least $10,000,000 and less than $50,000,000	5,000
(d)  if the estimated rehabilitation cost for the authority at the beginning of the day of the decision is at least $50,000,000 and less than $100,000,000	22,500
(e)  if the estimated rehabilitation cost for the authority at the beginning of the day of the decision is at least $100,000,000	45,000