EXPLANATORY STATEMENT
STATUTORY RULES 1990 NO. 186
INSURANCE SUPERVISORY LEVIES COLLECTION REGULATIONS (AMENDMENT)
ISSUED BY AUTHORITY OF THE TREASURER
The Insurance Supervisory Levies Collection Act 1989 (the Act) provides for the collection of the annual supervisory levies imposed on authorised general insurers and Lloyd’s, and registered life insurers by the General Insurance Supervisory Lew Act 1989 and the Life Insurance Supervisory Levy Act 1989 respectively. The Act to aimed at recovering the ongoing costs of supervision of such bodies under the Insurance Act 1973 and the Life Insurance Act 1945 by the Insurance and Superannuation Commissioner.
Regulation 3 allows for remission from the full amount of the levy for insurers authorised under section 37 of the Insurance Act.
The amendment to the regulation increases the amount of the remission applicable to such insurers from $9 000 to $9 600. The amendment will therefore maintain the annual rate of levy payable by insurers authorised under section 37 of the Insurance Act at $2 000, following an increase in the annual rate of the supervisory levy imposed under the General Insurance Supervisory Levy Act from $11 000 to $11 600. It is not appropriate to increase the amount of levy imposed on these insurers as they require a significantly lower supervisory effort.
Insurance and Superannuation Commission
CANBERRA ACT