168Levy amounts to be paid by policyholder to insurer

168 Levy amounts to be paid by policyholder to insurer

(1)  If the Minister determines a levy under section 166(1) in relation to a financial year, each policyholder is to pay an amount equal to the levy amount to a licensed insurer with whom the policyholder is maintaining a policy of insurance that commences –

(a) on the day on which the determination takes effect; or

(b) during the period for which the determination has effect.

(2)  A policyholder is to pay the levy amount referred to in subsection (1) to the licensed insurer with whom the policy of insurance is maintained not later than the day on which the premium in respect of the policy is required to be paid.

Penalty:  Fine not exceeding 20 penalty units.

(3)  A licensed insurer, within 20 business days after the end of each month, is to –

(a) pay to the Commissioner all amounts received under subsection (1) or (4) during that month; and

(b) forward to the Commissioner a statement in writing –

(i) setting out the levy amounts received in respect of policies of insurance during that month; and

(ii) setting out the levy amounts due during that month but not paid; and

(iii) setting out any other particulars that are required by the Commissioner; and

(iv) verified by a statutory declaration made by an officer of the licensed insurer.

Penalty:  Fine not exceeding 20 penalty units.

(4)  If a policyholder is required to pay an additional premium as a result of an adjustment of the policy of insurance, the policyholder must pay to the licensed insurer with whom the policy is maintained the percentage, specified in the determination of the levy under section 166(1) for the financial year in which the policy commenced, of the additional premium payable, not later than the day on which the additional premium in respect of the policy is required to be paid.

Penalty:  Fine not exceeding 20 penalty units.