15Initial contribution amount to be paid in instalments

15 Initial contribution amount to be paid in instalments

15 Initial contribution amount to be paid in instalments

(1) The initial contribution amount is payable in 4 equal instalments.

(2) An instalment is payable by the date of 1 September, 1 December, 1 March and 1 June in the financial year for which the initial contribution amount is payable.

(3) If an instalment is not paid in full within 21 days after the due date, the remainder of the initial contribution amount payable by the insurer for the financial year becomes due and payable.