28Insurers previously liable to be treated as liable

28 Insurers previously liable to be treated as liable

28 Insurers previously liable to be treated as liable

(1) An insurer who is required to pay an initial contribution amount in a financial year is required to pay an initial contribution amount in the next financial year.

(2) This section applies even if a change in circumstances occurs, subject to subsection (6).

(3) A change in circumstances occurs if an insurer ceases to receive and to be entitled to receive premiums for relevant insurance.

(4) A change in circumstances that occurs during a financial year does not affect the assessment of, or an insurer’s liability to pay, an initial contribution amount for that financial year.

(5) A change in circumstances that occurs after 31 March in a financial year does not affect the assessment of, or an insurer’s liability to pay, an initial contribution amount for the next financial year.

(6) A change in circumstances that occurs before 31 March in a financial year does not affect the assessment of, or an insurer’s liability to pay, an initial contribution amount for the next financial year unless—

(a) the insurer gives notice to the Chief Commissioner of the change in circumstances before 31 March in the financial year before the financial year for which the initial contribution amount would otherwise be payable, and

(b) the Chief Commissioner is satisfied that a change in circumstances has occurred.

(7) In this section—

insurer includes any person who has been assessed as liable for an initial contribution amount for the financial year or the previous financial year, whether or not the person is still an insurer.