Schedule 2 Dictionary
Schedule 2 Dictionary
section 3
ASIC means the Australian Securities and Investments Commission.
Chairperson of the Monitor means the Chairperson of IPART.
Chief Commissioner means the Chief Commissioner of State Revenue under the Taxation Administration Act 1996.
committee means a committee established under section 8.
contravene, for Part 6—see section 61.
contravention notice—see section 15(1).
debt recovery order, for Part 4—see section 30.
emergency services contribution means a contribution by an insurance company under the emergency services funding scheme or the Emergency Services Levy Act 2017.
emergency services funding reform means—
(a) the removal of the emergency services levy on insurers levied under the Emergency Services Levy Act 2017, and
(b) the implementation of a replacement levy as announced by the Premier in the Bradfield Oration on 16 November 2023.
emergency services funding scheme means the scheme for funding certain fire and emergency services from contributions required to be paid by insurance companies under the following provisions, as in force before the emergency services levy was levied under the Emergency Services Levy Act 2017—
(a) the Fire and Rescue NSW Act 1989, Part 5,
(b) the Rural Fires Act 1997, Part 5,
(c) the State Emergency Service Act 1989, Part 5A.
emergency services levy means the amount included in a premium payable for the issue of a regulated contract of insurance for the purpose of recouping emergency services contributions required to be paid by an insurance company, whether or not the amount is disclosed as a separate item.
engage in prohibited conduct includes—
(a) aid, abet, counsel or procure another person to engage in prohibited conduct, and
(b) induce, whether by threats or promises or otherwise, another person to engage in prohibited conduct, and
(c) conspire with another person to engage in prohibited conduct.
exercise, a function, includes perform a duty.
false or misleading conduct, in relation to the emergency services funding reform—see section 14.
final contribution amount, for Part 4—see section 30.
final years of the scheme, for Part 4—see section 30.
financial year means a period of 12 months commencing on 1 July in each year.
function includes a power, authority or duty.
inspector means a person appointed as an inspector under Part 6.
insurance against loss of or damage to property means insurance against the risk of loss of or damage to property, or the risk of loss of profits consequent on loss of or damage to property, whether the insurance is associated with insurance against another risk or not.
insurance company means a person, partnership, association or underwriter that—
(a) issues or undertakes liability under policies of insurance against loss of or damage to property situated in New South Wales, or
(b) receives premiums in relation to the policies of insurance for, or for transmission to, a person, partnership, association or underwriter outside New South Wales.
IPART means the Independent Pricing and Regulatory Tribunal established under the Independent Pricing and Regulatory Tribunal Act 1992.
Monitor—see section 5(1).
monitoring period means the period—
(a) starting on 1 July 2014, and
(b) ending on the date prescribed by the regulations.
over-collection amount—see section 33(5).
personal information has the same meaning as in the Privacy and Personal Information Protection Act 1998.
prevention notice—see section 16(1).
price, in relation to the issue of a regulated contract of insurance, includes—
(a) a premium paid or payable for the issue of the regulated contract of insurance, including a base premium, emergency services levy, GST or duty, and
(b) a brokerage or commission paid or payable on—
(i) the premium, or
(ii) bonuses or return premiums allowed in relation to the regulated contract of insurance, or
(iii) a part of the premium received by or payable to the insurance company issuing the regulated contract of insurance as is paid or payable by reinsurance by the insurance company to another insurance company.
price exploitation—see section 13(1).
prohibited conduct means—
(a) price exploitation, or
(b) false or misleading conduct in relation to the emergency services funding reform.
refund undertaking, for Part 4—see section 30.
regulated contract of insurance means a policy of insurance issued by an insurance company, whether before, on or after the commencement of this Act, that—
(a) belongs to a class of policies of insurance that was subject to contribution under the emergency services funding scheme, or
(b) is relevant insurance under the Emergency Services Levy Act 2017, or
(c) is a combined or comprehensive policy of insurance that includes a policy of insurance referred to in paragraph (a) or (b).
relevant policy holder, for Part 4—see section 30.
respondent—see section 51(1).
substantiation notice—see section 21(1).
trade or commerce has the same meaning as in the Fair Trading Act 1987.