13Price exploitation

13 Price exploitation

13 Price exploitation

(1) For this Act, an insurance company engages in price exploitation if—

(a) the insurance company issues, or has during the relevant period issued, a regulated contract of insurance, and

(b) the price for the issue of the regulated contract of insurance is unreasonably high, having regard to—

(i) the emergency services funding reform, and

(ii) the emergency services contributions required to be paid by the insurance company, and

(iii) the historical emergency services levy rates charged by the insurance company, and

(iv) the costs of supplying insurance against loss of or damage to property, and

(v) the fees or charges charged by the insurance company, and

(vi) other matters prescribed by the regulations.

(2) In this section—

issue, of a regulated contract of insurance, includes receiving a premium in relation to a regulated contract of insurance for, or for transmission to, a body corporate, partnership, association, underwriter or other person outside New South Wales.

relevant period means the period—

(a) starting on the date of assent to this Act, and

(b) ending at the end of the monitoring period.