77EPayment of contributions

### 77E Payment of contributions > *\[Section 77E Inserted by No. 12 of 1981, s. 17 \]*[*\[Section 77E Subsection (1) amended by No. 72 of 1999, s. 6, Applied:01 Jul 2000\]*](/view/html/inforce/2000-07-01/act-1999-072#GS6@Hpa@EN) *\[Section 77E Subsection (1) amended by No. 74 of 1981, s. 7 \]*[*\[Section 77E Subsection (2) amended by No. 72 of 1999, s. 6, Applied:01 Jul 2000\]*](/view/html/inforce/2000-07-01/act-1999-072#GS6@Hpc@EN) [*\[Section 77E Subsection (2) amended by No. 72 of 1999, s. 6, Applied:01 Jul 2000\]*](/view/html/inforce/2000-07-01/act-1999-072#GS6@Hpb@EN) *\[Section 77E Subsection (2) substituted by No. 74 of 1981, s. 7 \]**\[Section 77E Subsection (2) amended by No. 6 of 1993, s. 6 \]*[*\[Section 77E Subsection (2) amended by No. 72 of 1999, s. 6, Applied:01 Jul 2000\]*](/view/html/inforce/2000-07-01/act-1999-072#GS6@Hpd@EN) *\[Section 77E Subsection (2A) inserted by No. 6 of 1993, s. 6 \]**\[Section 77E Subsection (3) amended by No. 101 of 1993, s. 4 and Sched. 1 \]*[*\[Section 77E Subsection (3) omitted by No. 72 of 1999, s. 6, Applied:01 Jul 2000\]*](/view/html/inforce/2000-07-01/act-1999-072#GS6@Hpe@EN) [*\[Section 77E Substituted by No. 21 of 2000, s. 10, Applied:01 Jul 2000\]*](/view/html/inforce/2000-07-01/act-2000-021#GS10@EN) > > > (1)  The contributions that are required by this Division to be paid by an insurance company in a financial year are to be paid to the Commission by monthly instalments. > > > (2)  An insurance company must, not later than 14 days after the end of each month, pay to the Commission an amount equal to the prescribed percentage of the total premium income payable to that insurance company in respect of the prescribed classes of insurance during that month. > > > > Penalty:  Fine not exceeding 500 penalty units and, in the case of a continuing offence, a further fine not exceeding 5 penalty units for each day during which the offence continues. > > > (3)  For the purposes of [subsection (2)](#GS77E@Gs2@EN)  – > > > > > > (a) the prescribed percentage is taken to be 10% or, if another percentage is prescribed by the regulations, that other percentage which in either case is to be exclusive of any goods and services tax paid in respect of the relevant premium; and > > > > > > > (b) the total premium income payable to the insurance company does not include any premium payable to the insurance company in respect of the prescribed classes of insurance of property of a prescribed person or body.