6Definitions

6 Definitions

In this Act, unless the contrary intention appears:

general insurance company means a body corporate that is authorised under the Insurance Act 1973 to carry on insurance business within the meaning of that Act.

indexation factor means the indexation factor calculated under section 9.

index number, in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of that quarter.

levy imposition day, in relation to a general insurance company for a financial year, means:

(a) if the general insurance company is a general insurance company on 1 July of the financial year—that day; or
(b) in any other case—the day, during the financial year, on which the general insurance company becomes a general insurance company.

special statutory upper limit means:

(a) for the financial year commencing on 1 July 2006—$500,000; or
(b) for a later financial year—the amount calculated by multiplying the special statutory upper limit for the previous financial year by the indexation factor for the later financial year.

statutory upper limit means:

(a) for the financial year commencing on 1 July 2020—$10,000,000; or
(b) for a later financial year—the amount calculated by multiplying the statutory upper limit for the previous financial year by the indexation factor for the later financial year.