8Amount of levy

8 Amount of levy

(1AA) The amount of levy payable by a general insurance company for a financial year is the sum of the general component and the special component for the general insurance company for the financial year.

Note: For general component, see subsections (1) to (2). For special component, see subsection (2A).

(1) Subject to subsection (2), the general component for a general insurance company for a financial year is the sum of the restricted levy component and the unrestricted levy component for the financial year.

Note: For restricted levy component, see subsection (1A). For unrestricted levy component, see subsection (1B).

(1A) The restricted levy component for the financial year is: (a) unless paragraph (b) or (c) applies—the amount that, for the financial year, is the restricted levy percentage of the general insurance company’s levy base; or (b) if the amount worked out under paragraph (a) exceeds the maximum restricted levy amount for the financial year—the maximum restricted levy amount; or (c) if the amount worked out under paragraph (a) is less than the minimum restricted levy amount for the financial year—the minimum restricted levy amount.

Note: The restricted levy percentage, maximum restricted levy amount, minimum restricted levy amount and the method of working out the general insurance company’s levy base are as determined under subsection (3).

(1B) The unrestricted levy component for the financial year is the amount that, for the financial year, is the unrestricted levy percentage of the general insurance company’s levy base.

Note: The unrestricted levy percentage is as determined under subsection (3).

(2) If the levy imposition day for the general insurance company for the financial year is later than 1 July in the financial year, the general component for the general insurance company for the financial year is the amount worked out using the following formula: Image unavailable in extracted text (2A) The special component for a general insurance company for a financial year is: (a) nil, if the general insurance company belongs to a class of general insurance company for which no provision is made in the Treasurer’s determination under paragraph (3)(h); or (b) if the general insurance company belongs to a class of general insurance company for which provision is made in the Treasurer’s determination under paragraph (3)(h): (i) unless subparagraph (ii) or (iii) applies—the amount that, for the financial year, is the special levy percentage of the general insurance company’s eligible premium income; or (ii) if the amount worked out under subparagraph (i) exceeds the special maximum levy amount for the financial year—the special maximum levy amount; or (iii) if the amount worked out under subparagraph (i) is less than the special minimum levy amount for the financial year—the special minimum levy amount.