26Premiums etc. to be charged by Corporation

26 Premiums etc. to be charged by Corporation

(1) The Corporation shall charge a premium in respect of each contract of insurance or re‑insurance entered into by the Corporation and may make charges for other matters in connexion with its business. (2) The premiums and other charges shall be: (a) in the case of a contract entered into in pursuance of a direction given under subsection 17(3C)—as determined by the Corporation within such limits (if any) as are determined by the Minister; or (b) in any other case‑as determined by the Corporation. (2A) The Minister shall not make a determination under paragraph (2)(a) unless he has given the Corporation a reasonable opportunity to furnish advice to him on the matter and has had regard to any advice so furnished. (3) The Corporation may refund, in circumstances relating to the cessation or reduction of the liability of the Corporation under a contract, part of the premium paid in relation to the contract. (4) The Corporation shall carry out its operations as efficiently as possible and the premiums charged by the Corporation and the other charges made by it shall be at the lowest possible rates having regard to the duty imposed on the Corporation by subsection (5). (5) The Corporation shall pursue a policy directed towards securing revenue sufficient to meet all its expenditure and provision for expenditure properly chargeable to revenue, and to permit the payment to the Commonwealth, in addition to the payment of income tax, of a reasonable return on the capital of the Corporation. (6) Subsections (4) and (5) have effect subject to subsection 17(3C).