31BPayments to the Commonwealth

31B Payments to the Commonwealth

(1) Interest is not payable to the Commonwealth on the capital of the Corporation but the Corporation shall pay to the Commonwealth, out of the profits of the Corporation for the financial year that commenced on 1 July 1976 and for each succeeding year, such amount as the Minister determines. (1A) For the purpose of placing the Corporation, as far as practicable, on an equal footing with other insurers, the Corporation shall pay to the Commonwealth in respect of a financial year an amount determined by the Minister. (2) The capital of the Corporation is repayable to the Commonwealth at such times and in such amounts as the Minister determines. (3) In the making of a determination under subsection (1) or (2), the Minister shall have regard to: (a) any advice furnished by the Corporation to the Minister in relation to the financial affairs of the Corporation; and (b) any losses that have resulted, or are likely to result, from compliance by the Corporation with directions given under subsection 17(3C). (4) In the making of a determination under subsection (1A), the Minister shall have regard to: (a) any reinsurance costs of the Corporation; (b) the reinsurance costs of other insurers; and (c) the amount of business carried on by the Corporation. (5) In this section, insurer means a person carrying on the business of insuring lenders against loss in respect of loans secured by mortgages.