6Mine Safety Fund Premium Adjustment

6 Mine Safety Fund Premium Adjustment

6 Mine Safety Fund Premium Adjustment

(1) Despite any other provision of this Order, if an employer carries on a business that is covered by any of the classes appearing in Division B of Table A to this Order (that is, classes 120000 to 152000), the premium payable by the employer for the policy of insurance is to be adjusted by the addition of an amount calculated in accordance with the following formula:

where:

MSF Amount is the additional amount of premium required to be paid by an employer under this clause.

Wages means a part of the total wages payable to workers by the employer in respect of the period of insurance for which the premium is to be calculated, being the part of the total wages attributable to a class appearing in Division B of Table A applicable to the employer.

Mine Safety Levy Rate means 0.462%.

(2) For the purposes of subclause (1), the calculation of the MSF amount for an employer is to be made using the reasonable estimate of the wages payable by the employer in the notice supplied to the insurer in accordance with clause 130 (1) of the Workers Compensation Regulation 2003.

cl 6: Ins 2006 (248), Sch 1.