5Definitions

5 Definitions

In this Act, unless the contrary intention appears:

indexation factor means the indexation factor calculated under section 8.

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 life insurance company for a financial year, means:

(a) if the life insurance company is a life 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 life insurance company becomes a life insurance company.

life insurance company means a company that is registered under section 21 of the Life Insurance Act 1995.

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.