10Contributions to Fund by insurers

10 Contributions to Fund by insurers

10 Contributions to Fund by insurers

(1) The amount estimated by the Secretary under section 9 for a relevant period is to be paid to the Secretary by way of contributions by insurers in accordance with this section.

(2) The Secretary may, in respect of an estimate for a relevant period, determine—

(a) the insurers or classes of insurers by whom contributions under this section are to be paid, and

(b) the amount of the contributions to be paid by such insurers or classes of insurers (including different amounts of contributions in respect of different insurers or classes of insurers), and

(c) the times at which the contributions are to be paid and the manner in which they are to be paid (including by way of instalments).

(3) The amount payable may be expressed as a fixed amount or in such other manner as may be determined by the Secretary.

(4) The Secretary is to notify each insurer of the amount of contributions payable by the insurer for a relevant period and the times and manner in which they are to be paid.

(5) (Repealed)

(6) In the case of a specialised mining and petroleum industry insurer, the insurer may adjust the premium payable in respect of a policy of insurance issued to a mining and petroleum industry employer so as to include an amount equivalent to such part of the contributions payable by the insurer under this section as relates to that employer and that policy.

(7) Except as may be provided by the regulations, an adjustment of premium may, despite any other Act, be made for the purposes of subsection (6) in respect of a policy of insurance in force as at the date on which the Secretary’s determination (if any) under this section is made in relation to the financial year commencing 1 July 2005.

(8) If a contribution payable by an insurer has not been paid within the time required under this section—

(a) the insurer is guilty of an offence and liable to a penalty not exceeding 100 penalty units, and

(b) the amount of the required contribution together with a late payment fee calculated at the rate of 15% of that amount per annum compounded quarterly (or, where another rate is prescribed by the regulations, that other rate) may be recovered by the Secretary from the insurer as a debt due to the State for payment into the Fund.