sec.27ADisbursement of gross premiums by insurers who receive premiums directly

### sec.27A Disbursement of gross premiums by insurers who receive premiums directly Within a week after transport administration notifies a licensed insurer that it has received a certificate certifying payment of an insurance premium to the licensed insurer, the licensed insurer must— pay to transport administration (for transmission to the commission or the insurance agency) the component of the insurance premium consisting of the levies; and pay to transport administration the component of the insurance premium consisting of the administration fee. Maximum penalty—150 penalty units. However, an insurer’s liability to make payments under subsection (1) to transport administration, and transport administration’s liability to pay insurer’s premiums to the insurer, may be set off against each other under an arrangement between transport administration and the insurer (but such an arrangement is not to affect the extent of transport administration’s liability to pay levies to the commission or the insurance agency). If an insurer fails to make a payment to transport administration when required under this section, transport administration may recover the amount as a debt, together with interest at a rate fixed under a regulation. s 27A ins 2000 No. 17 s 15 amd 2016 No. 34 s 177 (sec.27A-ssec.1) Within a week after transport administration notifies a licensed insurer that it has received a certificate certifying payment of an insurance premium to the licensed insurer, the licensed insurer must— pay to transport administration (for transmission to the commission or the insurance agency) the component of the insurance premium consisting of the levies; and pay to transport administration the component of the insurance premium consisting of the administration fee. Maximum penalty—150 penalty units. (sec.27A-ssec.2) However, an insurer’s liability to make payments under subsection (1) to transport administration, and transport administration’s liability to pay insurer’s premiums to the insurer, may be set off against each other under an arrangement between transport administration and the insurer (but such an arrangement is not to affect the extent of transport administration’s liability to pay levies to the commission or the insurance agency). (sec.27A-ssec.3) If an insurer fails to make a payment to transport administration when required under this section, transport administration may recover the amount as a debt, together with interest at a rate fixed under a regulation. - (a) pay to transport administration (for transmission to the commission or the insurance agency) the component of the insurance premium consisting of the levies; and - (b) pay to transport administration the component of the insurance premium consisting of the administration fee.