9Rate of collapsed insurer levy

9 Rate of collapsed insurer levy

(1) The rate of collapsed insurer levy imposed on a collapsed insurer levy day is the rate that:

(a) is determined by the Minister by legislative instrument; and

(b) applies on that day.

(2) In determining the rate of levy, the Minister must have regard to the total value of the collapsed insurer’s liabilities to people insured under its complying health insurance policies.

(3) The rate of levy:

(a) must be based on the number of complying health insurance policies that are on issue on the day determined by the Minister, by legislative instrument, as the census day for the levy day; and

(b) may be different for complying health insurance policies under which different numbers of people are insured; and

(c) may be set at zero.