162AAvoiding payment of premium—regulator entitled to

162A Avoiding payment of premium—regulator entitled to recovery amount (a) an employer has given a licensed insurer a relevant statement for a period, stating an amount of wages the employer has paid for the period; and (b) the amount of wages the employer has paid for the period is at least 10% more than the amount stated in the relevant statement. (2) The regulator must determine the amount of the avoided premium for each period of insurance to which a relevant statement mentioned in subsection (1) applies (up to a maximum of 5 years). (3) The regulator may determine an amount (a recovery amount) for the employer equal to— (a) double the avoided premium; or (b) an amount less than double the avoided premium, having regard to the following: (i) whether payment of the recovery amount would cause the employer financial hardship; (ii) whether payment of the recovery amount would cause the employer to stop conducting the employer’s business in the ACT; (iii) whether the regulator is likely to recover the recovery amount; (iv) the employer’s history of compliance with its obligations (v) whether the employer’s behaviour in completing the relevant statement was based on independent advice; (vi) steps the employer has taken to obtain a compulsory insurance policy; (vii) any other material provided by the employer; (viii) any other relevant factor. Note The regulator’s determination under s (3) is an internally reviewable decision (see Workers Compensation Regulation 2002, sch 3, pt 3.2). (4) If the regulator determines a recovery amount for an employer, the regulator must give the employer written notice of— (a) the avoided premium; and (b) the recovery amount. (5) The regulator may recover the recovery amount as a debt owing by the employer to the DI fund. avoided premium, for a period of insurance, means an amount equal to the difference between— (a) the premium worked out for the period using the information given by the person; and (b) the premium worked out for the period using the correct information. relevant statement means a statement provided by an employer for any of the following provisions: (a) section 156 (2) and (3) (Information for licensed insurers after renewal of policies); (b) section 157 (2) (Information for licensed insurers after end or cancellation of policies).