228Contributions to Guarantee Fund

#### 228 Contributions to Guarantee Fund 228 Contributions to Guarantee Fund (cf former s 30R) > > (1) The Authority may, in respect of any financial year prescribed by the regulations, determine the amount to be contributed to the Guarantee Fund in respect of that year, being an amount which the Authority considers is necessary— > > > > > (a) to satisfy, during that financial year, claims, judgments and awards arising from or relating to policies of insurance issued by insurers that were, before the commencement of Schedule 3 (3) to the [Workers Compensation (Benefits) Amendment Act 1991](/view/pdf/asmade/act-1991-99), declared under section 226 to be insolvent insurers, and > > > > > (b) to provide for the payment of any other amounts to be paid under this Division from the Guarantee Fund during that financial year which directly or indirectly relate to insurers that were, before that commencement, declared under that section to be insolvent. > > > (2) Where the Authority determines an amount under subsection (1) in respect of a financial year prescribed for the purposes of that subsection, each insurer (other than a former licensed insurer) shall pay to the Authority for payment into the Guarantee Fund an appropriate contribution calculated in accordance with the following formula— > > > > %20AND%20(No%3D070)%20AND%20(Year%3D1987)%20AND%20(%22Historical%20Document%22%3D0))/g5.gif) > > where— > > > > A is the amount which the insurer is required by or under this Act to contribute to the Workers Compensation Operational Fund in respect of that financial year, > > > > B is the total amount required by or under this Act to be contributed by all insurers (other than former licensed insurers) to the Workers Compensation Operational Fund in respect of that financial year, and > > > > C is the amount determined pursuant to subsection (1) in respect of that financial year. > > > (2A) The Authority may, in respect of any financial year specified by the regulations, determine the amount to be contributed to the Guarantee Fund in respect of that year, being an amount which the Authority considers is necessary— > > > > > (a) to satisfy, during that financial year, claims, judgments and awards arising from or relating to policies of insurance issued by insurers that were, after the commencement of Schedule 3 (3) to the [Workers Compensation (Benefits) Amendment Act 1991](/view/pdf/asmade/act-1991-99), declared under section 226 to be insolvent insurers, and > > > > > (b) to provide for the payment of any other amounts to be paid under this Division from the Guarantee Fund during that financial year (not being amounts which directly or indirectly relate to insurers that were, before that commencement, declared under that section to be insolvent insurers). > > > (2B) Where the Authority determines an amount under subsection (2A) in respect of a financial year prescribed for the purposes of that subsection, each insurer (other than a self-insurer or a former licensed insurer) shall pay to the Authority for payment into the Guarantee Fund an appropriate contribution calculated in accordance with the following formula— > > > > %20AND%20(No%3D070)%20AND%20(Year%3D1987)%20AND%20(%22Historical%20Document%22%3D0))/g6.gif) > > where— > > > > A is the amount which the insurer is required by or under this Act to contribute to the Workers Compensation Operational Fund in respect of that financial year, > > > > B is the total amount required by or under this Act to be contributed by all insurers (other than self-insurers and former licensed insurers) to the Workers Compensation Operational Fund in respect of that financial year, > > > > C is the amount determined pursuant to subsection (2A) in respect of that financial year. > > > (2C) Where the Authority so directs, the amount determined by the Authority under subsection (1) or (2A) is to be paid into the Guarantee Fund out of the Insurance Fund, instead of being paid by insurers under subsection (2) or (2B). > > > (3) A contribution is payable at such times and in respect of such periods as may be prescribed. > > > (4) If a contribution is not paid within the time specified by the Authority in a notice to an insurer requiring the insurer to pay the contribution— > > > > > (a) the insurer is guilty of an offence and liable to a penalty not exceeding 100 penalty units, and > > > > > (b) the contribution, together with a late payment fee calculated at the rate of 15 per cent of the contribution per annum compounded quarterly (or, where another rate is prescribed, that other rate), may be recovered by the Authority as a debt in any court of competent jurisdiction. > > > (5) In any proceedings under this section, a certificate executed by the Authority as to the amount of the appropriate contribution payable, under this section, by the insurer, and as to the time within which the contribution was required to be paid, is (without proof of its execution by the Authority) admissible in any proceedings and is evidence of the facts stated in the certificate. > > **s 228:** Am 1988 No 132, Sch 1 (4); 1989 No 121, Sch 1; 1991 No 2, Sch 3 (8) (10); 1991 No 99, Sch 3 (3); 1993 No 47, Sch 1; 1998 No 85, Sch 1 \[82\]; 2000 No 44, Sch 12.1 \[13\]; 2015 No 19, Sch 5 \[11\].