128ASpecial contributions

128A Special contributions

[Section 128A Inserted by No. 48 of 2001, s. 7, Applied:01 Aug 2001]

(1)  In this section –

domestic workers compensation insurance policy means a policy of insurance that indemnifies the policyholder for liabilities under this Act or independently of this Act in respect of domestic workers;

policyholder means the holder of a policy of insurance required to be maintained under section 97(1) but does not include the holder of a domestic workers compensation insurance policy;

special contribution means the special contribution determined by the Minister under subsection (2) .

(2)  [Section 128A Subsection (2) substituted by No. 16 of 2004, s. 7, Applied:29 Jun 2004] If the Nominal Insurer is or will be liable to pay amounts of the type specified in section 127A(3)  –

(a) as a result of the insolvency of a licensed insurer or former licensed insurer; or

(b) as a result of the operation of section 126A  –

the Minister may require all policyholders and self-insurers to pay to the Nominal Insurer, in each year, a special contribution determined by the Minister.

(3)  For the purposes of subsection (2) , each State Service Agency or other body to which the Tasmanian Risk Management Fund applies is taken to be a policyholder.

(4)  In making a determination under subsection (2) , the Minister is to take into account –

(a) the expected level of payments that the Nominal Insurer will be required to make as a result of the insolvency of the licensed insurer; and

(b) the cost to the Nominal Insurer of borrowing money pursuant to section 129A or entering into other arrangements to make the payments referred to in ; and