131DNominal Insurer may be funded by contributions

### 131D Nominal Insurer may be funded by contributions > [*\[Section 131D of Part IX Inserted by No. 11 of 2002, s. 6, Applied:01 Jan 2002\]*](/view/html/inforce/2002-01-01/act-2002-011#GS6@EN) > > > (1)  The Minister, after consulting with such interested parties as the Minister considers necessary or expedient, may determine that any liability of the Nominal Insurer under this Division is to be funded by – > > > > > > (a) contributions from licensed insurers and self-insurers in such proportions as may be determined by the Nominal Insurer in a financial year having regard to – > > > > > > > > > > (i) in the case of licensed insurers, the premium income in respect of policies of insurance under this Act received by each licensed insurer in respect of that financial year; and > > > > > > > > > > > (ii) in the case of self-insurers, the notional premium within the meaning of [section 144(1)](#GS144@Gs1@EN) ; or > > > > > > > (b) a special contribution determined by the Minister payable by all policyholders and self-insurers; or > > > > > > > (c) a combination of the methods referred to in [paragraphs (a)](#GS131D@Gs1@Hpa@EN) and [(b)](#GS131D@Gs1@Hpb@EN) . > > > (2)  The Minister is to cause a notice of the making of a determination under [subsection (1)](#GS131D@Gs1@EN) to be published in the *Gazette* as soon as practicable after the determination is made. > > > (3)  If the Minister determines that the Nominal Insurer's liability is to be funded, or partly funded, by contributions from licensed insurers and self-insurers, the amount required to be paid in respect of any financial year is not to exceed, for all acts of terrorism specified in orders under [section 131B(1)(b)](#GS131B@Gs1@Hpb@EN)  – > > > > > > (a) in the case of licensed insurers, 4% of the premium income in respect of policies of insurance under this Act received by each licensed insurer in respect of that financial year; and > > > > > > > (b) in the case of self-insurers, 4% of the notional premium within the meaning of [section 144(1)](#GS144@Gs1@EN) . > > > (4)  If the Minister determines that any of the Nominal Insurer's liability is to be funded by contributions from licensed insurers or self-insurers, those contributions are not payable in respect of the financial year in which that determination is made. > > > (5)  The Nominal Insurer may require contributions payable under [subsection (1)(a)](#GS131D@Gs1@Hpa@EN) to be paid at such times, including in advance, and in such instalments as the Nominal Insurer determines. > > > (6)  If contributions or a special contribution payable by a licensed insurer, self-insurer or policyholder under this section are not paid within the time specified by the Nominal Insurer or Minister, as the case may be – > > > > > > (a) the licensed insurer, self-insurer or policyholder is guilty of an offence and liable on summary conviction to a fine not exceeding 20 penalty units; and > > > > > > > (b) the amount of those contributions or that special contribution together with interest calculated at the rate referred to in [section 92(2)(b)](#GS92@Gs2@Hpb@EN) may be recovered by the Nominal Insurer as a debt due to it in any court of competent jurisdiction. > > > (7)  For the purposes of this section – > > > > > > (a) each State Service Agency is taken to be a policyholder; and > > > > > > > (b) the Tasmanian Risk Management Fund is taken to be a licensed insurer. > > > (8)  If the Nominal Insurer is, or is likely to be, liable to pay a claim under this Division in respect of an act of terrorism specified in an order under [section 131B(1)(b)](#GS131B@Gs1@Hpb@EN) , the Nominal Insurer is to establish a separate account in the Nominal Insurer Fund into which money received by the Nominal Insurer by way of payments under this section, in respect of that act of terrorism, is to be paid. > > > (9)  The Nominal Insurer is to pay from that separate account – > > > > > > (a) any amount required to be paid for claims under [section 131C](#GS131C@EN) ; and > > > > > > > (b) any amount required to pay costs and expenses incurred by the Nominal Insurer in, or in connection with, the performance of its functions under this Division; and > > > > > > > (c) any amount required to repay money borrowed by the Nominal Insurer under [section 129A](#GS129A@EN) , inclusive of any interest, or to pay costs associated with any other arrangements entered into by the Nominal Insurer for the payment of amounts referred to in [paragraph (a)](#GS131D@Gs9@Hpa@EN) .