Workers Rehabilitation and Compensation Act 1988
131DNominal Insurer may be funded by contributions
Start here
Get a plain-English read of 131D
Turn the raw legal text into a practical explanation grounded in Workers Rehabilitation and Compensation Act 1988.
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]
(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) ; 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) and (b) .
(2) The Minister is to cause a notice of the making of a determination under subsection (1) 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) –
(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) .
(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.