147Contributions to Fund by licensed insurers and self-insurers

147 Contributions to Fund by licensed insurers and self-insurers

(1)  Each licensed insurer and self-insurer shall pay to the Board the contributions prescribed by this section for payment into the Fund.

(2)  [Section 147 Subsection (2) substituted by No. 99 of 2000, s. 73, Applied:01 Jul 2001] The contribution to be paid by a licensed insurer in respect of each financial year is an amount equal to the greater of the following:

(a) the percentage, determined by the Minister on the recommendation of the Board, of the premium income of the licensed insurer in respect of that financial year;

(b) the prescribed amount.

(3)  [Section 147 Subsection (3) substituted by No. 99 of 2000, s. 73, Applied:01 Jul 2001] The contribution to be paid by a self-insurer in respect of each financial year is an amount equal to the greater of the following:

(a) the percentage, determined by the Minister on the recommendation of the Board, of the notional premium of the self-insurer in respect of that financial year;

(b) the prescribed amount.

(4)  The percentage determined by the Minister pursuant to subsections (2) and (3) –

(a) shall be such as will be sufficient to yield the total amount to be contributed to the Fund by licensed insurers and self-insurers in respect of the relevant financial year as determined pursuant to section 146 ; and

(b) shall be the same percentage for all licensed insurers and for all self-insurers.

(5)  A contribution by a licensed insurer is payable at such times and in respect of premium income received during such periods as may be determined by the Board and notified to the licensed insurer.

(6)  A contribution by a self-insurer is payable in such instalments and at such times as may be determined by the Board and notified to the self-insurer.