39Contributions to Fund by insurers and self-insurers

39 Contributions to Fund by insurers and self-insurers

39 Contributions to Fund by insurers and self-insurers

(cf 1987 s 261)

(1) Each insurer, deemed insurer and self-insurer must pay the contributions prescribed by this section to the Authority for payment into the Workers Compensation Operational Fund.

(2) The contribution to be paid by an insurer in respect of each financial year is an amount equal to the percentage (determined by the Authority in accordance with this section) of the premium income of the insurer in respect of that financial year.

(3) The contribution to be paid by a self-insurer, in respect of each financial year (being a financial year during the whole or part of which the person was a self-insurer) is an amount equal to the percentage (determined by the Authority in accordance with this section) of the deemed premium income of the self-insurer during the relevant period when the person was a self-insurer.

(3A) The contribution to be paid by a deemed insurer, in respect of each financial year (being a financial year during the whole or part of which the person was a deemed insurer), is an amount determined by the Authority in accordance with the regulations.

(4) The percentage determined by the Authority pursuant to subsections (2) and (3)—

(a) is to be such as, in the opinion of the Authority, will be sufficient to yield the total amount to be contributed to the Fund by insurers and self-insurers in respect of the relevant financial year as determined pursuant to section 38, and

(b) is to be the same percentage for all insurers and for all self-insurers, and

(c) (Repealed)

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

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

(6A) The Authority may, at any time during or after a financial year, re-determine the percentages determined pursuant to subsections (2) and (3) in respect of the financial year if the estimated total amount of premium income and deemed premium income for the financial year is less than the previously estimated amount on which the original determination of the percentage was based.