General Insurance Supervisory Levy Imposition Amendment Act 2006 (Cth)

General Insurance Supervisory Levy Imposition Amendment Act 2006

No. 42, 2006

An Act to amend the General Insurance Supervisory Levy Imposition Act 1998, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedule(s)

Schedule 1—Amendments General Insurance Supervisory Levy Imposition Act 1998

General Insurance Supervisory Levy Imposition Amendment Act 2006

No. 42, 2006

An Act to amend the General Insurance Supervisory Levy Imposition Act 1998, and for related purposes

[Assented to 22 May 2006]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the General Insurance Supervisory Levy Imposition Amendment Act 2006.

2 Commencement

This Act commences on the day after it receives the Royal Assent.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendments

General Insurance Supervisory Levy Imposition Act 1998

1 Section 6 Insert:

special statutory upper limit means: (a) in relation to the financial year commencing on 1 July 2006—$500,000; or (b) in relation to a later financial year—the amount calculated by multiplying the special statutory upper limit for the previous financial year by the indexation factor for the later financial year.

2 Before subsection 8(1) Insert:

(1AA) The amount of levy payable by a general insurance company for a financial year is the sum of the general component and the special component for the general insurance company for the financial year.

Note: For general component, see subsections (1) to (2). For special component, see subsection (2A).

3 Subsection 8(1) Omit "the amount of levy payable by", substitute "the general component for".