Insurance Premiums Order (Retro-Paid Loss Premium Method) 2015–2016 (2015-327) (NSW)

Insurance Premiums Order (Retro-Paid Loss Premium Method) 2015–2016 (2015 SI 327)

1 Name of Order This Order is the Insurance Premiums Order (Retro-Paid Loss Premium Method) 2015–2016.

2 Commencement This Order commences at 4 pm on 30 June 2015 and is required to be published in the Gazette.

3 Interpretation (1) In this Order, words and expressions have the same meanings as they have in the relevant General Order, unless this Order provides otherwise. (2) In this Order: adjustment date, in relation to a policy of insurance, means each of the following dates: (a) the date that is 15 months after the date of the commencement of the period of insurance (the first adjustment date), (b) the date that is 24 months after the date of the commencement of the period of insurance (the second adjustment date), (c) the date that is 36 months after the date of the commencement of the period of insurance (the third adjustment date), (d) the date that is 48 months after the date of the commencement of the period of insurance (the fourth adjustment date). cost of claims has the same meaning as in Division 4 of Part 18 of the Workers Compensation Regulation 2010. relevant General Order means: (a) the Insurance Premiums Order 2015–2016, or (b) if no such order has been made, the Insurance Premiums Order 2014–2015.

4 Application of Order (1) This Order applies only to and in respect of policies of insurance for employers to whom the optional alternative method of calculating premiums under section 168A of the Act applies (retro-paid loss premium policies). (2) This Order applies to and in respect of retro-paid loss premium policies that are to be or have been issued or renewed so as to take effect at or after 4 pm on 30 June 2015 and before 4 pm on 30 June 2016. (3) If, before 4 pm on 30 June 2016, an insurance premiums order that applies only to and in respect of retro-paid loss premium policies has not been made in respect of such policies of insurance taking effect at or after that time, this Order applies to and in respect of those policies pending the making of such an order. (4) The relevant General Order (other than clauses 3, 4, 7 and 9) applies to and in respect of retro-paid loss premium policies, unless this Order provides otherwise. (5) This Order does not apply to a policy of insurance issued or renewed by a specialised insurer that is exempted from insurance premiums orders by clause 165 of the Workers Compensation Regulation 2010.