Mineral and Energy Resources (Financial Provisioning) Regulation 2019 (Qld)

Mineral and Energy Resources (Financial Provisioning) Regulation 2019

1 Short title This regulation may be cited as the Mineral and Energy Resources (Financial Provisioning) Regulation 2019.

2 Commencement This regulation commences on 1 April 2019.

3 Prescribed insurer— Act , s 56 (1) For section 56(3) of the Act, a prescribed insurer is an entity that is— (a) an approved security provider; and (b) not a sole parent captive. (2) However, if financial assurance mentioned in section 89(1)(a) of the Act was provided by an entity that satisfied subsection (1)(a) and not subsection (1)(b) (a pre-commencement insurer), a prescribed insurer includes the pre-commencement insurer. (3) In this section— approved security provider means an approved security provider under the Financial and Performance Management Standard 2009, section 36. insurance company means a company authorised under the Insurance Act 1973 (Cwlth) to carry on insurance business. sole parent captive means an insurance company that— (a) is owned by a single company or a group of related bodies corporate; and (b) exists for the purpose of underwriting risks of a parent company or members of a group of related entities, including, for example, risks of joint venture partners and contractors of members of the group.

4 Assessment fee— Act , s 60 For section 60(1) of the Act, the assessment fee payable for an allocation decision for an authority is stated in schedule 1.

5 Prescribed percentage— Act , sch 1 , definition prescribed percentage For schedule 1 of the Act, definition prescribed percentage, the prescribed percentage is— (a) for an authority allocated to the risk category of very low—0.5%; or (b) for an authority allocated to the risk category of low—1.0%; or (c) for an authority allocated to the risk category of moderate—2.75%.