Australian Capital Territory
Insurance Levy Regulations 1998 (repealed)     No 30
made under the
Insurance Levy Act 1998
Republication No 2
Republication date: 2 July 2002
Regulations not amended
As repealed by Act 2001 No 22

Unauthorised version prepared by ACT Parliamentary Counsel's Office

About this republication
The republished law
This is a republication of the Insurance Levy Regulations 1998 (repealed), made under the Insurance Levy Act 1998 .  It includes any commencement, amendment, repeal or expiry affecting the republished law up to 2 July 2002 and any amendment made under the Legislation Act 2001, part 11.3 (Editorial changes).
The legislation history and amendment history of the republished law are set out in endnotes 3 and 4. 
Kinds of republications
The Parliamentary Counsel’s Office prepares 2 kinds of republications of ACT laws (see the ACT legislation register at www.legislation.act.gov.au):
•	authorised republications to which the Legislation Act 2001 applies
•	unauthorised republications.
The status of this republication appears on the bottom of each page.
Editorial changes
The Legislation Act 2001, part 11.3 authorises the Parliamentary Counsel to make editorial amendments and other changes of a formal nature when preparing a law for republication.  Editorial changes do not change the effect of the law, but have effect as if they had been made by an Act commencing on the republication date (see Legislation Act 2001, s 115 and s 117).  The changes are made if the Parliamentary Counsel considers they are desirable to bring the law into line, or more closely into line, with current legislative drafting practice.  
When preparing the authorised version of this republication amendments were not made under part 11.3 (see endnote 1).
Uncommenced provisions and amendments
If a provision of the republished law has not commenced or is affected by an uncommenced amendment, the symbol  U  appears immediately before the provision heading.  The text of the uncommenced provision or amendment appears only in the last endnote.
Modifications
If a provision of the republished law is affected by a current modification, the symbol  M  appears immediately before the provision heading.  The text of the modifying provision appears in the endnotes.  For the legal status of modifications, see Legislation Act 2001, section 95.
Penalties
The value of a penalty unit for an offence against this republished law at the republication date is—
	(a)	if the person charged is an individual—$100; or
	(b)	if the person charged is a corporation—$500.

Provisions effective to
2 July 2002

Australian Capital Territory
Insurance Levy Regulations 1998 (repealed)
made under the
Insurance Levy Act 1998
Contents
	Page
	1	Name of regulations	2
	4	Assessable portions of prescribed premiums	2
	5	Annual returns by general insurers	2
Schedule 1	Assessable portions of prescribed premiums	4
Schedule 2	Annual return by general insurers	6
Endnotes
	1	About the endnotes	11
	2	Abbreviation key	11
	3	Legislation history	12
	4	Amendment history	12
	5	Earlier republications	12

Provisions effective to
2 July 2002

Australian Capital Territory
Insurance Levy Regulations 1998 (repealed)     

made under the
Insurance Levy Act 1998

    

  

1	Name of regulations
These regulations are the Insurance Levy Regulations 1998.
4	Assessable portions of prescribed premiums
	(1)	For the Act, section 5, the assessable portion of a prescribed premium for an insurance policy of a class specified in schedule 1, column 2 is the proportion (expressed as a percentage) referred to in schedule 1, column 3 that corresponds to that class.
	(2)	For the Act, section 5, the classes of policy in relation to which prescribed premiums are payable are those specified in schedule 1, column 2.
5	Annual returns by general insurers
	(1)	For the Act, section 10 —
	(a)	the annual return required to be given by a general insurer shall be in the form set out in schedule 2; and
	(b)	an auditor of such an annual return shall be a member of 1 of the following bodies:
	(i)	the Institute of Chartered Accountants in Australia;
	(ii)	the Australian Society of Certified Practising Accountants;
	(iii)	the National Institute of Accountants; and
	(c)	the auditor’s certificate required to be given in relation to that return shall be in the form set out at the foot of the form for the annual return.
	(2)	An auditor is not qualified for the Act, section 10 in relation to the annual return of a general insurer if any of the following persons is a director, partner, officer or employee of the insurer:
	(a)	the auditor;
	(b)	any director, partner, officer or employee of a firm of auditors or accountants of which the auditor is a director, partner, officer or employee.

Schedule 1	Assessable portions of prescribed premiums
(see reg 4)

item	class of insurance policy	assessable portion	
1	insurance of property including—
	(a)	insurance against consequential loss; and
	(b)	insurance against static risks;1
but not including any insurance of a class specified elsewhere in this schedule	80%	
2	houseowners’ and householders’ insurance, however designated (buildings or contents or both)	50%	
3	personal insurance combined on personal jewellery and clothing, personal effects and works of art	10%	
4	motor vehicle and motor cycle insurance	2.5%	
5	marine and baggage insurance confined to—
	(a)	maritime perils; or
	(b)	risks involving transportation on land or in the air;
including storage incidental to transportation by sea, land or air, but not including static risks
Note	Static risks include risks involving movements at any situation of any or all of the following:
(a)	goods;
(b)	stock;
(c)	material associated with processing or storage operations.	1%	
6	combined fire and hail insurance on growing crops	1%	
7	livestock insurance	1%	
8	aviation hull insurance	0%	
9	insurance solely covering loss by theft	0%	
10	insurance solely covering plate glass	0%	
11	insurance solely covering machinery, if confined to mechanical breakdown or consequential loss arising from mechanical breakdown	0%	
12	insurance solely covering explosion or collapse of boilers or pressure vessels, if confined to damage other than by fire	0%	
13	insurance solely covering inherent or latent defects in goods, if—
	(a)	the insurance is confined to damage or consequential loss arising out of defective design, defective workmanship or defective materials; and
	(b)	the insurance does not cover any damage or consequential loss arising from fire	0%

Schedule 2	Annual return by general insurers
(see reg 5)

Name of general insurer:1
Business address:
Billing address:
Contact name:			Telephone No:		Fax No:
				Email address (if any):		
Year in which last return submitted:		No:
Name shown on last return (if different from above):
The total amounts of prescribed premiums2 due to the insurer (whether or not the premiums were actually received) for the taking out or renewal of insurance policies in the financial year from 1 July [year] to 30 June [year] were as follows.  The assessable portions3 of those premiums for the Insurance Levy Act 1998 are set out in relation to each total.
item	class of insurance policy4	total prescribed premiums
$	assessable portion

(%)	assessable portion

$	
1	insurance of property including—
	(a)	insurance against consequential loss; and
	(b)	insurance against static risks;5
but not including any insurance of a class specified elsewhere in this return		(80%)		
2	houseowners’ and householders’ insurance, however designated (buildings or contents or both)		(50%)		
3	personal insurance combined on personal jewellery and clothing, personal effects and works of art		(10%)		
4	motor vehicle and motor cycle insurance		(2.5%)		
5	marine and baggage insurance confined to—
	(a)	maritime perils; or
	(b)	risks involving transportation on land or in the air;
including storage incidental to transportation by sea, land or air, but not including static risks5		(1%)		
6	combined fire and hail insurance on growing crops		 (1%)		
7	livestock insurance		(1%)		
8	aviation hull insurance		(0%)	($0)	
9	insurance solely covering loss by theft		(0%)	($0)	
10	insurance solely covering plate glass		(0%)	($0)	
11	insurance solely covering machinery, if confined to mechanical breakdown or consequential loss arising from mechanical breakdown		(0%)	($0)	
12	insurance solely covering explosion or collapse of boilers or pressure vessels, if confined to damage other than by fire		(0%)	($0)	
13	insurance solely covering inherent or latent defects in goods, if—
	(a)	the insurance is confined to damage or consequential loss arising out of defective design, defective workmanship or defective materials; and
	(b)	the insurance does not cover any damage or consequential loss arising from fire		(0%)	($0)	
Total assessable portions	$	

Note 1	A general insurer is an insurer who is in the business of providing insurance in respect of—
(a)	property situated in the ACT when the insurance was taken out; or
(b)	an act or omission occurring in the ACT.
See Insurance Levy Act 1998 s 4 (1)—definitions of general insurance and general insurer.
Note 2	The prescribed premium is the premium for each insurance policy of the class listed in the return—
(a)	including any brokerage or commission paid or due to be paid or allowed on the premium, or on any bonus or return premium allowed in respect of the policy; but
(b)	not including stamp duty payable in respect of the policy under a law of the Territory, a State or another Territory; and
(c)	not including any part of the premium that is paid or due to be paid by way of reinsurance by the insurer to any other insurer in the Territory.
See Insurance Levy Act 1998 s 4 (1)—definitions of premium and prescribed premium.
Note 3	The assessable portions for each class of policy shown in the return are those set out in the Insurance Levy Regulations 1998, schedule 1.
Note 4	The classes of insurance policy shown in the return are those set out in the Insurance Levy Regulations 1998, schedule 1.
Note 5	Static risks include risks involving movements at any situation of any or all of the following:
(a)	goods;
(b)	stock;
(c)	material associated with processing or storage operations.
Declaration by insurer
I, ..... [insert name] ..... of ..... [insert business address] ..... declare that this is a true return of the total amounts of prescribed premiums due to the insurer (whether or not the premiums were actually received) for the taking out or renewal of insurance policies in the financial year from 1 July [insert year] to 30 June [insert year].
Dated
[insert date]
Signed
[insert signature of person authorised to sign for insurer]
Auditor’s certificate
I [or We] ..... [insert name(s)] ..... of the firm .....[insert name of firm] ..... declare that I am [we are] qualified auditors for the Insurance Levy Act 1998  and the Insurance Levy Regulations 1998.
I [or We] certify that I [or we] have carried out an audit of the books and records of ..... [insert name of insurer, and branch (if appropriate)] ..... and relied on audit returns from branches or offices outside the ACT but within Australia, if applicable, as far as concerns the requirements of the Insurance Levy Act 1998.
In my [or our] opinion, the total amounts of prescribed premiums due to the insurer (whether or not the premiums were actually received) for the taking out or renewal of insurance policies in the financial year from 1 July [insert year] to 30 June [insert year], as set out in this return, are correct as shown by such books and records, and the return is a true return for the Insurance Levy Act 1998.
Dated
[insert date]
Signed
[insert signature(s)]

Endnotes
1	About the endnotes
Amending and modifying laws are annotated in the legislation history and the amendment history.  Current modifications are not included in the republished law but are set out in the endnotes.
Not all editorial amendments made under the Legislation Act 2001, part 11.3 are annotated in the amendment history.  Full details of any amendments can be obtained from the Parliamentary Counsel’s Office.
Uncommenced amending laws and expiries are listed in the legislation history and the amendment history.  These details are underlined.  Uncommenced provisions and amendments are not included in the republished law but are set out in the last endnote.
If all the provisions of the law have been renumbered, a table of renumbered provisions gives details of previous and current numbering.  
The endnotes also include a table of earlier republications.
If the republished law includes penalties, current information about penalty unit values appears on the republication inside front cover.
2	Abbreviation key

am = amended	ord = ordinance	
amdt = amendment	orig = original	
ch = chapter	p = page	
cl = clause	par = paragraph	
def = definition	pres = present	
dict = dictionary	prev = previous	
disallowed = disallowed by the Legislative 	(prev...) = previously	
Assembly	prov = provision	
div = division	pt = part	
exp = expires/expired	r = rule/subrule	
Gaz = Gazette	reg = regulation/subregulation	
hdg = heading	renum = renumbered	
IA = Interpretation Act 1967	reloc = relocated	
ins = inserted/added	R[X] = Republication No	
LA = Legislation Act 2001	s = section/subsection	
LR = legislation register	sch = schedule	
LRA = Legislation (Republication) Act 1996	sdiv = subdivision	
mod = modified / modification	sub = substituted	
No = number	SL  = Subordinate Law	
num = numbered	underlining = whole or part not commenced	
o = order	or to be expired	
om = omitted/repealed		
3	Legislation history
Insurance Levy Regulations 1998 No 30
notified 24 September 1998
commenced 24 September 1998 (reg 2)
as repealed by
Insurance Levy Legislation Repeal Act 2001 No 22 s 5
notified 19 April 2001 (Gaz 2001 No 16)
ss 1-3 commenced 19 April 2001 (s 2 (1))
s 5 commenced 1 July 2002 (s 2 (2))
4	Amendment history
Commencement
reg 2	om R1 LA
Interpretation
reg 3	om R1 LA
5	Earlier republications
Some earlier republications were not numbered. The number in column 1 refers to the publication order.  
Since 12 September 2001 every authorised republication has been published in electronic pdf format on the ACT legislation register.  A selection of authorised republications have also been published in printed format. These republications are marked with an asterisk (*) in column 1.  Except for the footer, electronic and printed versions of an authorised republication are identical. 

Republication No	Amendments to	Republication date	
1	not amended	16 May 2002	

Unauthorised version prepared by ACT Parliamentary Counsel's Office

©  Australian Capital Territory 2002