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MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 13
The insurer’s premium
13 The insurer’s premium
(1) An insurer’s premium is to be set by each licensed insurer, within
limits fixed by the commission, for each class of insurance.
(2) The premiums
are to relate to a period (an
"assessment period" ) fixed under a regulation.
(3) The insurer’s premium
is to be set by the insurer on the basis that the insurance is to cover a
registration period of 1 year.
(3A) Subsection (3B) applies to a CTP
insurance policy— (a) that comes into force after 30 June 2003; and
(b) for
which a person is entitled to an input tax credit for the insurer’s premium
component of the insurance premium for the policy.
(3B) The insurer’s
premium consists of— (a) the amount set under subsection (1) for the class
of insurance to which the policy relates; and
(b) an additional amount
prescribed under a regulation.
(4) If the registration period is more or less
than 1 year, the insurer’s premium for the relevant CTP policy is— (a) the
proportion of the insurer’s premium for 1 year that the period of
registration bears to 1 year; and
(b) an additional amount fixed on a basis
prescribed under a regulation.
(5) A regulation under subsection (3B) (b) may
prescribe a different amount for each class of insurance provided by each
licensed insurer.
(6) In this section—
"input tax credit" has the meaning given by the
A New Tax System (Goods and Services Tax) Act 1999 (Cwlth) , section 195 - 1.
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