Queensland Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 27A

Disbursement of gross premiums by insurers who receive premiums directly

27A Disbursement of gross premiums by insurers who receive premiums directly

(1) Within a week after transport administration notifies a licensed insurer that it has received a certificate certifying payment of an insurance premium to the licensed insurer, the licensed insurer must—
(a) pay to transport administration (for transmission to the commission or the insurance agency) the component of the insurance premium consisting of the levies; and
(b) pay to transport administration the component of the insurance premium consisting of the administration fee.
Penalty—
Maximum penalty—150 penalty units.
(2) However, an insurer’s liability to make payments under subsection (1) to transport administration, and transport administration’s liability to pay insurer’s premiums to the insurer, may be set off against each other under an arrangement between transport administration and the insurer (but such an arrangement is not to affect the extent of transport administration’s liability to pay levies to the commission or the insurance agency).
(3) If an insurer fails to make a payment to transport administration when required under this section, transport administration may recover the amount as a debt, together with interest at a rate fixed under a regulation.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback