Victorian Current Acts Victorian Current Acts(1) If the Liability Committee is at any time of the opinion that the amount standing to the credit of the Liability Fund is likely to be insufficient to meet the liabilities to which it is subject, the Liability Committee, with the approval of the Victorian Legal Services Board, may determine the amount of a levy to be paid to the Liability Fund by law practices that had a contract of professional indemnity insurance with the Liability Committee at any time within the previous 12 months.
(2) In determining the amount of the levy, the Liability Committee must take into account the factors set out in section 120(2).
(3) A law practice referred to in subsection (1) must pay the levy to the Liability Committee at the time, and in the manner, fixed by the Liability Committee.
(4) The Liability Committee may, in a special case, allow further time for the payment of a levy or a part of a levy.
(5) The amount of a levy that is not paid in accordance with this section is recoverable in the Magistrates' Court from the law practice concerned by the Liability Committee as a debt.
Division 3—Professional indemnity insurance