Document ID: chunk:federal_register_of_legislation:F2024L00813:reg:1:p4
Version: federal_register_of_legislation:F2024L00813
Segment Type: reg
Provision Reference: reg 1 (pt 4/5)
Character Range: 22405–25019

Premium" (and referred to as "field 15a"), where the class of business reported in the column headed "Class of Business" (and referred to as "field 2") is "Professional Risk" ("PI").
F is the number of days during which the policy was in force in the 6 months covered by the policy file, expressed as a percentage of the number of days in the previous calendar year.
 (8) In this section:
policy file means a document (including an electronic document) that:
 (a) a general insurance company submits to APRA for period ending on 30 June or 31 December of the previous financial year; and
 (b) complies with whichever of the following applies to the company:
 (i) Reporting Standard GRS 800.1 Policy Data: Public and Product Liability and Professional Indemnity Insurance;
 (ii) Reporting Standard LOLRS 800.1 Policy Data: Public and Product Liability and Professional Indemnity Insurance; and
 (c) contains the information about individual policies required by the data specifications set out in that reporting standard.
record means a line entry or row in a policy file that contains information relating to a single insurance policy.
special professional maximum has the meaning given by subsection 5‑4(6).
special professional percentage has the meaning given by subsection 5‑4(6).
special public/product maximum has the meaning given by subsection 5‑4(6).
special public/product percentage has the meaning given by subsection 5‑4(6).

Part 6—Life insurance supervisory levy

6-1  Definitions
  In this Part:
the Act means the Life Insurance Supervisory Levy Imposition Act 1998.
Note: Expressions used in this Part have the same meaning as in the Act—see subsection 1‑5(1) of this instrument.
valuation day, in relation to a life insurance company, means:
 (a) for a life insurance company that is a life insurance company at all times during the period from 17 March in the previous financial year to the following 30 June—31 March in the previous financial year; and
 (b) for a life insurance company that was not a life insurance company at all times during the period from 17 March in the previous financial year to the following 30 June—the day after 17 March in the previous financial year, when the life insurance company became a life insurance company.

6-2  Amount of levy
  For the purposes of paragraphs 7(3)(a), (b), (c) and (ca) of the Act, the following table sets out matters for the current financial year.

Amount of levy
Item            Company                 Maximum restricted levy amount ($)  Minimum restricted levy amount ($)  Restricted levy percentage  Unrestricted levy percentage