Document ID: chunk:federal_register_of_legislation:F2024C01058:reg:72:p1
Version: federal_register_of_legislation:F2024C01058
Segment Type: reg
Provision Reference: reg 72 (pt 1/2)
Character Range: 88766–91539

72  Insurance product providers
 (1) A leviable entity forms part of the insurance product providers sub‑sector in a financial year if:
 (a) the entity holds, at any time in the financial year, an Australian financial services licence that authorises the holder to deal in:
 (i) a general insurance product; or
 (ii) a life risk insurance product; or
 (iii) an investment life insurance product; and
 (b) either or both of the following applies:
 (i) the entity is a body of the kind mentioned in paragraph 3(2)(c) or (e) of the Australian Prudential Regulation Authority Act 1998;
 (ii) the entity has entered into an arrangement covered by subsection (2).
 (2) This subsection covers an arrangement if:
 (a) the arrangement is an intermediary authorisation (within the meaning of paragraph 911A(2)(b) of the Corporations Act 2001); and
 (b) the product provider mentioned in that paragraph does not hold an Australian financial services licence; and
 (c) the product provider:
 (i) is authorised by APRA to carry on an insurance business under section 12 of the Insurance Act 1973; or
 (ii) is authorised, or is a subsidiary of a body authorised, by APRA to be a non‑operating holding company of a general insurer under section 18 of the Insurance Act 1973; or
 (iii) is registered as a life company under the Life Insurance Act 1995; or
 (iv) is registered, or is a subsidiary of a body registered, as a non‑operating holding company of a life company under the Life Insurance Act 1995.

Levy components
 (3) The amount of a leviable entity's levy component in respect of the sub‑sector for the financial year is the sum of:
 (a) the minimum levy component for the sub‑sector; and
 (b) if the entity's entity metric for the sub‑sector for the financial year exceeds the minimum levy threshold—the graduated levy component for the entity for the sub‑sector.
Note: For the graduated levy component, see section 10.

Entity metric
 (4) The leviable entity's entity metric for the sub‑sector for the financial year is the sum of:
 (a) to the extent subparagraph (1)(a)(i) applies:
 (i) the gross amount of premiums written in Australia and received in the financial year by the entity, while it carries on a general insurance business (less any reinsurance expenses incurred in the financial year); and
 (ii) the gross amount of premiums written in Australia and received in the financial year by a product provider mentioned in subsection (2), under offers covered by the entity's Australian financial services licence, and while the product provider carries on a general insurance business (less any reinsurance expenses incurred in the financial year); and
 (b) to the extent subparagraph (1)(a)(ii) or (iii) applies:
 (i) the net amount of revenue received by the entity