Document ID: chunk:federal_register_of_legislation:C2004A01205:clause:1_2
Version: federal_register_of_legislation:C2004A01205
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 1597–2367

2  Before subsection 6(1)
Insert:

 (1A) The amount of the IBNR indemnity contribution imposed on a participating member of a participating MDO for the contribution year for the MDO that starts on 1 July 2003 is the lesser of:
 (a) the applicable percentage of the member's annual subscription for the base year; and
 (b) $1,000.

 (1B) The amount of the IBNR indemnity contribution imposed on a participating member of a participating MDO for the contribution year for the MDO that starts on 1 July 2004 is the amount worked out by adding:
 (a) half of the applicable percentage of the member's annual subscription for the base year; and
 (b) the lesser of:
 (i) $500; and
 (ii) half of the applicable percentage of the member's annual subscription for the base year.