Document ID: chunk:federal_register_of_legislation:F2024L00813:reg:1:p1
Version: federal_register_of_legislation:F2024L00813
Segment Type: reg
Provision Reference: reg 1 (pt 1/5)
Character Range: 14445–17579

1                  General insurance company  1,600,000                           22,500                              0.01394                     0.010477

5‑3  General insurance company's levy base
 (1) For the purposes of paragraph 8(3)(d) of the Act, a general insurance company's levy base is to be worked out using this section.
 (2) For the purposes of subsection 8(5) of the Act, the day as at which the levy base is to be worked out is the valuation day for the company.
 (3) The levy base is the value of the company's assets, as at the valuation day, worked out in the same way as the information "Total assets (item 15)", as required to be reported as a dataset in a 3rd column, as described in Reporting Standard GRS 300.0 Statement of Financial Position worked out for a reporting period ending on the valuation day.
 (4) However, in the case of Lloyd's, the levy base is the total of the amounts standing to the credit of all designated security trust funds (as defined by section 69 of the Insurance Act 1973) as at 31 March of the previous financial year.

5-4  Special component
 (1) For the purposes of paragraphs 8(3)(e), (f) and (g) of the Act, the following table sets out matters for the current financial year.

Special component
                   Item  Company                                                                   Special maximum levy amount                 Special minimum levy amount                 Special levy percentage
                   1     General insurance company (except a general insurance company in runoff)  the amount worked out under subsection (2)  the amount worked out under subsection (3)  the percentage worked out under subsection (4)
                   2     General insurance company in runoff                                       the amount worked out under subsection (5)  the amount worked out under subsection (5)  Nil

 (2) The amount worked out under this subsection is the total of:
 (a) if during the previous calendar year the company carried on either or both of public liability insurance business and product liability insurance business—the special public/product maximum; and
 (b) if during the previous calendar year the company carried on professional indemnity insurance business—the special professional maximum.
 (3) The amount worked out under this subsection is the total of:
 (a) if during the previous calendar year the company carried on either or both of public liability insurance business and product liability insurance business—the special public/product minimum; and
 (b) if during the previous calendar year the company carried on professional indemnity insurance business—the special professional minimum.
 (4) The percentage worked out under this subsection is the following fraction expressed as a percentage:

where:
A means the amount worked out for the company under paragraph 5‑5(3)(a) (gross premium income from public liability insurance and product liability insurance, capped by reference to the special public/product maximum).
B means the amount worked out for the company under paragraph 5‑5(3)(b) (gross premium income