Document ID: chunk:federal_register_of_legislation:F2024L00813:reg:3:p1
Version: federal_register_of_legislation:F2024L00813
Segment Type: reg
Provision Reference: reg 3 (pt 1/2)
Character Range: 9987–12876

3               ADI not mentioned in item 1 or 2          7,500,000                           22,500                              0.00221                     0.000777

3-3  ADI's levy base
 (1) For the purposes of paragraph 7(3)(d) of the Act, an ADI's levy base is to be worked out using this section.
 (2) For the purposes of subsection 7(5) of the Act, the day as at which the levy base is to be worked out is the valuation day for the ADI.
 (3) The levy base is the value of the ADI's assets, as at the valuation day, worked out in the same way as the information required by:
 (a) if Reporting Standard ARS 720.0 ABS/RBA Statement of Financial Position applies to the ADI for a reporting period that ends on or includes the valuation day—item 13 (Total assets including intra‑group assets) in Section A of Reporting Form ARF 720.0A ABS/RBA Statement of Financial Position (Standard), or of Reporting Form ARF 720.0B ABS/RBA Statement of Financial Position (Reduced), as applicable, in that Reporting Standard; or
 (b) otherwise—item 11 (Total assets) in Section A of Form ARF 323.0 in Reporting Standard ARS 323.0 Statement of Financial Position (Licensed ADI);
would be worked out for a reporting period ending on the valuation day.

Part 4—Authorised non‑operating holding companies supervisory levy

4-1  Definitions
  In this Part:
the Act means the Authorised Non‑operating Holding Companies 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.

4-2  Amount of levy
  For the purposes of paragraphs 7(1)(a), (b) and (c) of the Act, the amount of levy payable by an authorised NOHC mentioned in each of those paragraphs for the current financial year is $45,000.
Note: "Authorised NOHC" is defined in section 5 of the Act.

Part 5—General insurance supervisory levy

5-1  Definitions
  In this Part:
general insurance company includes Lloyd's.
general insurance company in runoff means a general insurance company that did not issue or renew any insurance policies of any of the following kinds during the previous calendar year:
 (a) public liability insurance;
 (b) product liability insurance;
 (c) professional indemnity insurance.
Lloyd's has the meaning given by section 3 of the Insurance Act 1973.
product liability insurance includes insurance that provides cover for compensation for one or both of the following, caused by, or as a result of, the use of goods:
 (a) loss;
 (b) injury.
professional indemnity insurance includes:
 (a) insurance that provides cover for a professional person for actions taken against that person in tort, contract or under statute law in respect of advice or services provided as part of his or her professional practice, including cover in respect of damages and legal expenses; and
 (b) directors' and officers' liability insurance