Document ID: chunk:federal_register_of_legislation:C2004A00749:clause:6_21
Version: federal_register_of_legislation:C2004A00749
Segment Type: clause
Provision Reference: sch 6 cl 21
Character Range: 64561–65761

21  After section 78‑15
Insert:

78‑18  Increasing adjustments for payments of excess under insurance policies

 (1) An insurer has an increasing adjustment if:
 (a) there is a payment of an excess to the insurer under an *insurance policy; and
 (b) the insurer makes, or has made, payments or supplies in settlement of a claim under the policy; and
 (c) the insurer makes, or has made, *creditable acquisitions or *creditable importations directly for the purpose of settling the claim.

 (2) The amount of the increasing adjustment is 1/11 of the amount that represents the extent to which the payment of excess relates to *creditable acquisitions and *creditable importations made by the insurer directly for the purpose of settling the claim.

 (3) An insurer has an increasing adjustment if:
 (a) there is a payment of an excess to the insurer under an *insurance policy; and
 (b) the insurer makes, or has made, *creditable acquisitions or *creditable importations directly for the purpose of settling the claim; and
 (c) the insurer has not made any payments or supplies in settlement of the claim.
The amount of the increasing adjustment is 1/11 of the amount of the payment of the excess.