Private Health Insurance (Prudential Supervision) (Consequential Amendments and Transitional Provisions) Act 2015 (87 of 2015)

Schedule 1   Consequential amendments

Part 1   Amendments

Division 1   Main amendments

Financial Institutions Supervisory Levies Collection Act 1998

12   After subsection 8(4)

Insert:

Private health insurers: 2015-16 financial year

(4A) A body corporate that is a private health insurer on the liability day in a quarter in the financial year starting on 1 July 2015 is liable to pay a levy in respect of that quarter. However, this subsection does not apply to a quarter if the liability day for the quarter is before the commencement of this subsection.

(4B) In subsection (4A):

liability day in a quarter means the 28th day of the second month of the quarter.

quarter means a period of 3 months starting on 1 July, 1 October, 1 January or 1 April.

Private health insurers: 2016-17 financial year and later financial years

(4C) A body corporate that is a private health insurer at any time during the financial year starting on 1 July 2016 or a later financial year is liable to pay a levy in respect of that financial year.