Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) Each year, the DI fund manager must determine the yearly contribution (the annual insurer contribution ) approved insurers and self-insurers must make to the DI fund based on the following:
(a) the DI fund manager's assessment of the DI fund's—
(i) existing and expected liabilities; and
(ii) assets;
(b) the total of the following amounts for the last completed policy period:
(i) the gross written premiums for each approved insurer;
(ii) the notional gross written premium for each self-insurer;
(c) the amount required to be paid into the DI fund to ensure the sustainable functioning of the fund.
(2) The DI fund manager may apportion the annual insurer contribution among approved insurers and self-insurers to be paid—
(a) quarterly; or
(b) as required for the sustainable functioning of the DI fund.
(3) If the DI fund manager makes an apportionment for a period, the manager must give each approved insurer and self-insurer a written notice that—
(a) sets out details of the apportionment; and
(b) requires the insurer or self-insurer to pay to the DI fund the amount apportioned to the insurer or self-insurer within the time for payment stated in the notice.
Note An insurer issuing a compulsory insurance policy to an employer must include information about the proportion of the premium that is to offset an amount paid by the insurer to the DI fund for the policy (see Workers Compensation Regulation 2002 , s 62A).
(4) The time stated for payment in the notice must not be shorter than 30 days after the day the approved insurer or self-insurer receives the notice.
(5) The DI fund manager may amend or revoke a notice given under this section.
(6) If an amount apportioned to the insurer or self-insurer is not paid within the time stated for payment in the notice, the amount is a debt owing to the DI fund by the insurer or self-insurer.
(7) The DI fund manager must pay into the DI fund each amount received or recovered under this section from an approved insurer or self-insurer.
(8) In this section:
"gross written premiums", in relation to an approved insurer, means the total amount of premiums, less GST, for all insurance policies written by the insurer for a policy period.
"notional gross written premium", in relation to a self-insurer, means the total amount of premium that would have been payable, less GST, if the self-insurer had obtained a compulsory insurance policy for a policy period.
"policy period" means the period beginning on 1 July in a year and ending on 30 June in the following year.