New South Wales Consolidated Acts

INSURANCE PROTECTION TAX ACT 2001 - SECT 3C

3C Refunds of tax from Policyholders Protection Fund

(1) If, at any time after 1 July 2011, the Treasurer determines that any amount standing to the credit of the Policyholders Protection Fund is not needed for payments to the Building Insurers’ Guarantee Fund and the Nominal Defendant’s Fund in accordance with Part 3A, the Treasurer may direct that the amount (the "refund amount") be paid from the Policyholders Protection Fund for the purposes of providing a refund to insurers.

(2) The refund amount is to be paid to insurers who pay tax under this Act in respect of the year commencing 1 July 2010.

(3) Each of those insurers is to be paid the relevant proportion of the refund amount.

(4) The relevant proportion is the proportion that the amount of tax paid by the insurer under this Act in respect of the year commencing 1 July 2010 bears to the total amount of tax paid by all insurers under this Act in respect of that year.

(5) The Chief Commissioner is to pay the refund amount to insurers in accordance with this section.