Financial Institutions Supervisory Levies Collection Act 1998

Here is the summary of the Financial Institutions Supervisory Levies Collection Act 1998:

The Financial Institutions Supervisory Levies Collection Act 1998 is an Act that aims to make provision for the collection of levies imposed in respect of various financial institutions, and for related purposes. The Act commences on the commencement of the Australian Prudential Regulation Authority Act 1998. It binds the Crown in each of its capacities and extends to each external Territory.

The Act defines various terms, including ADI (authorised deposit-taking institution), authorised NOHC (non-operating holding company), business day, general insurance company, late payment penalty, levy, leviable body, levy paying entity, life insurance company, RSA provider, and superannuation entity.

It also imposes levies on different types of financial institutions, including ADI, authorised NOHCs, general insurance companies, life insurance companies, private health insurers, RSA providers, and superannuation entities.

The Act provides for the payment of levies, late payment penalties, and repayment of financial assistance, as well as the recovery of debts due to the Commonwealth. It also includes provisions for the waiver of levy and late payment penalty by the Minister and the application of the Act to Lloyd's.

Overall, the Financial Institutions Supervisory Levies Collection Act 1998 aims to provide a framework for the collection of levies imposed on financial institutions in Australia, while also addressing issues related to late payments and repayments of financial assistance.