General Insurance Supervisory Levy Imposition Act 1998

'The General Insurance Supervisory Levy Imposition Act 1998 is an Act that imposes a levy on bodies to which the Insurance Act 1973 applies. The Act commences on the commencement of the Australian Prudential Regulation Authority Act 1998 and extends to each external Territory. It applies to Lloyd's as if it were a body corporate authorised under the Insurance Act 1973 to carry on insurance business, and defines key terms such as general insurance company, indexation factor, and levy imposition day. The Act imposes a levy on general insurance companies, which is calculated based on the restricted levy component, unrestricted levy component, and special component. The Treasurer determines various parameters, including maximum restricted levy amounts, minimum restricted levy amounts, and how to work out a general insurance company's levy base. The Act also includes provisions for regulations, amendments, and transitional matters. The compilation includes amendments up to the General Insurance Supervisory Levy Imposition Amendment Act 2020.'