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Contents (2011 - 37)
Workers Compensation Regulation 2010
Repealed version for 30 June 2016 to 31 August 2016 (accessed 18 July 2018 at 06:42)
170   Policies under which premiums may be paid in twelve instalments
(1)  An employer may elect to pay the premiums under a policy of insurance in twelve instalments (together with any required adjustment of premium) under this Subdivision if:
(a)  the period of insurance is 12 months, and
(b)  the basic tariff premium (within the meaning of the Workers Compensation Market Practice and Premiums Guidelines) for the employer’s policy of insurance at the time at which the insurer first demands a premium for the policy exceeds $5,000, and
(c)  the election is made within 1 month after the commencement of the period of insurance to which the premiums relate.
(2)  Payment of the required instalments deposit (that is, Instalment No 1) within 1 month after the commencement of the period of insurance constitutes an election to pay by instalments.
(3)  For the purposes of this Subdivision, the required instalments deposit is, subject to clause 171 (3), an amount equal to one-twelfth of the estimated premium for the policy (as estimated for that payment).