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Contents (2011 - 37)
Workers Compensation Regulation 2010
Repealed version for 30 June 2016 to 31 August 2016 (accessed 20 November 2017 at 22:43)
Part 18 Division 8 Subdivision 5
Subdivision 5 Payment in twelve instalments—retro-paid loss premium policies
174   Policies under which premiums may be paid in twelve instalments
(1)  An employer may elect to pay the deposit premium under a retro-paid loss premium policy 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 election is made within 1 month after the commencement of the period of insurance to which the premium relates.
(2)  Payment of the first instalment (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 first instalment is an amount equal to one-twelfth of the deposit premium for the policy.
175   Number, size and times for payment of instalments
If an employer elects to pay the deposit premium under a policy of insurance by instalments in accordance with this Subdivision and pays the first instalment (that is, Instalment No 1) within 1 month after the commencement of the period of insurance, the remaining instalments are payable as follows:
Instalment No 2
Payment to be made within 2 months after the commencement of the period of insurance. The amount of the instalment is to be the amount by which two-twelfths of the deposit premium for the policy (as calculated for that payment) exceeds the amount paid as the first instalment.
Instalment No 3
Payment to be made within 3 months after the commencement of the period of insurance. The amount of the instalment is to be the amount by which three-twelfths of the deposit premium for the policy (as calculated for that payment) exceeds the amount paid as instalments.
Instalment Nos 4–11
Payment to be made within 1 month after the date on which the last instalment was due. The amount is to be calculated in the same manner as Instalment Nos 2 and 3 adjusted appropriately according to the number of the instalment to be paid.
Instalment No 12
Payment to be made within 12 months after the commencement of the period of insurance. The amount of the instalment is to be the balance of the deposit premium for the policy (as calculated for that payment) taking into account instalments already paid.
Note.
 Adjustments of the actual premium for a retro-paid loss premium policy are calculated at the relevant adjustment dates in accordance with the relevant insurance premiums order. Payment is to be made within 1 month after service on the employer of a notice that payment of such an adjustment is due: see section 172 (1) (c) of the 1987 Act.