✦ Plain-English Summary

General Insurance Supervisory Levy Imposition Amendment 2020

What it does

This updates how much money the government can collect from general insurance companies to pay for regulating them. It mainly raises the levy cap from its previous level to $10 million per financial year (starting July 2020) and clarifies the rules for how these caps are calculated and adjusted each year.

Why it matters

Insurance companies pass these supervisory costs onto customers through premiums, so changes to the levy affect what you pay for car, home, and other general insurance. This update ensures the regulator (ASIC) has adequate funding to oversee the insurance industry properly.

Key details

• New cap: The maximum levy is set at $10 million for the year starting 1 July 2020, with the ability to adjust it upward in future years based on inflation
• Language fixes: The bill clarifies that levy amounts apply "for" a financial year rather than "in relation to" it, removing ambiguity about when the caps apply
• Commencement: Takes effect the day after it receives Royal Assent (already passed as at this status)

No formal division recorded

This bill passed by voice vote — parliament agreed without calling a formal count. A division is only recorded when a member explicitly requests one.

No votes yet.

No votes were recorded for this bill.