Commonwealth Numbered Regulations

ASIC SUPERVISORY COST RECOVERY LEVY AMENDMENT (CLAIMS HANDLING AND SETTLING SERVICES PROVIDERS) REGULATIONS 2021 (F2021L00135) - SCHEDULE 1

ASIC Supervisory Cost Recovery Levy Regulations 2017

1  At the end of Subdivision 6.3 of Part 3

Add:

72AA   Claims handling and settling services providers

             (1)  A leviable entity forms part of the claims handling and settling services providers sub-sector in a financial year if:

                     (a)  the entity holds, at any time in the financial year, an Australian financial services licence; and

                     (b)  the licence authorises the holder to provide claims handling and settling services.

Levy component

             (2)  The amount of a leviable entity's levy component in respect of the sub-sector for a financial year is the sum of:

                     (a)  the minimum levy component for the sub-sector; and

                     (b)  the graduated levy component for the entity for the sub-sector.

Note:          For the graduated levy component, see section 10.

Entity metric

             (3)  The leviable entity's entity metric for the sub-sector for the financial year is the number of claims under insurance products in relation to which the entity provides claims handling and settling services in the financial year.

             (4)  The minimum levy component for the sub-sector is $500.

2  In the appropriate position in Part 5

Insert:

Division 2 -- Application provisions relating to the ASIC Supervisory Cost Recovery Levy Amendment (Claims Handling and Settling Services Providers) Regulations 2021

76   Application of amendments

                   The amendments to this instrument made by Schedule 1 to the ASIC Supervisory Cost Recovery Levy Amendment (Claims Handling and Settling Services Providers) Regulations 2021 apply in relation to the 2021-22 financial year and later financial years.

3  Schedule 1 (after table item 2A)

Insert: