On 26/05/2013,
you requested for the version in force on 26/05/2013
incorporating all amendments published on or before 26/05/2013.
The closest version currently available is that of 29/04/2011.
38.
—(1) The Authority shall assess and determine the levy rates for the purposes of computing the levies payable by PPF Scheme members.
(2) The Authority shall, on the basis of the levy rates determined under subsection (1) and —
(a)
the aggregate protected liabilities of a PPF Scheme member, in respect of —
(i)
insured policies covered under the PPF Life Fund; or
(ii)
insured policies covered under the PPF General Fund where the PPF Scheme member is not taking in any new insurance business or renewing any existing insurance policy; or
(b)
subject to paragraph (a)(ii), the gross premium income of a PPF Scheme member, in respect of insured policies covered under the PPF General Fund,
compute the amount of levy payable by the PPF Scheme member for any premium year or part thereof.
(3) For the purposes of assessing and determining the levy rates and computing the levies payable, the Authority may, in consultation with the Agency, make regulations for or in respect of all or any of the following matters:
(a)
the establishment of a system of classifying PPF Scheme members into different categories;
(b)
the criteria and procedure for determining the category in which a PPF Scheme member is to be classified;
(c)
the prescribing of the levy rate applicable to each category of PPF Scheme members;
(d)
the manner in which the levy rate for each category of PPF Scheme members is to be determined;
(e)
the prescribing of a minimum levy payable by PPF Scheme members;
(f)
the manner in which the amount of levy for each category of PPF Scheme members is to be determined;
(g)
the computation of levy payable on a pro rata basis where a life insurer or general insurer becomes a PPF Scheme member, or is no longer exempted from the requirement to be a PPF Scheme member, at any time during a premium year;
(h)
the size of the PPF Life Fund and the PPF General Fund;
(i)
such other matters as the Authority considers necessary.
(4) Regulations made pursuant to or dealing with the matters referred to in subsection (3)(c) or (d) may provide for different levy rates for different categories of PPF Scheme members.
(5) If the Authority wishes to amend or vary any regulations made under subsection (3), such regulations shall not be amended or varied without consulting the Agency.
(6) For the purposes of computing the levies payable, insured policies covered under the PPF Life Fund shall be classified into any of the categories in the Second Schedule.