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Contributions to Insurance Compensation Fund by insurers.
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10.—The Act of 1964 is hereby amended by the substitution of the following section for section 6:
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“6.—(1) Subject to the provisions of this section, an insurer (other than an insolvent insurer which is being wound up by the High Court) shall, in any year in respect of which a percentage is determined under subsection (2) of this section, pay to the Minister, and the Minister shall transmit to the Fund, the appropriate contribution.
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(2) (a) In every year in respect of which, in the opinion of the Minister, the state of the Fund is such that financial support should be provided for it, he shall determine the percentage, not exceeding 2 per cent., of the aggregate income of insurers in that year that, in his opinion, should be paid to the Fund.
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(b) The contribution (in this section referred to as the appropriate contribution) payable by an insurer under subsection (1) of this section in any year in respect of which a percentage is determined under paragraph (a) of this subsection shall be a sum equal to that percentage of the aggregate income of the insurer in that year, but payment of the contribution shall be made quarterly in accordance with paragraph (c) of this subsection.
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(c) An insurer shall, within 30 days from the end of each quarter in every year in respect of which a percentage is determined under paragraph (a) of this subsection, deliver to the Minister a statement in writing showing the aggregate income of that insurer in respect of that quarter and the statement shall be accompanied by the appropriate contribution calculated in accordance with paragraph (b) of this subsection.
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(d) In this subsection—
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‘aggregate income’, in relation to an insurer in respect of any period, means the gross amount of premiums paid or payable to the insurer in respect of policies issued by him in the State in that period;
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‘quarter’ means a period of three months ending on the 31st day of March, the 30th day of June, the 30th day of September or the 31st day of December, and ‘quarterly’ shall be construed accordingly.
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(3) An appropriate contribution payable by a syndicate shall be paid to the Minister by the Committee of Lloyd's.
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(4) Where an appropriate contribution is not paid in accordance with the provisions of this section, it may be recovered by the Minister—
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(a) in case the contribution is payable by a syndicate, from the Committee of Lloyd's, and
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(b) in any other case, from the insurer by which it is payable,as a simple contract debt in any court of competent jurisdiction and shall, when recovered by the Minister, be transmitted to the Fund, and the Minister may, if he so thinks fit, on giving notice to the insurer by which the contribution is payable of not less than twenty-one days, revoke the authorisation of the insurer.”.
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