141Levy regulations

1. For the purpose of this Part, the Governor-General may, by Order in Council made on the recommendation of the Minister in accordance with sections 142 and 143, make regulations prescribing a levy in respect of property that is insured under a contract of insurance.

2. The regulations must,—

3. in respect of every motor vehicle that is insured under a contract of motor vehicle insurance, prescribe an annual levy amount per vehicle:
4. in respect of all other property that is insured under a contract of fire insurance, prescribe an annual rate of levy as a proportion of the sum insured.

5. The regulations may—

6. prescribe rates of levy under subsection (2)(b) for the following types of property that differ from the rate of levy prescribed for other property under that subsection:
   1. residential property:
   2. personal property:
   3. any other property or class of property:
7. prescribe maximum amounts of levy payable for—
   1. residential property:
   2. personal property:
   3. any other property or class of property:
8. provide for the calculation of the levy for a contract of insurance under which the property that is insured comprises 2 or more of the following:
   1. residential property:
   2. personal property:
   3. property that is exempt from the levy:
   4. a motor vehicle:
   5. any other type of property:
9. provide for the payment and collection of the levy:
10. provide for an exemption from the levy for—
    1. any property or class of property:
    2. any contract of insurance or class of contract of insurance:
    3. any policyholder or class of policyholder:
11. provide for waivers or refunds of the whole or any part of the levy, any shortfall penalty, or interest:
12. specify buildings or classes of buildings that are specialised accommodation for the purposes of this Part:
13. provide for any other matters that are necessary or desirable to set, calculate, administer, collect, and enforce the levies, including (without limitation)—
    1. the returns to be made to FENZ for the purpose of enabling or assisting in the determination of the amounts of levy payable:
    2. the circumstances in which, and conditions subject to which, persons may be allowed extensions of time for paying the levies:
    3. the circumstances in which, and conditions subject to which, FENZ may waive all or part of an amount of levy, shortfall penalty, or interest:
    4. the keeping and retention of accounts, statements, or records specified by FENZ for a specified period for the purpose of ascertaining whether regulations are being complied with:
    5. the procedure for adjudication under subpart 5.

14. Before making a recommendation for the making of regulations relating to an exemption or a waiver under subsection (3)(e) or (f), the Minister must have regard to—

15. the purpose set out in section 80; and
16. the likely effect of the exemption or waiver on the cost-effectiveness and efficiency of the administration of the levy and this Part.

17. Regulations prescribing a rate of levy under subsection (2) or (3)(a) or prescribing a maximum amount of levy under subsection (3)(b) must not come into force earlier than 4 months after the date on which they are published.

18. If the Minister recommends the making of regulations under subsection (3)(e) or (f), the Minister’s reasons must be published together with the regulations.

19. Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).