Bill
Life Insurance Supervisory Levy Imposition Amendment Bill 2020
passed, as at 2020-06-19. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2020-05-13
- second reading — 2020-05-13
- second reading — 2020-06-11
- second reading — 2020-06-12
- second reading — 2020-06-12
- third reading — 2020-06-12
- introduced — 2020-06-12
- second reading — 2020-06-12
- second reading — 2020-06-18
- second reading — 2020-06-18
- third reading — 2020-06-18
- passed — 2020-06-18
- royal assent — 2020-06-19
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2020-05-13.
This bill is one of seven in a package that changes how the Australian Prudential Regulation Authority is funded.
The package would let the Commonwealth recover costs for more of the activities it pays for through the supervisory levy system.
The package would set a new maximum levy of $10 million per financial year starting 1 July 2020 and base future increases on the latest CPI figures.
- Lets the Commonwealth recover costs for a wider set of activities through the levy framework.
- Raises the maximum levy amount that can be set under the Levy Imposition Acts to $10 million from 1 July 2020.
- Changes the way the maximum is indexed to use the most recent CPI figures.
Financial institutions supervised by APRA, including life insurers.
Sources
em
billhome
frl act