This regulation may be cited as the Mineral and Energy Resources (Financial Provisioning) Regulation 2019.
This regulation commences on 1 April 2019.
3Prescribed insurer—Act, s 56
(1)For section 56(3) of the Act, a prescribed insurer is an entity that is—(a)an approved security provider; and(b)not a sole parent captive.(2)However, if financial assurance mentioned in section 89(1)(a) of the Act was provided by an entity that satisfied subsection (1)(a) and not subsection (1)(b) (a pre-commencement insurer), a prescribed insurer includes the pre-commencement insurer.(3)In this section—approved security provider means an approved security provider under the Financial and Performance Management Standard 2009, section 36.insurance company means a company authorised under the Insurance Act 1973 (Cwlth) to carry on insurance business.sole parent captive means an insurance company that—(a)is owned by a single company or a group of related bodies corporate; and(b)exists for the purpose of underwriting risks of a parent company or members of a group of related entities, including, for example, risks of joint venture partners and contractors of members of the group.
4Assessment fee—Act, s 60
For section 60(1) of the Act, the assessment fee payable for an allocation decision for an authority is stated in schedule 1.
5Prescribed percentage—Act, sch 1, definition prescribed percentage
For schedule 1 of the Act, definition prescribed percentage, the prescribed percentage is—(a)for an authority allocated to the risk category of very low—0.5%; or(b)for an authority allocated to the risk category of low—1.0%; or(c)for an authority allocated to the risk category of moderate—2.75%.
$ | ||
Assessment fee for an allocation decision for an authority— | ||
(a) if the estimated rehabilitation cost for the authority at the beginning of the day of the decision is at least $100,000 and less than $1,000,000 | 250 | |
(b) if the estimated rehabilitation cost for the authority at the beginning of the day of the decision is at least $1,000,000 and less than $10,000,000 | 1,250 | |
(c) if the estimated rehabilitation cost for the authority at the beginning of the day of the decision is at least $10,000,000 and less than $50,000,000 | 5,000 | |
(d) if the estimated rehabilitation cost for the authority at the beginning of the day of the decision is at least $50,000,000 and less than $100,000,000 | 22,500 | |
(e) if the estimated rehabilitation cost for the authority at the beginning of the day of the decision is at least $100,000,000 | 45,000 |