Insurance levy now $23.6 million
General insurers will contribute $23.4 million to the upkeep of the organisations that regulate them in 2009/10. The new levy is up from $20.1 million the previous year.
The overall cost of levies on the financial services sector has risen 16% to $119.8 million – up from $107.9 million in 2008/09.
Levies for life insurers and friendly societies will rise 19% from $10.8 million to $12.8 million.
The levies allow APRA to meet the cost of supervising financial services sector industries as well as relevant costs of the Australian Securities and Investments Commission and the Australian Tax Office.
The overall cost of levies on the financial services sector has risen 16% to $119.8 million – up from $107.9 million in 2008/09.
Levies for life insurers and friendly societies will rise 19% from $10.8 million to $12.8 million.
The levies allow APRA to meet the cost of supervising financial services sector industries as well as relevant costs of the Australian Securities and Investments Commission and the Australian Tax Office.