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Contributions to Fund by insurers.
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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, on or before the 1st day of October in any year in 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 the year 1964 and in every subsequent year in 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 of the annual aggregate income of insurers derived from premiums payable or paid in respect of policies issued in the State 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 which a percentage is determined under paragraph (a) of this subsection shall be a sum equal to that percentage of the income of the insurer derived from premiums payable or paid in the financial year of the insurer that ended next before the 1st day of July in that year in respect of policies issued in the State.
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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,
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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 assurance licence of the insurer.
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(5) In this section “premium” does not include any money or money's worth payable or paid in respect of life assurance business or industrial assurance business or in respect of a contingency the insurance of which is not required by the Act of 1936 to be effected by an insurer.
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