Estimate and payment of levy
242.3(1)Before April 1 of each year, the provincial authority shall establish an estimate of the amount of the levy applicable on January 1 of the current calendar year.
242.3(2)Before May 15 of each year, the provincial authority shall give notice to each insurer of the amount of the estimated levy the insurer is obliged to pay.
242.3(3)The amount of the estimated levy an insurer is obliged to pay constitutes a debt payable to the Crown and shall be paid in accordance with subsection (4).
242.3(4)On receipt of the notice given under subsection (2), an insurer shall remit to the Minister equal quarterly payments as follows:
(a)
the first payment shall be made before June 30 of the year in respect of which the estimate is made;
(b)
the second payment shall be made before September 30 of the year in respect of which the estimate is made;
(c)
the third payment shall be made before December 31 of the year in respect of which the estimate is made;
(d)
the fourth payment shall be made before March 15 of the year following the year in respect of which the estimate is made.
1992, c.83, s.1; 2008, c.2, s.10; 2013, c.31, s.20; 2019, c.29, s.74; 2021, c.8, s.38; 2023, c.17, s.114