Levy

What is Levy?

Levy is An additional impost added to an insurance premium for the purposes of raising funds for a specific government objective. For example, in NSW, insurers apply to each household policy an Emergency Service Levy for the purposes of fire and emergency services funding. The NSW levy is applied before any other taxes and typically adds 20 per cent to the base premium, though it can vary according to the insurer. Tasmania applies a statutory fire levy to some forms of commercial insurance policies.

 

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