New Zealand Legislation: Regulations

19 How and when actual ongoing fees payable

• (1) The actual ongoing fees are payable to the industry body.

  (2) As soon as practicable after the end of each year of operation, the industry body must determine and publish on its Internet site, and on the critical contingency Internet site, a breakdown of the actual critical contingency ongoing costs for that year.

  (3) No less than 10 business days after publication of those actual critical contingency ongoing costs, the industry body must invoice, or issue a credit note, to each person to whom regulation 17(3) applies for the difference between—

  • (a) that person’s share of the actual critical contingency ongoing costs calculated in accordance with the formula in regulation 18(5), with the necessary modifications; and

  • (b) the amount of the estimated critical contingency ongoing costs invoiced to that person in respect of the year.