Financial Markets Authority (Levies) Regulations 2012

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5 Meaning of annual gross premium revenue (class 3)

(1)

In these regulations, annual gross premium revenue, in relation to a person in class 3, means the premium revenue for a financial year, before the deduction of any reinsurance premiums, of the person and its subsidiaries (if any)—

(a)

as reported in the most recent audited financial statements, prepared in accordance with GAAP, for the person and its subsidiaries (if any); or

(b)

if there are no such financial statements, as calculated—

(i)

for the person’s most recently completed accounting period; and

(ii)

as if for the purpose of preparing financial statements for the person and its subsidiaries (if any) in accordance with GAAP.

(2)

If the person is an overseas company, the financial statements referred to in subclause (1) must be financial statements for the person’s New Zealand business prepared, in accordance with GAAP, as if the person and its subsidiaries (if any) were companies formed and registered in New Zealand.

(3)

In this regulation, subsidiary has the same meaning as in section 5(1) of the Financial Reporting Act 2013.

Regulation 5(3): replaced, on 1 April 2014, by regulation 5 of the Financial Markets Authority (Levies) Amendment Regulations 2014 (LI 2014/49).