The NSW Government has announced that the emergency services levy (ESL) on insurance policies will be abolished in favour of a property-based charge paid alongside council rates from July 2017.
This leaves stamp duty and GST which apply to most policies next on the hit list.
Allan Fels has been appointed Emergency Services Levy Monitor to oversee the transition, after performing a similar role in Victoria. Prof Fels will have powers to seek pecuniary penalties from Insurance Companies of up to $10 million for unreasonable prices from 10 December 2015 through to 31 December 2018. Professor David Cousins AM will also be appointed as Deputy Monitor.
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