(1) A vehicle insurer shall, not later than 30 June in each year beginning with the year following the year in which Part 4 of the Insurance (Amendment) Act 2018 comes into operation -

(a) subject to subsections (2) and (3), give to the MIBI a statement in writing, certified as to its accuracy by an auditor duly appointed by the insurer in that behalf to do so, setting out the assessable amount -

(i) in the case of the first such statement after the coming into operation of Part 4 of the Insurance (Amendment) Act 2018, in respect of the period beginning on the day on which the said Part 4 comes into operation and ending on 31 December next following that day, and

(ii) in the case of each subsequent statement, in respect of the immediately preceding year,

and

(b) pay to the MIIC Fund a contribution calculated as a percentage of the assessable amount set out in the statement under paragraph (a) at the rate provided for by subsection (4) (in this Act referred to as the 'percentage rate').