Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) The following insurances are exempt from duty under this chapter:
(a) third-party insurance;
(b) insurance under a territory law insuring an employer against liability to people under contract of employment or apprenticeship with the employer;
(c) general insurance for the provision of benefits by a friendly society or trade union for its members or their dependants;
(d) medical benefits insurance effected by a contract of insurance that is issued by a private health insurer registered under the Private Health Insurance Act 2007 (Cwlth), part 4.3 and that provides hospital benefits or medical benefits (or both), whether or not other benefits are also provided;
(e) insurance by, or on property of, a prescribed authority of the Commonwealth or of a State or Territory;
(f) insurance on property of, or property held in trust for, a hospital, school or charitable organisation, or other general insurance taken out by a hospital, school or charitable organisation;
(g) international trade insurance;
(h) an annuity issued, created or sold by a life company or purchased by someone from a life company; or
(i) reinsurance.
(2) For subsection (1) (h), a contract is an annuity if it satisfies the following requirements:
(a) the contract provides for the periodic payment of money to the annuitant in fee for life or for a specified term of years as an annual or more frequent entitlement;
(b) the periodic payment is a sum certain expressed as a dollar amount, but may be varied according to a predetermined formula;
(c) the periodic payments are not derived from the money paid for the contract but are derived solely from the contract and comprise income and not the repayment of capital.
(3) In this section:
"reinsurance "means a contract or contracts between 2 parties by which one party indemnifies the other against liability or payment under a contract or contracts of insurance or reinsurance.