New South Wales Consolidated Acts

INSURANCE PROTECTION TAX ACT 2001 - SECT 10

10 Receipt and refund of premiums

(1) A premium, or an instalment of a premium, is received for the purposes of this Act when the first of the following events occurs:

(a) the premium or instalment is received directly by the insurer, or

(b) an account of the insurer is credited with the amount of the premium or instalment.

(2) A premium or instalment of a premium (apart from the case where the premium or instalment is received directly by an insurer) is taken to have been received by an insurer if it is received by another person on the insurer’s behalf.

(2A) A premium or instalment of a premium received by another person on an insurer’s behalf is taken to have been received by the insurer when the premium or instalment (or any part of the premium or instalment) is paid to the insurer or credited in the insurer’s accounts.

(3) A premium, or an instalment of a premium, is refunded for the purposes of this Act when the first of the following events occurs:

(a) the premium or instalment is received by the person who paid it, or

(b) the account of the person who paid the premium or instalment is credited with the amount of the premium or instalment, or

(c) an entry crediting the account of a person with the payment of the premium or instalment is reversed because:

(i) the entry was made in error, or

(ii) a cheque by which the payment purported to be made is dishonoured.