(1) A
"premium" for general insurance or life insurance is the total consideration
given to an insurer by or for the insured person to effect the insurance
without deductions for any amounts paid or payable, allowed or allowable, by
way of commission or discount to an insurance intermediary.
(2) However, a
"premium" does not include—
(a) an amount paid to an insurance intermediary
by the insured person as a fee under a contract between the insured person and
the intermediary if the amount can be clearly identified as a fee; or
(b) an
amount of duty under this or a corresponding Act.
(3) It is immaterial where
the amount is paid or where the insurance is effected.
