DUTIES ACT 2001 - SECT 359 When premium is paid—general insurance
DUTIES ACT 2001 - SECT 359
When premium is paid—general insurance359 When premium is paid—general insurance
(1) For this chapter, a premium is paid when the first of the following happens—(a) the premium is received by the insurer;(b) a part of the premium is received by the insurer.
(2) For subsection (1) , a premium or part of a premium is taken to be received by an insurer if—(a) it is received by the insurer or another person on behalf of the insurer; or(b) an account of the insurer is credited with the amount of the premium or part of the premium.