DUTIES ACT 2001 - SECT 359
When premium is paid—general insurance
DUTIES ACT 2001 - SECT 359
When premium is paid—general insurance
359 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.
