DUTIES ACT 2001 - SECT 363 Rate of insurance duty—life insurance

DUTIES ACT 2001 - SECT 363

363 Rate of insurance duty—life insurance

(1) The rate of insurance duty imposed on a contract of life insurance that effects temporary or term insurance is 5% of the first year’s premium.

(2) The rate of insurance duty imposed on another contract of life insurance is—

(a) if the sum insured is not more than $2,000—.05% of the sum insured; or

(b) if the sum insured is more than $2,000—

(i) .05% of the first $2,000; and

(ii) .1% of the balance of the sum insured.