DUTIES ACT 2001 - SECT 368 Apportionment of premiums between 2 or more policies

DUTIES ACT 2001 - SECT 368

368 Apportionment of premiums between 2 or more policies

(1) This section applies if—

(a) 2 or more contracts of insurance (the
"primary contracts" ) are effected with—

(i) 1 insurer; or

(ii) separate insurers between whom there is an arrangement about the insurance; and

(b) 1 or more of the premiums under the primary contracts—

(i) are conditional on 1 or more other contracts of insurance (the
"secondary contracts" ) being effected; or

(ii) are part of an arrangement that applies only if 1 or more other contracts of insurance (also the
"secondary contracts" ) are effected; and

(c) 1 or more of the premiums under the primary contracts attract insurance duty at a different rate to 1 or more of the premiums under the secondary contracts; and

(d) the commissioner is not satisfied a premium for 1 of the contracts reflects the relative risk of the contract.

(2) The commissioner may apportion part of the total premiums payable to each of the contracts of insurance as the commissioner considers appropriate.

Note—

For objections and appeals against assessments, see the Administration Act , part 6 .