South Australian Consolidated Acts South Australian Consolidated ActsIn this Act—
"assurance or insurance business" means and includes—
(a) the
granting or issuing of any life, personal accident, fire, fidelity, guarantee,
livestock, plate glass, marine or other assurance or insurance policies; or
(b) the
acceptance, either directly or indirectly, of any premium, renewal premium or
consideration for, or in respect of, the granting or issuing or keeping alive
or in force of any life, personal accident, fire, fidelity, guarantee,
livestock, plate glass, marine or other policy; or
(c) the
receiving of any letter or declaration of interest attaching to any life,
personal accident, fire, marine or other policy issued in South Australia or
elsewhere; or
(d) the
carrying out, by means of assurance or insurance effected out of South
Australia, of any written, verbal or implied contract or undertaking to effect
assurance or insurance;
"company" includes corporation and society, whether corporate or
unincorporate;
"firm of persons" includes any association of underwriters carrying on marine
assurance or insurance business through a managing underwriter solely;
"general insurance business" means any assurance or insurance business not
relating to life insurance policies;
"life insurance policy" does not include a policy covering personal accident
or workers compensation or a policy complying with Part 4 of the Motor
Vehicles Act 1959 ;
"policy" includes any instrument in the nature of a policy, an open policy, an
insurance cover or any instrument in any manner covering any assurance or
insurance;
"premium" means any amount paid or payable for assurance or insurance and
includes—
(a) an
amount charged to a policy holder to reimburse, offset or defray the insurer's
liability for GST in respect of the assurance or insurance;
(b) a
levy charged to a policy holder;
(c) an
instalment of premium.