South Australian Consolidated Acts

STAMP DUTIES ACT 1923 - SECT 42AB

42AB—Insurers not required to be licensed

        (1)         The Commissioner may enter into an agreement with an insurer who is not required to take out an annual licence under this Act under which—

            (a)         the Commissioner approves the insurer for the purposes of this section; and

            (b)         the insurer undertakes to pay duty as if the insurer were required to be licensed and were in fact licensed under this Act.

        (2)         A party to an agreement under this section may, by notice in writing to the other party, terminate the agreement at any time.

        (3)         Where an insurer is neither required to be licensed under this Act nor approved under this section, a person who pays a premium to the insurer shall, within 21 days after the end of the month in which the premium was paid—

            (a)         furnish a return to the Commissioner stating the amount of premium; and

            (b)         pay stamp duty calculated by reference to the amount of the premium and the appropriate rate prescribed by Schedule 2 in relation to annual licence applications.

        (4)         This section does not apply in relation to a levy paid under the Workers Rehabilitation and Compensation Act 1986 .

        (5)         In this section—

"insurer" means a person, firm or company that carries on assurance or insurance business in the State.