DUTIES ACT 2000 - SECT 177 What is a premium in relation to general insurance?

DUTIES ACT 2000 - SECT 177

    (1)     "Premium", in relation to general insurance, means the total consideration given to an insurer or an insurance intermediary by or on behalf of the insured person to effect insurance without deductions for any amounts paid or payable, or allowed or allowable, by way of commission to the insurance intermediary.

    (2)     "Premium" includes a fire service levy paid or payable in connection with insurance by an insurer or any other person.

S. 177(2A) inserted by No. 58/2003 s. 14.

    (2A)     "Premium" also includes any amount in respect of GST on the supply to which the insurance relates.

    (3)     "Premium" does not include—

        (a)     an amount paid to an insurance intermediary by the insured person as a fee, provided that the amount can be clearly identified as a fee; or

        (b)     an amount of duty under this or a corresponding Act.

    (4)     It is immaterial where the amount is paid or where the insurance is effected.