What duty is payable?
243 What duty is payable?
Policies of life insurance, other than a temporary or term insurance policy or trauma or disability insurance The amount of duty chargeable on a policy of life insurance, other than a temporary or term insurance policy, a trauma policy, a TPD policy or a disability income policy is—
on the first $2,000, or part of $2,000, of the sum insured—$1, and
for every $200, or part of $200, in excess of the first $2,000—20 cents.
Temporary or term insurance policies The amount of duty chargeable on a temporary or term insurance policy, other than a group term insurance policy, is 5% of the first year’s premium on the policy.
Group term insurance policies The amount of duty chargeable on a group term insurance policy is—
5% of the first year’s premium on the policy, and
5% of the amount of the premium (if any) payable in any succeeding year in respect of each additional life covered by the insurance policy (that is, each life that was not covered during the previous year).
Life insurance riders The amount of duty chargeable on a life insurance rider is 5% of the first year’s premium on the life insurance rider.
Trauma or disability insurance The amount of duty chargeable on a trauma policy, a TPD policy or a disability income policy is 5% of the premium paid to effect the insurance.
In this section—
disability income policy means a policy of insurance under which an amount is payable as a replacement of income in the event of the disablement of the insured by accident or sickness.
group term insurance policy means a term insurance policy that applies in respect of the lives of a specified group of persons, being a group the membership of which may change during the term of the policy.
TPD policy means a policy of insurance under which an amount is payable in the event of the total and permanent disablement of the insured by accident or sickness.
trauma policy means a policy of insurance under which an amount is payable in the event of the insured being found to have a stated condition or disease.
This Act’s bill:Explanatory memorandumSecond reading speech
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