Circumstances in which duty is payable by the insured person
245 Circumstances in which duty is payable by the insured person
This section applies to a person (not being a registered insurer) who effects a policy of life insurance or life insurance rider as an insured person with a person who is not a registered insurer.
A person to whom this section applies must, within 21 days after the end of the month in which the policy of life insurance or life insurance rider was effected—
lodge with the Chief Commissioner a return in the approved form containing such particulars and information as the Chief Commissioner may require, and
pay to the Chief Commissioner as duty the amount calculated in accordance with section 243.
A person to whom this section applies is taken to have complied with this section if the person’s duty under this section is discharged by another person acting on the person’s behalf.
Note.
Because this section imposes liability for duty on an insured person if the insured person arranges insurance with an insurer who is not registered, it would always be prudent to check the registered status of the insurer. This may be done by inspecting the register kept under section 252 by the Chief Commissioner.
This Act’s bill:Explanatory memorandumSecond reading speech
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