Insurer to obtain small business declaration
259C Insurer to obtain small business declaration
A small business exemption does not apply to a contract of insurance unless the insurer obtains from the person who effects or renews the contract of insurance a small business declaration.
A small business declaration is a declaration by the person, provided in a manner approved by the Chief Commissioner, to the effect that the person is a small business at the time that the contract of insurance is effected or renewed.
A person must not provide a small business declaration to an insurer knowing that it is false or misleading in a material particular.
Maximum penalty—100 penalty units.
In this section, an insurer includes an agent or employee of an insurer.
This Act’s bill:Explanatory memorandumSecond reading speech
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