359
In forceWhen premium is paid—general insurance
Chapter 8Insurance duty
Part 3Liability for insurance duty
359 When premium is paid—general insurance
(1)
For this chapter, a premium is paid when the first of the following happens—
(a)
the premium is received by the insurer;
(b)
a part of the premium is received by the insurer.
(2)
For subsection (1), a premium or part of a premium is taken to be received by an insurer if—
(a)
it is received by the insurer or another person on behalf of the insurer; or
(b)
an account of the insurer is credited with the amount of the premium or part of the premium.
This Act’s bill:Explanatory memorandum
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