Rate of insurance duty—life insurance

In force

(1)

The rate of insurance duty imposed on a contract of life insurance that effects temporary or term insurance is 5% of the first year’s premium.

(2)

The rate of insurance duty imposed on another contract of life insurance is—

(a)

if the sum insured is not more than $2,000—.05% of the sum insured; or

(b)

if the sum insured is more than $2,000—

(i)

.05% of the first $2,000; and

(ii)

.1% of the balance of the sum insured.

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