Duties Act 2001

This section applies if—

2 or more contracts of insurance (the primary contracts) are effected with—

1 insurer; or

separate insurers between whom there is an arrangement about the insurance; and

1 or more of the premiums under the primary contracts—

are conditional on 1 or more other contracts of insurance (the secondary contracts) being effected; or

are part of an arrangement that applies only if 1 or more other contracts of insurance (also the secondary contracts) are effected; and

1 or more of the premiums under the primary contracts attract insurance duty at a different rate to 1 or more of the premiums under the secondary contracts; and

the commissioner is not satisfied a premium for 1 of the contracts reflects the relative risk of the contract.

The commissioner may apportion part of the total premiums payable to each of the contracts of insurance as the commissioner considers appropriate.