Insurers not required to be registered
39 Insurers not required to be registered
The Commissioner may enter into an agreement with an insurer who is not required to register under this Division under which—
the Commissioner approves the insurer for the purposes of this section; and
the insurer undertakes to pay duty as if the insurer were required to be registered and were in fact registered under this Division.
A party to an agreement under this section may, by notice in writing to the other party, terminate the agreement at any time.
If an insurer is neither required to be registered under this
Division nor approved under this section, a person who pays a premium to the insurer must, within 21 days after the end of the month in which the premium was paid—
furnish a statement to the Commissioner in the approved form stating the amount of premium; and
pay to the Commissioner—
if the premium relates to life insurance—duty equivalent to
1.5% of the premium; and
if the premium relates to any other kind of insurance—11% of the premium.
This section does not apply in relation to a premium, supplementary payment or fee paid under Part 5 of the Workers
Rehabilitation and Compensation
Act 1986.
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