New South Wales Consolidated Acts

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DUTIES ACT 1997 - SECT 231

What is a "premium" in relation to general insurance?

231 What is a "premium" in relation to general insurance?

"Premium" , in relation to general insurance, means the total consideration given to an insurer by or on behalf of the insured person to effect insurance without deductions for any amounts paid or payable, or allowed or allowable, by way of commission or discount to an insurance intermediary.
"Premium" includes a fire service levy and emergency service levy paid or payable in connection with insurance by an insurer or any other person.
"Premium" does not include--
(a) an amount paid to an insurance intermediary by the insured person as a fee, provided that the amount can be clearly identified as a fee, or
(b) an amount of duty under this or a corresponding Act.
(4) It is immaterial where the amount is paid or where the insurance is effected.

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