New South Wales Consolidated Acts
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DUTIES ACT 1997 - SECT 232
When is a premium "paid"?
232 When is a premium "paid"?
(1) A premium, or an instalment of a premium, is paid for the purposes of this
Chapter when the first of the following events occurs--
(a) the premium or
instalment is received by the insurer, or
(b) an account of the insurer is
credited with the amount of the premium or instalment.
(2) A premium or
instalment of a premium (apart from the case where the premium or instalment
is received directly by an insurer) is taken to have been received by an
insurer if it is received by another person on the insurer's behalf.
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