New South Wales Consolidated Acts

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Insurer to obtain small business declaration

259C Insurer to obtain small business declaration

(1) A small business exemption does not apply to a contract of insurance unless the insurer obtains from the person who effects or renews the contract of insurance a small business declaration.
(2) A
"small business declaration" is a declaration by the person, provided in a manner approved by the Chief Commissioner, to the effect that the person is a small business at the time that the contract of insurance is effected or renewed.
(3) A person must not provide a small business declaration to an insurer knowing that it is false or misleading in a material particular.
: Maximum penalty--100 penalty units.
(4) In this section, an
"insurer" includes an agent or employee of an insurer.

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