Northern Territory Numbered Acts

STATUTE LAW REVISION ACT 2005 (NO 44 OF 2005) - SECT 31

(1)     This section amends the Taxation (Administration) Act .

(2)     Section 4(1), definition of "insurance" –

omit, substitute

"insurance" means an undertaking of liability to make good, or indemnify against, loss or damage (including liability to pay damages or compensation), or insuring the payment of money, contingent upon the happening of a specified event, and
includes –

    (a)     the accepting of a premium in consideration of the granting, issuing or renewal of a policy of insurance; and

    (b)     the granting of a cover note or receiving of a letter or declaration of interest attaching to a policy of insurance; and

    (c)     the carrying out, by means of insurance effected outside the Territory, of a contract or undertaking in the Territory to effect that insurance,

    but does not include –

    (d)     re-insurance effected with another insurer; or

    (e)     the insurance of the hull of a floating vessel that is being used primarily for commercial purposes; or

        (f)     the insurance of goods or merchandise or the freight of goods or merchandise, carried by sea, land or air;