Western Australian Current Acts

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DUTIES ACT 2008 - SECT 225

225 .         Insurer and intermediary to notify Commissioner of contracts of insurance

        (1)         An insurer that is not a general insurer must, for each month in which the insurer is paid a premium or an instalment of a premium in respect of a contract of insurance entered into by or on behalf of the insurer, notify the Commissioner in the approved form of —

            (a)         each such contract of insurance for which the insurer has been paid a premium or an instalment of a premium in that month; and

            (b)         the amounts of those premiums or instalments,

                on or before the 21 st day after the end of the month.

        Penalty: a fine of $5 000.

        (2)         An intermediary of an insurer that is not a general insurer must, for each month in which the intermediary receives a premium or an instalment of a premium in respect of a contract of insurance on behalf of the insurer, notify the Commissioner in the approved form of —

            (a)         each such contract of insurance for which the intermediary has received a premium or an instalment of a premium on behalf of the insurer; and

            (b)         the amounts of those premiums or instalments,

                on or before the 21 st day after the end of the month.

        Penalty: a fine of $5 000.

        (3)         The Commissioner may make a special tax return arrangement under the Taxation Administration Act section 49 with a person referred to in subsection (1) or (2) that modifies the requirements in subsection (1) or (2) and the arrangement has effect accordingly.

        (4)         If a person complies with a requirement (including a modified requirement) in subsection (1) or (2) in respect of a contract of insurance then the requirement in the other subsection is taken to have been complied with in respect of that contract.



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