78‑45 Settlements of insurance claims do78‑45 Settlements of insurance claims do not give rise to taxable supplies

78‑45 Settlements of insurance claims do not give rise to taxable supplies

(1) If, in settlement of a claim under an *insurance policy, an insurer makes one or more of the following: (a) a payment of *money; (b) a payment of *digital currency; (c) a supply; the payment or supply is not treated as *consideration for a supply made by the entity insured, or by any entity (other than the entity insured) that was entitled to an input tax credit for the premium paid for the insurance policy. (2) This section has effect despite section 9‑15 (which is about consideration).