43Refund or remission of tax for surrendered or cancelled insurance

#### 43 Refund or remission of tax for surrendered or cancelled insurance Where the Commissioner is satisfied that: (a) a policy of insurance in respect of which tax is imposed has been surrendered or cancelled before the expiration of the term of the insurance expressed in the policy; and (b) the insurer has refunded to the person by whom premiums were payable under the policy an amount equal to the amount of the premiums received by the insurer in respect of a period occurring after the surrender or cancellation; the Commissioner shall: (c) if the insurer has not paid the tax in respect of that amount of premiums—remit the tax payable; and (d) if the insurer has paid the tax payable in respect of that amount of premiums—refund to the insurer the amount of the tax so paid.