259CInsurer to obtain small business declaration

259C 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.

s 259C: Ins 2017 No 33, Sch 4 [4]. Am 2017 No 67, Sch 1 [2].