175Imposition of duty

175 Imposition of duty

(1) This Chapter charges duty in respect of insurance in accordance with this section.

(2) Part 2 charges duty on the amount of the premium paid in relation to a contract of insurance that effects general insurance (whether or not it also effects other kinds of insurance).

(3) The amount of duty is required to be paid each time a premium is paid in relation to a contract of insurance that effects general insurance.

S. 175(4) repealed by No. 40/2014 s. 4(1)(a).

(5) Part 4 charges duty as set out in section 209.

Part 2—General insurance

Division 1—Duty in respect of general insurance

176 What is general insurance?

(1) General insurance is any kind of insurance that is applicable to—

(a) property in Victoria; or

(b) a risk, contingency or event concerning an act or omission that, in the normal course of events, may occur within, or partly within, Victoria—

or both.

(2) General insurance includes insurance effected in respect of trauma or a disabling or incapacitating injury, sickness, condition or disease.

Note to s. 176(2) inserted by No. 40/2014 s. 4(1)(b).

General insurance also includes life insurance policy riders—see section 196B.

S. 176(3) amended by No. 40/2014 s. 4(1)(c).

(3) General insurance does not include insurance that is exempt from duty by Division 5.