183Refunds where premiums are returned

183 Refunds where premiums are returned S. 183(1) substituted by No. 40/2014 s. 4(2). (1) An insurer or a person to whom section 181 applies is entitled to a refund of duty if the insurer refunds, or there is refunded to the person, the whole or a part of a dutiable premium in respect of the contract of insurance for which duty has been paid. (2) The refund is the duty paid on the amount of the premium refunded. S. 183(3) substituted by No. 40/2014 s. 4(3). (3) An insurer to whom duty is refunded may apply the amount of the refund to offset any other payment required to be made under this Act by the insurer. S. 183(4) inserted by No. 58/2003 s. 15, amended by No. 40/2014 s. 4(4)(a)(i). (4) As an alternative to applying for a refund under Part 4 of the **Taxation Administration Act 1997**, an insurer may offset an amount equivalent to the amount of refund to which the insurer is entitled under subsection (1) against any other payment required to be made under this Act by the insurer. S. 183(5) inserted by No. 58/2003 s. 15, amended by No. 40/2014 s. 4(4)(a)(ii). (5) Subsection (4) only applies if the insurer— S. 183(5)(a) amended by No. 40/2014 s. 4(4)(a)(ii). (a) has not charged to, or recovered from, any other person any amount in respect of the whole or any part of the duty to which the insurer is entitled to a refund; or S. 183(5)(b) amended by No. 40/2014 s. 4(4)(a)(ii). (b) has refunded or reimbursed each person for the amount charged to or recovered from that person in respect of the duty to which the insurer is entitled to a refund. S. 183(6) inserted by No. 58/2003 s. 15. (6) Subsections (4) and (5) apply despite anything to the contrary in section 18(2) of the **Taxation Administration Act 1997**. Ch. 8 Pt 2 Div. 2 (Heading) amended by No. 40/2014 s. 4(4)(b). Division 2—How duty is paid by an insurer S. 184 amended by No. 46/2001 s. 18(a), substituted by Nos 40/2014 s. 5, 46/2019 s. 7.