196What insurance is exempt from duty?

196 What insurance is exempt from duty? (1) The following insurances are exempt from duty under this Chapter— S. 196(1)(a) amended by No. 26/2015 s. 9. (a) medical benefits insurance, being insurance effected by a contract of insurance that is issued by a private health insurer within the meaning of the Private Health Insurance Act 2007 of the Commonwealth and that provides hospital benefits or medical benefits (or both), whether or not other benefits are also provided; (b) accident compensation or workers compensation insurance, being insurance— S. 196(1)(b)(i) repealed by No. 67/2013 s. 649(Sch. 9 item 12(a)). S. 196(1)(b)(ii) amended by No. 67/2013 s. 649(Sch. 9 item 12(b)). (ii) undertaken by the Victorian WorkCover Authority for the purpose of providing accident insurance within the meaning of section 494 of the **Workplace Injury Rehabilitation and Compensation Act 2013**; or (iii) that indemnifies an employer against liability in relation to workers compensation under the **Workers Compensation Act 1958** or under any other Act or at common law or otherwise; or S. 196(1)(b)(iv) amended by No. 67/2013 s. 649(Sch. 9 item 12(c)). (iv) that indemnifies the Victorian WorkCover Authority against liability under Part IV of the **Accident Compensation Act 1985** or the **Workplace Injury Rehabilitation and Compensation Act 2013**; or S. 196(1)(b)(v) amended by No. 67/2013 s. 649(Sch. 9 item 12(d)). (v) that indemnifies a self-insurer within the meaning of the **Workplace Injury Rehabilitation and Compensation Act 2013** against liability in relation to workers compensation under that or any other Act or at common law or otherwise; (c) insurance of— (i) the physical hull of a floating vessel used primarily for commercial purposes; (ii) goods or merchandise, or the freight of goods or merchandise, carried by land, sea or air; (d) reinsurance (being a contract or contracts between 2 parties by which one party indemnifies the other against liability or payment under a contract or contracts of insurance or reinsurance) in respect of which duty has been paid under this Act or a corresponding Act; S. 196(1)(e) substituted by No. 28/2017 s. 45. (e) crop insurance, being insurance covering loss due to the destruction of, or physical damage to, any crop of grain, fruit, vegetable or other plant, where the destruction or damage occurs while the crop is being grown, harvested or stored; S. 196(1)(ea) inserted by No. 28/2017 s. 45. (ea) agricultural machinery insurance, being insurance covering the breakdown of, or physical damage to, a harvester, binder, tractor, plough or other agricultural implement or any equipment associated with any such agricultural machinery; S. 196(1)(eb) inserted by No. 28/2017 s. 45. (eb) livestock insurance, being insurance covering loss due to any of the following— (i) the death of, or physical damage to, any animal, bee or bird, whether domesticated or wild, or any egg intended for hatching, including where the death or damage occurs while the animal, bee, bird or egg is being stored; (ii) the death of, or physical damage to, any genetic material of any livestock referred to in paragraph (i), including where the death or damage occurs while the genetic material is being stored; (iii) the theft of any livestock referred to in paragraph (i) or any genetic material referred to in paragraph (ii); (f) a private fidelity guarantee insurance scheme promoted amongst and sustained solely for the benefit of the members, officers and employees, or a class of members, officers and employees, of a government department, public authority, body corporate, individual or firm and not extending beyond such members, officers and employees; S. 196(1)(g) amended by No. 40/2014 s. 6(j), substituted by No. 50/2024 s. 31(1). (g) insurance undertaken by a friendly society that meets the requirements in subsection (2); S. 196(1)(h) inserted by No. 40/2014 s. 6(k). (h) life insurance. S. 196(2) inserted by No. 50/2024 s. 31(2). (2) For the purposes of subsection (1)(g), the requirements are— (a) that the society has 25 or more members who are natural persons; and (b) that the objects of the society, as specified in its rules, include one or more of the primary objects referred to in section 56 of the Friendly Societies (Victoria) Code as in force immediately before the repeal of the **Friendly Societies (Victoria) Act 1996**; and (c) that the dominant activities of the society are within the scope of the primary objects included in the rules of the society. S. 196A inserted by No. 40/2014 s. 7.