sec.353What is a premium

### sec.353 What is a premium A premium for general insurance or life insurance is the total consideration given to an insurer by or for the insured person to effect the insurance without deductions for any amounts paid or payable, allowed or allowable, by way of commission or discount to an insurance intermediary. However, a premium does not include— an amount paid to an insurance intermediary by the insured person as a fee under a contract between the insured person and the intermediary if the amount can be clearly identified as a fee; or an amount of duty under this or a corresponding Act. It is immaterial where the amount is paid or where the insurance is effected. s 353 amd 2010 No. 11 s 41 (sec.353-ssec.1) A premium for general insurance or life insurance is the total consideration given to an insurer by or for the insured person to effect the insurance without deductions for any amounts paid or payable, allowed or allowable, by way of commission or discount to an insurance intermediary. (sec.353-ssec.2) However, a premium does not include— an amount paid to an insurance intermediary by the insured person as a fee under a contract between the insured person and the intermediary if the amount can be clearly identified as a fee; or an amount of duty under this or a corresponding Act. (sec.353-ssec.3) It is immaterial where the amount is paid or where the insurance is effected. - (a) an amount paid to an insurance intermediary by the insured person as a fee under a contract between the insured person and the intermediary if the amount can be clearly identified as a fee; or - (b) an amount of duty under this or a corresponding Act.