Subdiv 1Interpretation

Subdivision 1—Interpretation 32—Interpretation company includes corporation and society (whether incorporated or unincorporated); firm includes an association of underwriters carrying on marine insurance business through a managing underwriter solely; general insurer means an insurer who carries on insurance business in respect of insurance that is not life insurance; insurance includes assurance; insurance business means— (a) the granting or issuing of life, personal accident, fire, fidelity, guarantee, livestock, plate glass, marine or other insurance; or (b) the acceptance, either directly or indirectly, of any premium, renewal premium or consideration for, or in respect of, the granting or issuing or keeping alive or in force of life, personal accident, fire, fidelity, guarantee, livestock, plate glass, marine or other insurance; or (c) the receiving of a letter or declaration of interest attaching to a policy of insurance issued in this State or elsewhere; or (d) the carrying out, by means of insurance effected out of this State, of a contract or undertaking to effect insurance, whether formal or informal and whether express or implied; insurer means a company, person or firm that carries on insurance business; life insurance means insurance of a contingency that is dependent on the duration of human life, but does not include personal accident insurance; life insurer means an insurer who carries on insurance business in respect of life insurance; multi-peril crop insurance means insurance covering the total or partial loss of crops resulting from drought (whether or not the policy under which the insurance is provided also covers loss resulting from other perils); personal accident insurance means— (a) insurance covering personal accident or workers compensation; or (b) insurance under a policy complying with Part 4 of the Motor Vehicles Act 1959; or (c) insurance in respect of trauma or a disabling or incapacitating injury, sickness, condition or disease; policy includes an instrument in the nature of a policy, an open policy, an insurance cover or an instrument in any manner covering insurance; premium means an amount paid or payable for insurance and includes— (a) an amount charged to a policy holder to reimburse, offset or defray the insurer's liability for GST in respect of the insurance; and (b) a levy charged to a policy holder; and (c) an instalment of premium; and (d) a part of a premium; registered means registered under this Division. (2) If a provision of this Division refers to a premium paid, payable, received, charged or credited in relation to life insurance, or in relation to insurance of another kind, the reference is to be taken to be a reference to the premium to the extent that it was or is paid, payable, received, charged or credited in relation to insurance of the kind referred to in the provision.