Subdiv 2Registration and payment of duty

Subdivision 2—Registration and payment of duty 33—Registration (1) An insurer who carries on insurance business in the State must be registered under this Division. (2) An application for registration under this Division must be made to the Commissioner in the approved form. (3) The Commissioner must register an insurer who applies in the approved form for registration under this Division. (4) A registered insurer who is no longer required to be registered may cancel the registration by notice to the Commissioner in the approved form. (5) For the purposes of this section, an insurer carries on insurance business in the State if the insurer grants or issues in the State— (a) life insurance or personal accident insurance for a person whose principal place of residence is in the State at the time that the policy providing the insurance is issued; or (b) general insurance for an insurance risk within the State, (whether the head office or principal place of business of the insurer is in the State or elsewhere). 34—Lodgement of statement and payment of duty—general insurance (1) A general insurer who is, or is required to be, registered is liable under this section to pay duty in respect of each premium relating to insurance of any kind (other than life insurance) paid to the insurer and must, for that purpose, on or before the 15th day of each month— (a) lodge with the Commissioner a statement in the approved form setting out the total amount of— (i) all such premiums received by the insurer in the previous month; and (ii) any such premiums credited to an account of the insurer (but not received by the insurer) in the previous month that the insurer chooses to include; and (b) pay to the Commissioner duty equivalent to 11% of that amount. (2) If a premium that is credited to an account of the insurer but not actually received by the insurer is included in the statement lodged under subsection (1) for the month in which the premium is credited, the insurer need not include the premium in the statement lodged for the month in which the premium is received by the insurer. (3) Subject to subsection (4), if a premium that is credited to an account of the insurer but not actually received by the insurer is not included in the statement lodged under subsection (1) for the month in which the premium is credited, the following provisions apply: (a) if the premium is received by the insurer during the period of 12 months commencing on the day on which the premium was credited to the account of the insurer—the insurer must include the premium in the statement lodged for the month in which the premium is received by the insurer; (b) if the premium is not received by the insurer within the 12 month period referred to in paragraph (a)— (i) the premium will be taken for the purposes of this section to have been received by the insurer in the first complete month following the end of that period; and (ii) the insurer must include the premium in the statement lodged for that month. (4) Subsection (3)(b) does not apply in relation to a premium that is not received by the insurer because the policy in relation to which the premium was credited is cancelled. (5) For the purposes of subsection (1)— (a) a reference to a premium does not include an amount in respect of stamp duty received or charged in respect of a premium; and (b) the amount of a premium— (i) refunded during the month to which the statement relates (whether the premium was received during that month or earlier); or (ii) paid for an insurance risk outside the State (other than a personal accident insurance risk); or (iii) paid for personal accident insurance in respect of a person whose principal place of residence was not in the State at the time the policy providing the insurance was issued, is not to be taken into account. (6) To avoid doubt, the duty payable under subsection (1) is payable in respect of a premium relating to insurance of any kind (other than life insurance), irrespective of whether the premium is payable under a policy in relation to which premiums are also payable for life insurance. 35—Lodgement of statement and payment of duty—life insurance (1) A life insurer who is, or is required to be, registered is liable under this section to pay duty in respect of each premium relating to life insurance paid to the insurer and must, for that purpose, on or before 31 January of each year— (a) lodge with the Commissioner a statement in the approved form setting out the total amount of— (i) all such premiums received by the insurer in the preceding calendar year; and (ii) any such premiums credited to an account of the insurer (but not received by the insurer) in the previous calendar year that the insurer chooses to include; and (b) pay to the Commissioner duty equivalent to 1.5% of that amount. (2) If a premium that is credited to an account of the insurer but not actually received by the insurer is included in the statement lodged under subsection (1) for the year in which the premium is credited, the insurer need not include the premium in the statement lodged for the year in which the premium is received by the insurer. (3) Subject to subsection (4), if— (a) a premium that is credited to an account of the insurer but not received by the insurer is not included in the statement lodged under subsection (1) for the year in which the premium is credited; and (b) the premium is not received by the insurer in the following calendar year, the premium will be taken, for the purposes of this section, to have been received by the insurer in that following calendar year and is therefore to be included in the statement for that year. (4) Subsection (3) does not apply in relation to a premium that is not received by the insurer because the policy in relation to which the premium was credited is cancelled. (5) For the purposes of subsection (1)— (a) a reference to a premium— (i) does not include an amount in respect of stamp duty received or charged in respect of a premium; and (ii) is a reference to a net premium, and any commission or discount is not to be taken into account; and (b) the amount of a premium paid for life insurance in respect of a person whose principal place of residence was not in the State at the time the policy providing the insurance was issued is not to be taken into account; and (c) the amount of a premium refunded during the year to which the statement relates (whether the premium was received during that year or earlier) is not to be taken into account; and (d) an amount that is paid from an account established for investment to an account established for insurance of a risk under a policy providing life insurance will be taken to be a premium received under that policy for insurance of that risk. (6) To avoid doubt, the duty payable under subsection (1) is payable in respect of a premium relating to life insurance, irrespective of whether the premium is payable under a policy in relation to which premiums are also payable for insurance that is not life insurance.