The insured person pays by monthly instalments – how do I account for the duty?
If the contract of insurance has an inception date on or after the commencement date of the new Part IIIF 1 March 2006, the insurer should account for the premium (in this case, each instalment) as it is received by the insurer each month. If the contract of insurance has an inception date prior to the commencement date of the new Part IIIF 1 March 2006, the insurer should account for the full premium payable on the policy when the policy is issued.
Related Questions
- Is an insured person who ceases to be in an insurable employment on account of permanent disablement eligible to receive any benefits under the Act?
- In what circumstances is the insured person liable to pay stamp duty on a contract of insurance?
- The insured person pays by monthly instalments - how do I account for the duty?
