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General and life insurers must be registered by law.
Insurance duty is charged on:
- general insurance
- life insurance
- accident insurance.
Types of insurance
|
General insurance (Class 1) includes |
General insurance (Class 2) |
Compulsory third party insurance | Accident insurance | Life insurance |
|---|---|---|---|---|
|
Building and contents cover |
Professional indemnity |
A policy of insurance under the Motor Accident Insurance Act 1994 |
As defined in the Worker's Compensation and Rehabilitation Act 2003 |
Applies to the life, or an event relating to the life, of a person living in Queensland when the policy is issued |
| Public liability | Personal injury due to the person's travel on an aircraft | |||
| Marine liability | Motor vehicle, other than CTP insurance | |||
| Crop insurance | A home mortgage that is a first mortgage | |||
|
Stand-alone trauma and disability insurance |
Life insurance rider |
|||
|
Travel insurance (other than insurance for a person's injury relating to that person's travel on an aircraft) |
Exemptions from insurance duty
The following types of insurance are exempt from insurance duty:
- Marine—insurance for the physical loss or damage to the hull of a boat used mainly for commercial purposes
- Goods in transit—insurance for the physical loss or damage to, or loss of freight of, goods in transit
- Health—insurance entered into in the course of an insurer’s health insurance business
- Reinsurance between one insurer and another insurer.
Apportionment of premiums
Premiums for a contract of general insurance for one of the following may be apportioned:
- property in both Queensland and another state
- something that in the normal course of events may happen wholly or partly in Queensland.
Apportionment also applies to a contract of life insurance for people living in Australia, at least one of whom has a home in Queensland when the policy is issued.
A regulation may state how premiums are to be apportioned. We may, on written application, apportion a premium on another basis.
See apportionment of general insurance duty premiums for more information.