What is general insurance?
General insurance is any kind of insurance that is applicable to:
a property in NSW, or
a risk, contingency or event that may occur within, or partly within, NSW,
Car, home and contents insurance are examples of general insurance.
General insurance does not include life insurance, a life insurance rider or insurance that is exempt from duty.
Who is a general insurer?
A general insurer is a person or entity who:
writes general insurance;
does so otherwise than as an insurance intermediary; and
is registered under the Commonwealth Insurance Act 1973.
Who is liable to pay the duty?
The general insurer is usually liable to pay the duty, however the cost may be passed on to the insured.
A person who obtains, effects or renews any general insurance as an insured person, with a person who is not a registered insurer, is liable to pay duty as if they were a registered insurer.
How do I apportion premiums between various States or different insurance types?
Under the Duties Act 1997, premiums can be apportioned across different types of insurance, including general insurance, life insurance and insurance that is exempt under the Act. It also provides for premiums to be apportioned across different jurisdictions.