Types of general insurance and rates
Duty is calculated on the premium paid or payable to effect the insurance. The basis on which duty is calculated is dependent on the nature or type of policy.
There are 3 types of general insurance for duty purposes:
Type A insurance
Type A insurance includes general insurance other than Type B or Type C, life insurance or exempt insurance.
For Type A insurance, the duty payable is 9% of the premium.
Type B insurance
Type B insurance includes:
motor vehicle insurance
aviation insurance
disability income insurance
occupational indemnity insurance
hospital and ancillary health benefits insurance.
For Type B insurance, the duty payable is 5% of the premium.
Read more on Type B insurance:
Type C insurance
Type C insurance includes:
crop insurance
livestock insurance
For Type C insurance, the duty payable is 2.5% of the premium.
