What is life insurance?
Life insurance means insurance or assurance in respect of:
a life or lives, or
any event or contingency relating to or depending on a life or lives, of a person whose principal place of residence is, or persons whose principal places of residence are, in NSW at the time the policy that effects the insurance is issued. This also includes a life insurance rider.
What is a life insurance rider?
A life insurance rider is insurance that:
is attached to a policy of life insurance
adds specified events and contingencies to those insured under the policy
is subject to the terms and conditions of the policy.
Who is a life insurer?
A life insurer is a person or entity who:
writes life insurance
does so otherwise than as an insurance intermediary
is authorised under the Commonwealth Life Insurance Act 1995.
Who is liable to pay the duty?
The life insurer is usually liable to pay the duty.
A person who effects a policy of life insurance or a life insurance rider 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.