Exemptions

Exempt insurance includes:

Other exempt insurance

  • Insurance covering only property of the Crown in the right of New South Wales
  • Insurance effected by a separate policy for a distinct sum against loss by fire on the tools, implements of work or labour used by any working mechanic, artificer, handcrafter or labourer

  • Insurance taken out by or on behalf of a non-profit organisation having as one of its objects a charitable, benevolent, philanthropic or patriotic purpose

  • Insurance taken out by or on behalf of a society or institution which is currently approved by the Chief Commissioner and whose resources are, in accordance with its rules or objects, used wholly or predominantly for the relief of poverty, promotion of education, any purpose directly or indirectly connected with defence or amelioration of the condition of past or present members of the armed forces or other patriotic object, or any other purpose considered to be charitable by the Chief Commissioner

  • Insurance covering mortgages or pools of mortgages acquired for the purpose of issuing mortgage backed securities

  • Medical benefits insurance, being insurance effected by a contract of insurance that is issued by a private health insurer within the meaning of the Private Health Insurance Act 2007 of the Commonwealth that provides hospital benefits or medical benefits (or both), whether or not other benefits are also provided

  • Insurance effected under the Workers Compensation Act 1987 or the Workplace Injury Management and Workers Compensation Act 1998

  • Insurance effected under the Motor Accidents Act 1988 or the Motor Accidents Compensation Act 1999

  • Insurance of:

    • the hull of a floating commercial vessel, or
    • goods and merchandise, or the freight of goods and merchandise, carried by land, sea or air,
    • or both
  • Redundancy insurance in respect of a housing loan where the sum insured does not exceed $124,000

  • Reinsurance (being a contract or contracts between two parties by which one party indemnifies the other against liability or payment under a contract or contracts of insurance or reinsurance)

  • An annuity:

    • issued, created or sold by a life company
    • purchased by a person from a life company
  • Policies of life insurance, being group superannuation investment policies, owned by the trustee of a superannuation plan for the benefit of more than one member of the superannuation plan.

Last updated: 6 December 2017