General insurance is any kind of insurance that relates to:
General insurance includes car, home and contents insurance. It doesn't include life insurance, a life insurance rider, or insurance that’s exempt from duty.
There are three types of general insurance.
|Type||Description||Rate of duty|
|A||Any general insurance other than type B or type C.||9 per cent of the premium|
||5 per cent of the premium|
||2.5 per cent of the premium, for policies taken out on or before 31 December 2017. Exempt for all policies taken out on or after 1 January 2018.|
Life insurance means insurance or assurance of:
Life insurance includes a life insurance rider, which is insurance that:
A life insurance rider isn't a life insurance policy and it has a separate rate of duty, which is five per cent of the first year’s premium on the life insurance rider.
A life insurance policy – other than temporary or term insurance, or trauma or disability insurance – is any policy that doesn’t satisfy all the conditions of temporary or term insurance, or trauma or disability insurance.
Policies where the only benefit is a death benefit that is payable on the death of the insured, which must occur before a nominated date or age. Nothing is paid if this doesn’t happen.
A term insurance policy that insures the lives of a group of people – and the members of the group can change during the term of the policy.
Policies that cover the insured should they become disabled by accident or sickness, or get a stated condition or disease.
Learn about the types of insurance that are exempt from duty.
Where a policy contains different types of insurance, an apportionment of the premium is required when calculating the duty payable.
A policy of insurance may contain life insurance and different types of general insurance, as well as exempt insurance.
In these cases, the premiums relating to each insurance type must be separated and have the correct rate of duty applied.