Victorian Numbered Acts Victorian Numbered ActsAfter section 196 of the Duties Act 2000 insert —
(1) Subject to section 196B, life insurance is any insurance in respect of—
(a) a life or lives; or
(b) an event or contingency relating to or depending on a life or lives—
of a person who is, or persons who are, domiciled in Victoria at the time the insurance policy is issued, but does not include insurance against accident.
(2) Insurance against accident is any insurance under which payment is agreed to be made on the death of a person only from accident or violence or otherwise from a natural cause or as compensation for personal injury.
(1) This section does not apply to a policy of life insurance unless the insured person is, or the insured persons are, domiciled in Victoria.
(2) If a policy of life insurance, in addition to providing the insurance referred to in section 196A(1), also provides for the payment of a benefit on the occurrence of a contingency or event that does not relate to or depend on a life or lives (the additional insurance ), then the additional insurance provided under or in accordance with the policy is taken to be general insurance and not life insurance.
(3) Subsection (2) applies—
(a) whether or not the life insurance and the additional insurance are separate or distinct matters; and
(b) whether or not payment of a benefit under the additional insurance component of the policy—
(i) will or may reduce the benefit payable under the life insurance component of the policy; or
(ii) will or may terminate the policy.
(4) If—
(a) there is no separately identifiable part of the premium payable in respect of the policy attributable to the additional insurance; or
(b) in the Commissioner's opinion, the identified part of the premium attributable to the additional insurance does not appear to correctly reflect the additional insurance—
the Commissioner may determine the amount or proportion of the premium attributable to the additional insurance.".