(1) Every person resident in Western Australia who effects ¾

(a) a policy of life insurance; or

(b) any insurance in respect of ¾

(i) property in Western Australia; or

(ii) any liability, loss or damage occurring or brought about by the happening of any event within Western Australia,

for which insurance a policy of insurance is or is to be issued or renewed outside Western Australia shall within one month after effecting the insurance prepare and lodge with the Commissioner a dutiable statement in respect of the insurance.

Penalty: $20 000.

(2) A dutiable statement is to be in an approved form.

(3) A dutiable statement prepared under subsection (1) is taken to be a policy of insurance in respect of the insurance to which it relates and is chargeable with duty accordingly.

(4) The duty payable on a dutiable statement prepared under subsection (1) is payable ¾

(a) by the person who effected the insurance; and

(b) within one month after the insurance was effected.

(5) Subsections (1) to (4) do not apply if, before a dutiable statement prepared under subsection (1) is stamped, a policy of insurance for the insurance referred to in subsection (1) is stamped.

(6) A person resident in Western Australia must not accept payment of, or agree to have allowed on account, any money on or in respect of any insurance the policy for which is or is to be issued or renewed outside Western Australia unless the policy, or a dutiable statement in respect of the insurance, has been stamped.

Penalty: $20 000.

[Section 92A inserted by No. 2 of 2003 s. 112.]