Section HD 16 — Income Tax Act 2007: Non-resident general insurers

HD 16 Non-resident general insurers When this section applies (1) This section applies when an insurer derives income under section CR 3 (Income of non-resident general insurer) to determine who is liable to provide a return of income and pay income tax on the income. Insurer (2) To the extent to which the insurer provides the return and pays the income tax, no other person described in this section is liable to do so. Person acting on insurer’s behalf (3) To the extent to which a person on behalf of the insurer, including a broker or other agent who pays a premium on behalf of another person, provides the return and pays the income tax, no agent described in any of subsections (4) to (6) is liable to do so. Agent paying premium or providing funds (4) The person liable in the first place as an agent is— (a) a person, including a broker or agent, who pays the premium to the insurer or to some other person not carrying on a business in New Zealand through a fixed establishment in New Zealand; or (b) a person described in subsection (7)(b). Person paying premium (5) The person liable in the second place as agent is a person who pays the premium, whether or not through a broker or agent. Insured person (6) The person liable in the third place as agent is the insured person. Bank or building society (7) If a premium is paid by a registered bank, as defined in section 2 of the Reserve Bank of New Zealand Act 1989, or a building society on behalf of a person to the insurer or to some other person not carrying on a business in New Zealand through a fixed establishment in New Zealand,— (a) the bank or building society is not an agent of the insurer; and (b) the person who provides the bank or building society with the funds from which the premium is paid is an agent of the insurer. Defined in this Act: agent , building society , business , fixed establishment , income , income tax , insured person , insurer , New Zealand , pay , premium , registered bank , return of income , Compare: 2004 No 35 s FC 16