Cap. 364 Art. 27Duty on policies of insurance.

Notwithstanding the provisions of any other article in this Act, including articles 4 and 6, there shall be charged on every policy of insurance, wherever such policy is executed or used and in respect of which articles 25 and 25A do not make specific provision, a duty of eleven cents for every euro or part thereof of the agreed yearly premium, or, if a compounded premium is agreed upon as a lump sum payment, or a once only premium is otherwise payable, then of that agreed consideration:

Provided that -

(a) the minimum duty chargeable under this article shall be thirteen euro (€13);

(b) where the premium payable is less than thirteen euro (€13), the minimum duty chargeable shall be reduced to eleven of the amount of premium so per centum payable;

(c) no duty shall be chargeable on any policies of insurance in respect of Aviation, Marine Cargo, Marine Hull or Boat, Credit and Suretyship, and Medical Cover;

(d) duty under this article shall only be chargeable on policies relating to risks referred to in the definition of the term "risk situated in Malta" contained in article 2(1) of the Insurance Business Act;

(e) persons referred to in article 47(3) shall in no case be deemed to constitute persons as referred to in paragraph (d) of the definition of "risk situated in Malta" in the said article 2(1) of the Insurance

Business Act.