Queensland Consolidated Acts Queensland Consolidated Acts(1) For this chapter, a premium is paid when the first of the following happens—
(a) the premium is received by the insurer;
(b) a part of the premium is received by the insurer.
(2) For subsection (1), a premium or part of a premium is taken to be received by an insurer if—
(a) it is received by the insurer or another person on behalf of the insurer; or
(b) an account of the insurer is credited with the amount of the premium or part of the premium.