Section 59 Penalty for policy of insurance not duly stamped

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(1) Every person who-

(a) receives, or takes credit for, any premium or consideration for any insurance, and does not, within one month after receiving, or taking credit for, the premium or consideration, make out and execute a duly stamped policy of insurance, or

(b) makes, executes, or delivers out, or pays or allows in account, or agrees to pay or allow in account, any money on or in respect of any policy which is not duly stamped,

shall incur a penalty of [€630]¹.

Amendments

1 Substituted by Finance Act 2001 section 240(2) and Schedule 5 as respects any act or omission which takes place or begins on or after 1 January 2002.

What penalty applies for failing to duly stamp an insurance policy or for paying out on an unstamped policy?

(1) A penalty of €630 applies if you:...

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(2) Subsection (1) shall not apply in relation to an insurance or a policy effecting an insurance if the insurance is such that a policy effecting it is exempt from all stamp duties.

What if the insurance policy is exempt from stamp duty?

(2) The rule in (1) does not apply if the insurance policy is exempt from stamp duty.