This recent piece on GST is from the Ministry of Finance….
The Minister of Finance has approved that the following insurance policies sold before 1 April 2015 with coverage spanning 1 April 2015 will be subject to relief from GST:-
i. Fire policy inclusive of basic fire policy and/or houseowner/householder policy; and
ii. Motor policies with third party cover, third party, fire and theft cover and/or comprehensive cover.
The above approval is granted in accordance with Sub-section 56(3)b of the Goods and Services Tax 2014. Also, the premium attaching to those policies must have been paid before 1 April 2015.
The above type of policies sold before 1 April 2015 with cover incepting on or after 1 April 2015 will be subject to the full 6% GST.