232 When is a premium “paid”?
(1) A premium, or an instalment of a premium, is paid for the purposes
of this Chapter when the first of the following events occurs:
(a) the premium or instalment is received by the insurer,
(b) an account of the insurer is credited with the amount of the
premium or instalment.
(2) A premium or instalment of a premium (apart from the case where
the premium or instalment is received directly by an insurer) is taken to have
been received by an insurer if it is received by another person on the