A NSW Court of Appeal ruling that entitles some insurance clients to significant stamp duty refunds has attracted only a muted response, according to industry sources.

Last July the court upheld a decision in the case of Qantas Airways v Chief Commissioner of State Revenue that found stamp duty was not payable under the NSW Duties Act on premiums paid to insurers not authorised by the Australian Prudential Regulation Authority before June 20 2006.

These include unauthorised foreign insurers. Stamp duty refunds were estimated at $50 million in the wake of the case, with Qantas alone saving $5.1 million.

The Queensland Office of State Revenue decided in January to provide limited stamp duty refunds on business placed with unauthorised foreign insurers and Lloyd’s underwriters.

It agreed to pay refunds for duty paid on premiums received between December 8 2009 and January 13 of this year, including to insured parties where duty is paid directly to the commissioner.

“Insurance brokers will be able to claim bulk refunds for clients who paid the broker premium on relevant policies during the applicable period,” brokers Marsh said in a client briefing this month.

But sources told insuranceNEWS.com.au that the decisions by NSW and Queensland haven’t resulted in a rush of applications. “Some companies will find the refund calculations quite difficult, so it may take some time,” one industry source said.

The decision appears a token concession following earlier agreement by NSW and ACT officials to pay refunds which in some cases extend over several years.

Even in those states insuranceNEWS.com.au understands the case has prompted only a limited number of client enquiries.