Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE  

Division 4 - Special provisions relating to insurance  

SECTION 985C   REGULATIONS MAY IMPOSE OTHER REQUIREMENTS ETC. IF FINANCIAL SERVICES LICENSEE IS NOT THE INSURER  

985C(1)   [ Regulations]  

The regulations may impose requirements to be complied with by a financial services licensee in relation to, or make other provision dealing with, a situation specified in subsection (2) that arises in relation to a contract or proposed contract of insurance under which the licensee is not the insurer.

985C(2)   [ Situations]  

The situations are as follows:


(a) the licensee receives an amount as a premium or instalment of premium;


(b) the licensee does not receive an amount as a premium or instalment of premium by a particular time;


(c) the licensee is not aware of the amount of a premium or instalment of premium that is to be paid;


(d) the licensee receives money from the insured or intending insured but the risk or part of the risk has not been accepted by a particular time;


(e) the licensee receives money from the insurer for payment to or on behalf of the insured.


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