Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.7 - FINANCIAL SERVICES DISCLOSURE  

Division 3A - Cash Settlement Fact Sheet  

Subdivision A - When this Division applies  

SECTION 948B   948B   SITUATION IN WHICH THIS DIVISION APPLIES  


This Division applies in relation to the provision of a claims handling and settling service in the following circumstances:

(a)  the service is offering to settle all or part of a claim under a general insurance product using a cash payment;

(b)  the service is provided:


(i) by a financial services licensee (the providing entity ); or

(ii) by a person (the providing entity ) in their capacity as authorised representative of a financial services licensee (the authorising licensee ), or of 2 or more financial services licensees (the authorising licensees ); or

(iii) by another person on behalf of a financial services licensee (the providing entity ), or on behalf of 2 or more financial services licensees (each of which is a providing entity );

(c)  the service is provided to a person (the client ) as a retail client who is insured under the insurance product;

(d)  cash payment is not the only option legally available to the client to settle the claim, or the part of the claim.


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