Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.1 - PRELIMINARY  

Division 4 - When does a person provide a financial service?  

SECTION 766G   MEANING OF CLAIMS HANDLING AND SETTLING SERVICE  

766G(1)  
A person provides a claims handling and settling service if:

(a)  the person makes a recommendation, or states an opinion, in the following circumstances:


(i) the recommendation, or statement of opinion, is made in response to an inquiry by or on behalf of another person about an existing or a potential claim by the other person under an insurance product;

(ii) the recommendation, or statement of opinion, could reasonably be expected to influence a decision whether to continue with the existing claim or to make the potential claim; or

(b)  the person assists another person to make a claim under an insurance product; or

(c)  the person represents a person insured under an insurance product in pursuing a claim under the product; or

(d)  the person assesses whether an insurer has a liability under an insurance product, or provides assistance in relation to such an assessment; or

(e)  the person makes a decision to accept or reject all or part of a claim under an insurance product; or

(f)  the person quantifies the extent of the insurer ' s liability to another person under an insurance product, or provides assistance in relation to the quantification of the extent of such a liability; or

(g)  the person offers to settle all or part of a claim under an insurance product; or

(h)  the person satisfies a liability of the insurer under an insurance product in full or partial settlement of a claim under the insurance product.

766G(2)  
For the purposes of this Act, a claims handling and settling service provided in relation to an insurance product is to be treated as having been provided to the insured under the insurance product (who may be a person insured as a third party beneficiary under the contract of insurance that constitutes the insurance product, within the meaning of the Insurance Contracts Act 1984 ).


 

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