Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 985C

  (1)   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.

  (2)   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.