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CORPORATIONS ACT 2001 - SECT 766G Meaning of claims handling and settling service

CORPORATIONS ACT 2001 - SECT 766G

Meaning of claims handling and settling service

  (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.

  (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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