CORPORATIONS REGULATIONS 2001 - REG 10.2.60 Special provisions relating to insurance: financial services licensee who was formerly a registered insurance broker
CORPORATIONS REGULATIONS 2001 - REG 10.2.60
Special provisions relating to insurance: financial services licensee who was formerly a registered insurance broker(1) For section 1444 of the Act, this regulation applies in relation to a financial services licensee who is a regulated principal mentioned in item 5 of the table in section 1430 of the Act, and whose financial services licence covers regulated activities for a regulated principal of that kind, in relation to:
(i) received by the person before the end of the transition period in relation to the person in the capacity of a regulated principal of that kind; and
(ii) to which section 27 of the Insurance (Agents and Brokers) Act 1984 applied; and
(b) contracts of insurance arranged or effected by the person (either directly or through another person) before the end of the transition period in relation to the person in the capacity of a regulated principal of that kind; and
(c) proposed contracts of insurance of the kind mentioned in paragraph (b).
(2) Section 27 (other than subsections 27(3) and (5)) of the Insurance (Agents and Brokers) Act 1984 , and any associated provisions, continue to apply to the regulated principal after the end of the transition period in relation to:
(a) the person in the capacity of a regulated principal of that kind; and
as if the licensee were a registered insurance broker within the meaning of the Insurance (Agents and Brokers) Act 1984 .
(3) Subsection 27(3) of the Insurance (Agents and Brokers) Act 1984 , and any associated provisions, continue to apply to the regulated principal after the end of the transition period in relation to the person in the capacity of a regulated principal of that kind, in relation to contracts of insurance mentioned in paragraph (1)(b).
(4) Subsection 27(5) of the Insurance (Agents and Brokers) Act 1984 , and any associated provisions, continue to apply to the regulated principal after the end of the transition period in relation to the person in the capacity of a regulated principal of that kind, in relation to contracts of insurance, or proposed contracts of insurance, mentioned in paragraphs (1)(b) and (c) for which:
(a) the risk or part of the risk to which the contract or proposed contract relates is accepted by or on behalf of an insurer; and
(b) the person has not been informed of, and has not otherwise ascertained, the amount of a premium or an instalment of a premium to be paid in connection with the contract or proposed contract;
as if the person was still a registered insurance broker within the meaning of
the Insurance (Agents and Brokers) Act 1984 .