Commonwealth Numbered Acts

Insurance (Agents and Brokers) Act 1984 No. 75 of 1984 - SECT 29

29. (1) A life insurance broker is not bound by an agreement, arrangement or
understanding with an insurer in so far as the agreement, arrangement or
understanding requires the broker to arrange or effect some or all contracts
of life insurance, or some or all contracts of life insurance of a particular
class, with that insurer only and with no other insurer.

(2) A general insurance broker is not bound by an agreement, arrangement or
understanding with an insurer in so far as the agreement, arrangement or
understanding requires the general insurance broker to arrange or effect some
or all contracts of insurance (other than contracts of life insurance), or
some or all contracts of insurance (other than contracts of life insurance) of
a particular class, with that insurer only and with no other insurer.

(3) Neither sub-section (1) nor (2) applies to so much of an agreement,
arrangement or understanding as relates to contracts of insurance effected
under a binder.

(4) The operation of sub-sections (1) and (2) extends to agreements,
arrangements and understandings made or entered into before the commencement
of this section or, in relation to an external Territory to which this Act
extends, before this section commences to have effect in that Territory.

(5) A person shall not-

   (a)  make, or offer to make, an agreement or arrangement, or enter into, or
        offer to enter into, an understanding, that, under the preceding
        provisions of this section, would not be binding on him; or

   (b)  act upon or under such an agreement, arrangement or understanding.

Penalty:

   (a)  in the case of a natural person-$2,000 or imprisonment for 1 year, or
        both; or

   (b)  in the case of a corporation-$10,000.