Commonwealth Numbered Acts

Insurance (Agents and Brokers) Act 1984 No. 75 of 1984 - SECT 32

PART IV-MISCELLANEOUS

32. (1) Where an insurance broker arranges or effects a contract of insurance-

   (a)  he shall, as soon as it is reasonably practicable for him to do so,
        give to the insured particulars in writing of any fees or other
        amounts charged by the insurance broker in respect of his services in
        connection with the contract; and

   (b)  if requested to do so by the insured, he shall, as soon as it is
        reasonably practicable for him to do so, give to the insured
        particulars of any commission or other remuneration or benefit
        received by him from the insurer in respect of his services in
        arranging or effecting the contract.

(2) If an insurance broker who arranges or effects a contract of insurance
gives to the insured particulars of any premiums payable, or charges imposed
by law, in respect of the contract, he shall cause the particulars of fees or
other amounts given by him to the insured under sub-section (1) to be shown
separately from particulars of those premiums or charges.

(3) Paragraph (1) (b) does not have effect where the contract of insurance was
effected under a binder and the broker has complied with the requirements of
section 16.

(4) Where the contract of insurance is one of a number of contracts of
insurance arranged or effected by the broker as a group of contracts of
insurance, it is sufficient compliance with sub-section (1) if the broker
gives the required particulars in relation to the group of contracts.

(5) An insurance broker shall, as soon as is reasonably practicable after he
has arranged or effected a contract of insurance (including a contract of
insurance effected by him under a binder), inform the insured of the name of
the insurer and of a place of business of the insurer.

(6) It is a sufficient compliance with so much of sub-section (5) as requires
the insurance broker to inform the insured of the name of the insurer if, in
relation to a contract of insurance with Lloyd's underwriters, or with Lloyd's
underwriters and others, the insurance broker informs the insured that
the contract was arranged or effected with ''Lloyd's'', or with ''Lloyd's''
and other specified insurers, as the case may be.
(7) In sub-section (6), ''Lloyd's underwriters'' has the same meaning as it
has in the Insurance Act 1973.

Penalty:

   (a)  in the case of a natural person-$1,000; or

   (b)  in the case of a corporation-$5,000.