Document ID: chunk:federal_register_of_legislation:C2024C00063:section:14a
Version: federal_register_of_legislation:C2024C00063
Segment Type: section
Provision Reference: s 14A
Character Range: 41967–43058

14A  Powers of ASIC—insurer's failure to comply with the duty of the utmost good faith in relation to handling or settlement of claims
 (1) This section applies if an insurer under a contract of insurance has failed to comply with the duty of the utmost good faith in the handling or settlement of a claim or potential claim under the contract.
 (2) Despite any provision of Chapter 7 of the Corporations Act 2001 or any regulation made under that Chapter, ASIC may exercise its powers under Subdivision C of Division 4 of Part 7.6 of that Act or Subdivision A of Division 8 of that Part in relation to the insurer as if the insurer's failure to comply with the duty of the utmost good faith were a failure by the insurer to comply with a financial services law (within the meaning of the Corporations Act 2001).
Note: Subdivision C of Division 4 of Part 7.6 of the Corporations Act 2001 deals with variation, suspension and cancellation of an Australian financial services licence, and Subdivision A of Division 8 of that Part deals with banning persons from providing financial services.