Document ID: chunk:federal_register_of_legislation:C2004A04724:body:0:p28
Version: federal_register_of_legislation:C2004A04724
Segment Type: other
Provision Reference: 
Character Range: 68975–71776

business must:

  (a) be made in writing; and

  (b) be in an approved form; and

  (c) contain:

        (i) particulars of the binder given by the insurer; and

        (ii) a statement of the reasons why the intermediary contends that the relationship between the intermediary and the insurer is such that it is not commercially practicable to comply with the requirements of subsections 37(2A) and (2B); and

        (iii) such other particulars as the approved form requires; and

  (d) be accompanied by:

        (i) a copy of the agency agreement with the insurer; and

        (ii) a statement by the insurer to the effect that the insurer has no objection to the grant of the exemption.

"(4) If the Commissioner decides, having regard to the application and to the accompanying documents, to grant the insurance intermediary the exemption sought:

  (a) the Commissioner must inform the insurance intermediary:

        (i) of the granting of the exemption and of the date on which it is granted; and

        (ii) of any terms and conditions to which the exemption is subject; and

     (b) the Commissioner must, as soon as practicable, notify the granting of the exemption, in relation to the insurer and insurance business in the Gazette.

"(5) If the Commissioner decides, having regard to the application and to the accompanying documents, not to grant the exemption, the Commissioner must inform the insurance intermediary of the Commissioner's decision and of the reasons for that decision.

"(6) An exemption granted to an insurance intermediary in respect of an insurer and a class of insurance business applies to all money received by the intermediary on behalf of that insurer in respect of that business on or after the day it is granted and while it remains in force.

"(7) The Commissioner may, by notice in writing, revoke an exemption granted to an insurance intermediary in respect of a particular insurer and particular insurance business:

  (a) if:

        (i) the intermediary, or a director, employee or agent of the intermediary, has, whether before or after the grant of the exemption and whether before or after the commencement of this section, been convicted of an offence against this Act or against any other law, whether of the Commonwealth, of a State or Territory, or of another country, in respect of conduct relating to insurance;

        (ii) the Commissioner is of the opinion that the offence renders the intermediary unfit to be exempt from the requirements of subsections 37(2A) and (2B); or

     (b) if the intermediary, or a director, employee or agent of the intermediary, becomes bankrupt or insolvent; or

     (c) if the intermediary ceases to be an agent of the insurer, or ceases to be an agent of the insurer in respect of that class of