Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1436a:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1436A (pt 1/3)
Character Range: 5931798–5934458

1436A  Treatment of representatives—insurance agents
 (1) This section has effect despite anything else in this Subdivision, including sections 1436 and 1437.
 (2) This section applies if, immediately before the FSR commencement, a person is an insurance intermediary (but not an insurance broker) within the meaning of the Insurance (Agents and Brokers) Act 1984 as then in force because of an agreement they have with an insurer under section 10 of that Act. For the purposes of this section:
 (a) the person is the insurance agent; and
 (b) the agreement is the authorising agreement; and
 (c) the matters dealt with in the provisions included in the agreement in compliance with section 10 of that Act, and any other matters included in the agreement that are related to those matters, are the relevant matters; and
 (d) the insurer is the principal.
If, immediately before the FSR commencement, the person has more than one such agreement, this section applies separately in relation to each of those agreements.
 (3) For the purposes of this section, the transition period is the period starting on the FSR commencement and ending when the first of the following events occurs:
 (a) the period of 2 years starting on the FSR commencement ends;
 (b) the authorising agreement ceases to be in force;
 (c) the insurance agent has lodged with ASIC notice in writing that the agent no longer wants to be covered by the Insurance (Agents and Brokers) Act 1984:
 (i) from a specified date, being a date that is after the notice is given to ASIC; or
 (ii) from the end of a specified period, being a period that ends after the notice is given to ASIC;
  and that date arrives or period ends;
 (d) the insurance agent is granted a licence under section 913B (including as it has effect because of section 1434) of the amended Corporations Act that covers the insurance agent engaging in (as licensee) the range of activities that they previously engaged in as agent under the authorising agreement.
 (4) A notice (the original notice) given for the purposes of paragraph (3)(c) may before the date, or the end of the period, specified in the original notice as mentioned in that paragraph:
 (a) be varied to specify another date or period, being a date or period that would satisfy the requirements of subparagraph (3)(c)(i) or (ii) if the reference in that subparagraph to when the notice (being the original notice) is given to ASIC were instead a reference to when the notice of variation is given to ASIC under this subsection; or
 (b) be revoked.
The variation or revocation must be made by notice in writing lodged with ASIC.
 (5) Subject to subsection (7),