Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p42
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 42/49)
Character Range: 1087044–1089576

insurer:
 (a) in the period of 90 days (the relevant period) after:
 (i) the day on which the cover provided by the insurer under the contract starts to have effect; or
 (ii) the first day of the period to which the instalment relates; or
 (b) if it is not practicable for the financial services licensee to pay the amount in the relevant period—as soon as practicable after the end of that period.
 (7) For subregulation (6), the amount is:
 (a) for a new contract of insurance, an amount not less than the lesser of:
 (i) the amount of the money received; or
 (ii) 75% of the amount fairly estimated by the financial services licensee to be the premium or instalment that is to be paid; and
 (b) for a renewal of a contract of insurance, an amount not less than the lesser of:
 (i) the amount of the money so received; or
 (ii) 75% of the previous year's premium for the risk, or of the last instalment of that years premium.
 (8) Subregulation (9) applies if:
 (a) the risk, or a part of the risk, to which a contract of insurance or a proposed contract of insurance relates is accepted by or on behalf of an insurer; and
 (b) the contract of insurance or proposed contract of insurance has been, or is being, arranged or effected by a financial services licensee (licensee 1), either directly or through another financial services licensee; and
 (c) licensee 1 has not been informed of, and has not otherwise ascertained, the amount of a premium or of an instalment of a premium to be paid in connection with the contract or proposed contract.
 (9) Licensee 1 must, notify the insurer in writing, within 10 days after the day on which the risk, or that part of the risk, was accepted, that:
 (a) the risk, or that part of the risk, has been accepted; and
 (b) licensee 1 does not know the amount of the premium or instalment to be paid;
unless licensee 1 is informed of, or otherwise ascertains, the amount of the premium or instalment to be paid before notifying the insurer.
 (10) Nothing in this regulation prevents:
 (a) an insurer from making a contract or arrangement with a financial services licensee providing for the financial services licensee to pay an amount to the insurer before the time by which the financial services licensee is required by the provision concerned to pay that amount to the insurer; or
 (b) an insurer from authorising a financial services licensee in writing to pay on behalf of the insurer, out of the money received by the financial services licensee as a premium or instalment of a premium