Document ID: chunk:federal_register_of_legislation:C2004A04724:body:0:p27
Version: federal_register_of_legislation:C2004A04724
Segment Type: other
Provision Reference: 
Character Range: 66511–69229

(2A) and (2B) so far as a particular class of insurer and particular insurance business are concerned:

        (a) any money received by the person on behalf of that insurer in respect of that insurance business before the day on which the person ceased to be so exempt must be paid to the insurer within 30 days after that day; and

        (b) any money applied in settlement of a claim against the insurer before the day on which the person ceased to be so exempt is to be treated, for the purposes of paragraph (a), to have been paid to the insurer when it was so applied.

      "(3) If:

        (a) money referred to in subsection (2A) or (2B) is paid to the person; and

        (b) the money is paid by cheque (other than a cheque payable to the insurer);

    the money is taken to have been paid to the person when the cheque was received by the person.";

    (c) by omitting from subsection (3A) "subsection (3)" and substituting "subsection (2A), (2B), (2C) or (2D)";

    (d) by omitting from subsection (3B) "subsection (3)" and substituting "subsection (2A), (2B), (2C) or (2D)";

    (e) by omitting from subsection (4) "or (3)" and substituting ", (2A), (2B), (2C) or (2D)".

Insertion of new section

  30. After section 37 of the Principal Act the following section is inserted:

Commissioner may grant exemptions from certain requirements under section 37

"37A.(1) An insurance intermediary who is the agent of an insurer in respect of a class of insurance business may apply to the Commissioner to be granted an exemption from the requirements of subsections 37(2A) and (2B) in respect of money received in relation to contracts of insurance with that insurer in respect of a class of insurance business to which the agency agreement relates.

"(2) An insurance intermediary is not entitled to be granted such an exemption in relation to an insurer and a class of insurance business unless the Commissioner is satisfied:

    (a) that the intermediary will be acting under a binder given by the insurer in respect of the insurance business; and

    (b) that the nature of the business of the intermediary is such that it is not commercially practicable for the intermediary to comply with the requirements of subsections 37(2A) and (2B); and

  (c) the insurer consents to the intermediary being granted the exemption.

"(3) An application by an insurance intermediary for an exemption in relation to an insurer and a class of insurance 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