Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p43
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 43/49)
Character Range: 1089350–1091957

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 in respect of a contract of insurance arranged with the insurer, any charges required by law to be paid by the insurer in respect of the contract; or
 (c) a financial services licensee from exercising any legal right available to the financial services licensee to deduct from any moneys payable by the financial services licensee to the insurer any remuneration payable by the insurer to the financial services licensee in relation to a contract of insurance.
 (11) For subregulation (1) or (5), if the risk, or a part of the risk, to which a contract or proposed contract mentioned in that subregulation is accepted on behalf of an insurer by an insurance intermediary other than the insurance financial services licensee who received the moneys from or on behalf of the insured or intending insured, the payment of the premium, or part of the premium, by the financial services licensee to the intermediary is taken to be a payment of the premium or part of the premium by the financial services licensee to the insurer.
 (12) For subregulation (3) or (8), if:
 (a) a financial services licensee is required to notify an insurer in accordance with that subregulation; and
 (b) an insurance intermediary other than the financial services licensee has accepted the risk, or a part of the risk, to which the contract or proposed contract relates on behalf of the insurer;
a notification by the financial services licensee to the intermediary is taken to be a notification by the financial services licensee to the insurer.
 (13) Subregulations (14) and (15) apply if:
 (a) a financial services licensee receives money from, or on behalf of, an insured or intending insured in connection with a contract of insurance or proposed contract of insurance; and
 (b) at the end of 30 days after the day on which the money was received, the risk, or a part of the risk, to which the contract or proposed contract relates has not been accepted.
 (14) If the risk has not been accepted, the financial services licensee must, within 7 days after the end of the 30 day period:
 (a) give notice to the insured or intending insured, in a form (if any) approved by ASIC for this paragraph, that the risk has not been accepted; and
 (b) return the money to the insured or intending insured.
 (15) If a part of the risk to which the contract or proposed contract relates has not been accepted, the