Document ID: chunk:federal_register_of_legislation:C2004A04724:body:0:p6
Version: federal_register_of_legislation:C2004A04724
Segment Type: other
Provision Reference: 
Character Range: 13356–16055

has no effect if it purports to permit the contract to be cancelled by a person (the 'premium funder') who has entered into a loan agreement with the insured for the provision of all or a part of the premium payable under the contract if the insured is unable or unwilling to comply with the terms of the loan agreement.

  "(8) In this section:

'nominated provision' means:

  (a) paragraph 19(1)(b); or

  (b) subparagraph 31B(1)(a)(ii) or (b)(ii).

Approved form

"9C.(1) In this Act, a reference to an approved form is a reference to a form that is approved, by written instrument, by the Commissioner.

"(2) The instrument by which a form is approved under subsection (1) after this section commences is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.".

Insurance intermediaries other than brokers to operate under written agreements

13. Section 10 of the Principal Act is amended by inserting after subsection (2) the following subsection:

"(2A) An agreement referred to in this section must specify whether an insurance intermediary can appoint a person as his or her agent for the purposes of the agreement.".

Liability for conduct of agents and employees

  14. Section 11 of the Principal Act is amended:

     (a) by omitting subsection (1) and substituting the following subsections:

     "(1) This section applies to any conduct of an employee or agent of an insurer:

        (a) on which a person in the circumstances of the insured or intending insured could reasonably be expected to rely; and

    (b) on which the insured or intending insured in fact relied in good faith.

"(1A) An insurer is responsible, as between the insurer and the insured or intending insured, for the conduct of an employee of the insurer in relation to any matter relating to insurance, whether or not the employee acted within the scope of his or her employment.

"(1B) If a person is the agent of one insurer only, the insurer is responsible, as between the insurer and the insured or intending insured, for the conduct of the agent in relation to any matter relating to insurance, whether or not the agent acted within the scope of the authority granted by the insurer.

  "(1C) If:

    (a) a person who is the agent of more than one insurer is the agent of one insurer only in respect of a particular class of insurance business; and

    (b) the person engages in the conduct in relation to any matter relating to that class of insurance business;

the insurer who granted the agency agreement in respect of that class of insurance business is responsible for the conduct, as between the insurer and the insured or intending insured, whether or