Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_985c
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 985C
Character Range: 467611–468624

985C  Regulations may impose other requirements etc. if financial services licensee is not the insurer

 (1) The regulations may impose requirements to be complied with by a financial services licensee in relation to, or make other provision dealing with, a situation specified in subsection (2) that arises in relation to a contract or proposed contract of insurance under which the licensee is not the insurer.

 (2) The situations are as follows:
 (a) the licensee receives an amount as a premium or instalment of premium;
 (b) the licensee does not receive an amount as a premium or instalment of premium by a particular time;
 (c) the licensee is not aware of the amount of a premium or instalment of premium that is to be paid;
 (d) the licensee receives money from the insured or intending insured but the risk or part of the risk has not been accepted by a particular time;
 (e) the licensee receives money from the insurer for payment to or on behalf of the insured.

Division 5—Obligations to report