Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p41
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 41/49)
Character Range: 1084684–1087255

of a premium in connection with a contract of insurance or a proposed contract of insurance; and
 (b) the risk, or a part of the risk, to which the contract or proposed contract relates is accepted by or on behalf of an insurer; and
 (c) the financial services licensee who so received the money is informed of, or otherwise ascertains, the amount of the premium or instalment to be paid.
 (2) The financial services licensee who received the money must pay to the insurer an amount equal to the amount of the premium or instalment to be paid:
 (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.
 (3) If the financial services licensee has not received the amount of the premium, or of an instalment of the premium, payable in respect of a contract of insurance at the end of the relevant period, the financial services licensee must notify the insurer in writing, not later than 7 days after the end of the relevant period, that the financial services licensee has not received the amount.
 (4) Subregulation (3) does not apply if the financial services licensee receives the amount:
 (a) in the period of 7 days mentioned in subregulation (3); and
 (b) before notifying the insurer in accordance with subregulation (3).
 (5) Subregulations (6) and (7) apply if:
 (a) a financial services licensee receives money from, or on behalf of:
 (i) an insured or intending insured; or
 (ii) another financial services licensee on behalf of an insured or intending insured;
  as a premium or an instalment of a premium in connection with a contract of insurance or a proposed contract of insurance; and
 (b) the risk, or a part of the risk, to which the contract or proposed contract relates is accepted by or on behalf of an insurer; and
 (c) the financial services licensee who received the money has not been informed of, and has not otherwise ascertained, the amount of the premium or instalment to be paid.
 (6) The financial services licensee who received the money must pay the amount mentioned in subregulation (7) to the 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