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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE    View history reference

Division 4 - Special provisions relating to insurance    View history reference

SECTION 985D  FINANCIAL SERVICES LICENSEES ETC. NOT TO DEAL IN GENERAL INSURANCE PRODUCTS FROM UNAUTHORISED INSURERS ETC.  

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985D(1)  [General insurance product must be from authorised insurer]  


A financial services licensee, or an authorised representative of a financial services licensee, must not deal in a general insurance product if the insurer for the product, or (if there is more than one insurer for the product) each insurer for the product, is not at least one of the following:


(a) a general insurer within the meaning of the Insurance Act 1973;


(b) a Lloyd's underwriter within the meaning of that Act;


(c) a person in respect of whom a determination is in force, under subsection 7(1) of that Act, that subsection 9(1) or 10(1) or (2) of that Act does not apply (the effect of which is the effect referred to in paragraph 9(1)(c), 10(1)(c) or 10(2)(c) of that Act (as the case requires)).

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

985D(2)  [Application]  


Subsection (1) does not apply in relation to a general insurance product if, because of section 3A of the Insurance Act 1973, undertaking liability under the contract of insurance concerned is not, or would not be, insurance business for the purposes of that Act.

Note: A defendant bears an evidential burden in relation to the matters in subsection (2) (see subsection 13.3(3) of the Criminal Code).

985D(3)  [Application to Lloyd's underwriter]  


Paragraph (1)(b) ceases to apply after section 93 of the Insurance Act 1973 has ceased to have effect.

985D(4)  [Offence of strict liability]  


An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.


 



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