Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 948B

                   This Division applies in relation to the provision of a claims handling and settling service in the following circumstances:

                     (a)  the service is offering to settle all or part of a claim under a general insurance product using a cash payment;

                     (b)  the service is provided:

                              (i)  by a financial services licensee (the providing entity ); or

                             (ii)  by a person (the providing entity ) in their capacity as authorised representative of a financial services licensee (the authorising licensee ), or of 2 or more financial services licensees (the authorising licensees ); or

                            (iii)  by another person on behalf of a financial services licensee (the providing entity ), or on behalf of 2 or more financial services licensees (each of which is a providing entity );

                     (c)  the service is provided to a person (the client ) as a retail client who is insured under the insurance product;

                     (d)  cash payment is not the only option legally available to the client to settle the claim, or the part of the claim.