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CORPORATIONS ACT 2001 - SECT 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.



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