New South Wales Consolidated Acts
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HOME BUILDING ACT 1989 - SECT 103EB
False or misleading conduct by insurers and insurance intermediaries
103EB False or misleading conduct by insurers and insurance intermediaries
(1) In this section--
"insurance intermediary" means-- (a) a person who arranges contracts of
insurance in New South Wales-- (i) for reward, or
(ii) as an agent for a
person carrying on a business of insurance, or
(b) a financial services
licensee (as defined in section 761A of the Corporations Act 2001 of the
Commonwealth) whose licence covers arranging contracts of insurance as an
agent for a person carrying on a business of insurance, or
(c) a regulated
principal (as defined in section 1430 of the Corporations Act 2001 of the
Commonwealth) when carrying on business as an insurance broker as authorised
by Subdivision D of Division 1 of Part 10.2 of that Act.
"insurer" means a person who carries on insurance business as defined in the
Insurance Act 1973 of the Commonwealth.
(2) An insurer or
insurance intermediary must not make a representation with respect to any
insurance (whether by means of an advertisement or otherwise) that could
reasonably be expected to cause a person to believe that the insurance meets
the requirements of this Act, unless the insurance meets those requirements.
(3) An insurer or insurance intermediary who contravenes this section is
guilty of an offence. : Maximum penalty--200 penalty units.
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