Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.7 - FINANCIAL SERVICES DISCLOSURE  

Division 3A - Cash Settlement Fact Sheet  

Subdivision A - When this Division applies  

SECTION 948B  

948B   SITUATION IN WHICH THIS DIVISION APPLIES  

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.