Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteCCH Note: Division 3A is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
CCH Note: Subdivision A is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
CCH Note: Section 948B is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
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
(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.
(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 );
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