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 - modifying legislative instruments: The application of Pt 7.7 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: Class Order 14/1262: Relief for 31 Day Notice Term Deposits; the ASIC Corporations (Disclosure of Lack of Independence) Instrument 2021/125 (as amended by ASIC Corporations (Amendment) Instrument 2024/554); and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (as amended by ASIC Corporations (Amendment) Instrument 2024/554).
For other legislative instruments or class orders that affect the application of Pt 7.7, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
CCH 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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