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 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE

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CCH note - modifying legislative instruments: The application of Pt 7.8 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (Div 8 only) (as amended by ASIC Corporations (Amendment) Instrument 2024/554).

For legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.8, 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.

Division 4 - Special provisions relating to insurance

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CCH Note: Division 4 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

SECTION 985C REGULATIONS MAY IMPOSE OTHER REQUIREMENTS ETC. IF FINANCIAL SERVICES LICENSEE IS NOT THE INSURER

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CCH Note: Section 985C is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

985C(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.

985C(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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