Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (135 of 2020)

Schedule 7   Claims handling and settling services

Corporations Act 2001

5   After section 761C

Insert:

761CAA Meaning of claimant intermediary

(1) A person is a claimant intermediary if the person:

(a) carries on a business of representing persons insured under insurance products in pursuing claims under those products; and

(b) represents those persons insured for a benefit given as consideration for that service, whether a monetary benefit or otherwise and whether given to the person providing the services or another person nominated by that person.

(2) The regulations may prescribe circumstances in which a person is not a claimant intermediary despite subsection (1).