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

Schedule 7   Claims handling and settling services

Corporations Act 2001

6   After section 761D

Insert:

761DA Meaning of insurance claims manager

(1) A person is an insurance claims manager if:

(a) the person carries on a business of providing claims handling and settling services on behalf of one or more insurers; and

(b) where the person, as part of that business, also provides goods or other services - providing claims handling and settling services on behalf of one or more insurers is the primary part of the business.

(2) The regulations may prescribe:

(a) circumstances in which, for the purposes of subsection (1), providing claims handling and settling services on behalf of one or more insurers is taken to be the primary part of a business carried on by a person; and

(b) circumstances in which, for the purposes of subsection (1), providing claims handling and settling services on behalf of one or more insurers is taken not to be the primary part of a business carried on by a person.