Superannuation (Resolution of Complaints) Act 1993 (Repealed)
View history note
Hide history noteFor the purpose of reviewing the conduct of an insurer, or of a representative of an insurer, that is the subject of a complaint under section 15A concerning the sale of an annuity policy:
(a) the Tribunal has all the powers, obligations and discretions that are conferred on the insurer; and
(b) subject to subsection (4), must make a determination in accordance with subsection (2). 37B(2) [Tribunal's determination]
On reviewing the conduct of an insurer, or of a representative of an insurer that is the subject of a complaint under section 15A , the Tribunal must make a determination in writing, so far as concerns the annuity policy to which the complaint relates, either:
(a) doing all or any of the following:
(i) setting aside the whole or a part of the policy in its application to the complainant;
(ii) varying the terms of the policy in their application to the complainant;
(iii) requiring any party to the policy to repay all money or particular money received under the policy together with interest worked out in a manner prescribed in the regulations; or
(b) declaring that, in all the circumstances of the case, action of a kind referred to in paragraph (a) is not appropriate. 37B(3) [Extent of determination]
The Tribunal may only exercise its determination-making power under subsection (2) for the purpose of placing the complainant as nearly as practicable in such a position that the unfairness, unreasonableness, or both, that the Tribunal has determined to exist in relation to the conduct of the insurer, or of a representative of the insurer that is the subject of the complaint no longer exists.
37B(4) [No determination if insurer's conduct fair and reasonable]The Tribunal must not make a determination under subsection (2) to take action of a kind referred to in paragraph (2)(a) in respect of a complaint under section 15A concerning the conduct of an insurer or of a representative of an insurer, if the Tribunal is of the view that the conduct of the insurer, or of the insurer's representative, was fair and reasonable in all the circumstances.
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