Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 948B

    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

  (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 );

  (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.