Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.
(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.