Western Australian Current Acts Western Australian Current Acts (1) The Commissioner
may, from time to time, make arrangements for or in respect of the provision
to licensees of fidelity insurance and professional indemnity insurance on
such terms and conditions as the Commissioner thinks fit and, for that
purpose, may, from time to time, enter into a Master Policy Agreement with an
insurer appointed by the Commissioner and do all such acts or things that the
Commissioner deems necessary or expedient for giving effect thereto.
(2) An arrangement in
terms of subsection (1) may include provision with respect to any one or more
of the following matters —
(a) the
terms and conditions of the fidelity insurance and professional indemnity
insurance; and
(b)
subject to subsection (3), the amount or amounts of insurance cover to be
provided; and
(c) the
amount or amounts payable by way of premiums; and
(d) the
period during which the insurance is to be provided; and
(e) the
issue of certificates of insurance to licensees and the form of those
certificates; and
(f) any
other matters in connection with the fidelity insurance and professional
indemnity insurance.
(3) The minimum
insurance cover for each agent under a policy effected in accordance with
subsection (1) for fidelity insurance and professional indemnity insurance
shall be the sum of $250 000 for each claim.
(4) The Commissioner
may, from time to time, negotiate such rescission or variation of the
arrangement referred to in subsection (1) as the Commissioner considers
necessary or expedient.
(5) Where the
Commissioner has entered into a Master Policy Agreement in accordance with
subsection (1) the Commissioner shall, by notice published in the Government
Gazette , advertise the fact that a policy has been effected under this
section and of the details of the policy and thereupon the provisions of this
section apply for so long as that Agreement remains in force.
(6) If the provisions
of this section apply, a licensee who is the holder of a triennial certificate
must —
(a)
remain insured under the Master Policy Agreement during the currency of the
triennial certificate; and
(b) hold
a current certificate of insurance; and
(c)
produce to the Commissioner —
(i)
the first certificate of insurance held by the licensee;
and
(ii)
if a certificate of insurance held by the licensee ceases
to be of full force and effect — a replacement certificate of insurance;
and
(d) pay
all premiums payable by the licensee under the Master Policy Agreement and
certificate of insurance; and
(e)
comply with the provisions of the Master Policy Agreement and certificate of
insurance that apply to the licensee.
(7) A licensee who
does not comply with an obligation under subsection (6)(b) or (c) is taken not
to be the holder of a triennial certificate until the licensee complies with
the obligation.
[(8) deleted]
(9) Nothing in this
section affects the right of a settlement agent to take out additional
fidelity insurance or professional indemnity insurance.
[Section 35 amended: No. 51 of 1986 s. 46; No. 58
of 2010 s. 176; No. 7 of 2022 s. 50.]