7.7A.12EB
CurrentLife risk insurance products—clawback requirements related to cancellation etc.
Chapter 7Financial services and markets
Part 7.7ABest interests obligations and remuneration
Division 4Conflicted remuneration
Subdivision 3Monetary benefits that relate to life risk insurance products
7.7A.12EB Life risk insurance products—clawback requirements related to cancellation etc.
For the purposes of subparagraph 963BA(3)(a)(i) of the Act, the prescribed circumstances are that the life risk insurance product, or the relevant one of the life risk insurance products, is cancelled or is not continued because:
(a)
the person insured dies; or
(b)
the person insured commits an act of self‑harm; or
(c)
the person insured reaches an age that, under the terms of the life risk insurance product under which the person is insured, has the result that the product is cancelled or is not continued; or
(d)
an administrative error has been made.
This Act’s bill:Explanatory statement
Research tools for this sectionSubscription
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.