False or misleading conduct by insurers and insurance intermediaries
103EB False or misleading conduct by insurers and insurance intermediaries
In this section—
insurance intermediary means—
a person who arranges contracts of insurance in New South Wales—
for reward, or
as an agent for a person carrying on a business of insurance, or
a financial services licensee (as defined in section 761A of the Corporations Act 2001 of the Commonwealth) whose licence covers arranging contracts of insurance as an agent for a person carrying on a business of insurance, or
a regulated principal (as defined in section 1430 of the Corporations Act 2001 of the Commonwealth) when carrying on business as an insurance broker as authorised by Subdivision D of Division 1 of Part 10.2 of that Act.
insurer means a person who carries on insurance business as defined in the Insurance Act 1973 of the Commonwealth.
An insurer or insurance intermediary must not make a representation with respect to any insurance (whether by means of an advertisement or otherwise) that could reasonably be expected to cause a person to believe that the insurance meets the requirements of this Act, unless the insurance meets those requirements.
An insurer or insurance intermediary who contravenes this section is guilty of an offence.
Maximum penalty—200 penalty units.
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