Offence—unlicensed insurers and providers
105A Offence—unlicensed insurers and providers
A person must not enter into a contract of insurance to provide insurance under Part 6 unless the person is a licensed insurer.
Maximum penalty—1,000 penalty units.
A person must not enter into a contract or arrangement to provide cover by means of an alternative indemnity product unless the person is a licensed provider.
Maximum penalty—1,000 penalty units.
If a person contravenes this section, or any condition to which a licence under this Part is subject, the building cover contract remains a valid contract or arrangement and the contravention does not annul or affect the building cover contract or affect the liability of the insurer or provider to the person covered under the building cover contract.
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