Authorised RBI policy
54CB Authorised RBI policy
(1) An authorised RBI policy is a policy or another form of agreement:
(a) under which an approved insurer provides residential building insurance:
(i) in accordance with this Division, regulations made under this Division and the directions of the Minister under section 54CG; and
for the period prescribed by regulation; and
(b) under which the whole of the premium payable for the period prescribed under paragraph (a)(ii) has been paid; and
in the form approved in writing by the Minister.
(2) An approved insurer must not represent that an insurance policy or another form of agreement issued, or to be issued, by the insurer is an authorised RBI policy if the insurer knows it is not an authorised RBI policy.
Maximum penalty: 250 penalty units.
This provision refers to the regulations (prescribed by regulation
). Made under this Act:
This Act’s bill:Second reading speech
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