104AApproval of alternative indemnity products

104A Approval of alternative indemnity products

104A Approval of alternative indemnity products

(1) The Authority may approve the use of an alternative indemnity product to provide cover for loss of a kind that is required to be covered by an insurance contract under Part 6 for at least the period for which any such cover is required to be provided.

(2) The Authority must not approve an alternative indemnity product unless it is satisfied that the product will provide cover for loss of that kind.

(3) An approval may be unconditional or subject to conditions.

s 104A: Ins 2017 No 28, Sch 1 [60].