62ZZEFalse or misleading conduct by providers and certain intermediaries

62ZZE False or misleading conduct by providers and certain intermediaries

62ZZE False or misleading conduct by providers and certain intermediaries

(1) In this clause—

intermediary means—

(a) a person who arranges for alternative indemnity product cover in New South Wales—

(i) for reward, or

(ii) as an agent for a person carrying on a business of providing alternative indemnity product cover, or

(b) a financial services licensee (as defined in section 761A of the Corporations Act 2001 of the Commonwealth) whose licence covers arranging for alternative indemnity product cover as an agent for a person carrying on a business of providing alternative indemnity product cover.

provider has the same meaning as in Part 6B of the Act.

Note.

Section 104 of the Act defines provider of an alternative indemnity product as a person who provides an alternative indemnity product and includes the trustee of any fidelity fund under a fidelity fund scheme.

(2) A provider or an intermediary must not make a representation with respect to any alternative indemnity product (whether by means of an advertisement or otherwise) that could reasonably be expected to cause a person to believe that the alternative indemnity product meets the requirements of the Act and this regulation, unless the alternative indemnity product cover met those requirements.

(3) A provider or intermediary who contravenes this clause is guilty of an offence.

Maximum penalty—200 penalty units in the case of a corporation and 100 penalty units in any other case.

pt 6C, divs 2–4 (cll 62ZZE–62ZZJ): Ins 2017 (705), Sch 1 [18].