33AInsurance intermediaries to notify insurers of multiple agency arrangements

##### 33A Insurance intermediaries to notify insurers of multiple agency arrangements (1) This section applies to an insurance intermediary other than an insurance broker. (2) If, when this section commences, an insurance intermediary is the agent of more than one insurer, the intermediary must, within 60 days after this section commences, give written notice to each insurer of the name of each other insurer. (3) If an insurance intermediary: (a) is the agent of an insurer (an existing principal); and (b) proposes to enter into an agency agreement with another insurer (the intended principal); the intermediary must not enter that agreement unless: (c) each existing principal is given written notice of the name of the intended principal; and (d) the intended principal is given written notice of the name of each existing principal. (4) If an insurance intermediary: (a) is the agent of more than one insurer (the existing principals); and (b) proposes to renew or cancel one of the agency agreements concerned; the intermediary must not renew or cancel that agreement until each existing principal (other than the principal with whom the agreement is to be cancelled or renewed) is given written notice of that intention. (5) If an insurance intermediary: (a) is the agent of more than one insurer (the existing principals); and (b) one of the agency agreements concerned expires or is terminated by force of the agreement or at the initiative of one of the existing principals; the intermediary must, within 7 days of the expiration or termination of that agreement, give written notice to each other existing principal of that expiration or termination. Penalty: 50 penalty units.