15AComplaints about conduct of insurers concerning sale of annuity policies

#### 15A Complaints about conduct of insurers concerning sale of annuity policies (1) A person who has, or claims to have, an interest in an annuity policy may complain to the Tribunal that the conduct of the insurer, or of a representative of the insurer, in respect of the sale of the policy, was unfair or unreasonable. (2) A complaint under this section is to be made by sending or delivering a written complaint to the office of the Tribunal. (3) When a complaint is made under this section concerning the conduct of the insurer, or of a representative of the insurer, in respect of the sale of an annuity policy, the Tribunal must, in determining whether the conduct of the insurer or of a representative of the insurer was unfair or unreasonable, have regard, in particular, to the question whether that conduct involved: (a) undue influence or pressure on the insured; or (b) material misrepresentation made to the insured; in relation to the sale of the policy. (4) For the purposes of subsection (3), the Tribunal may take into account: (a) the age, physical and mental condition, educational attainments and financial means of the insured; and (b) the relative bargaining positions of the insurer or the insurer’s representative and of the insured or any person acting for the insured; and (c) the insurance and personal superannuation needs of the insured or of any other person having, or claiming to have, an interest in the policy as known to, or reasonably ascertainable by, the insurer or the insurer’s representative; and (d) the importance of ensuring that insurers act with fairness, openness and propriety in relation to the sale of interests in annuity policies and take reasonable steps to ensure that their representatives also act with fairness, openness and propriety in relation to the sale of such interests; and (e) the objects of this Act; and (f) any other matter that the Tribunal considers relevant. > Note: See section 3 for the definition of annuity policy.