220Conditions of claims transfer agreement

220 Conditions of claims transfer agreement

220 Conditions of claims transfer agreement

(1) A claims transfer agreement is subject to the following conditions—

(a) such conditions as may be included in the agreement,

(b) such conditions as the Authority may from time to time notify to the claim agent during the currency of the agreement,

(c) any conditions prescribed by the regulations.

(2) A condition of a claims transfer agreement also operates as a condition of the insurer’s licence (or the insurer’s licence that the claim agent is deemed to hold in respect of a policy of insurance to which a transferred claim relates).

(3) A corporation that is a party to a claims transfer agreement must comply with any conditions to which the claims transfer agreement is subject.

Maximum penalty—100 penalty units.

s 220: Am 1993 No 47, Sch 1; 2000 No 44, Sch 12.1 [12]. Rep 2003 No 81, Sch 2 [66]. Ins 2012 No 53, Sch 9.1 [5].