67. Pre-contract disclosure by insurance intermediary

Amended

Last amended by an amending law of 2013. 2 amendments in all.

(1)

An insurance intermediary must not invite any person to make an offer or proposal to enter into a contract of insurance without disclosing to the person all material information, including —

(a)

the name of the licensed insurer;

(b)

the insurance intermediary’s relationship with the licensed insurer;

(c)

the premium charged by the licensed insurer; and

(d)

such other information as the Authority may prescribe or specify in directions.

(2)

An insurance intermediary must not arrange any group policy for 2 or more persons where any person insured under the group policy is liable to pay the premium without disclosing to every person insured under the group policy all material information, including —

(a)

the name of the licensed insurer;

(b)

the insurance intermediary’s relationship with the licensed insurer;

(c)

the conditions of the group policy;

(d)

the premium charged by the licensed insurer; and

(e)

such other information as the Authority may prescribe or specify in directions.

(3)

Any insurance intermediary who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 or to imprisonment for a term not exceeding 12 months or to both.

(4)

In this section, “insurance intermediary” includes the group policy owner of any group policy.[35P