s 64 Insurance agent to operate under written agreement
64.—(1) An insurance agent must not arrange, or hold himself, herself or itself out as entitled to arrange, a contract of insurance as agent for a licensed insurer unless a written agreement between the insurance agent and the insurer authorises the insurance agent to arrange, as agent for that insurer —(a) that contract; (b) any contract of insurance; or (c) any class of contracts of insurance which includes that contract.[11/2013] (2) A licensed insurer must not cause or permit an insurance agent to arrange, or hold himself, herself or itself out as entitled to arrange, a contract of insurance as agent for that insurer unless a written agreement between the insurer and the insurance agent authorises the insurance agent to arrange, as agent for that insurer —(a) that contract; (b) any contract of insurance; or (c) any class of contracts of insurance which includes that contract.[11/2013] (3) Subsections (1) and (2) do not apply in relation to any act or thing done by an employee of a licensed insurer in the course of performing his or her duties as such an employee.[11/2013] (4) Subsection (1) does not apply to —(a) a licensed financial adviser; (b) a person exempt from holding a financial adviser’s licence in respect of any financial advisory service under section 20(1)(a), (b), (c), (d) or (e) of the Financial Advisers Act 2001, other than a licensed insurer; and (c) a representative of a person referred to in paragraph (a) or (b), where they arrange, or hold themselves out as entitled to arrange, a contract of insurance in respect of life policies, other than contracts for the reinsurance of liabilities under life policies, as agent for a licensed insurer. [23/2003; 11/2013] (5) Subsection (1) does not apply to a licensed insurer and any insurance agent acting for that insurer where they arrange, or hold themselves out as entitled to arrange, a contract of insurance in respect of life policies, other than contracts for the reinsurance of liabilities under life policies, as agent for another licensed insurer.[23/2003; 11/2013] (6) Subsection (2) does not apply to a licensed insurer in relation to an insurance agent who is a person specified in subsection (4) or (5).[23/2003; 11/2013] (7) Any person 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 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.[35M