Pre-contract disclosure by insurance intermediary
67.—(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.
[23/2003; 11/2013]
(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.
[23/2003; 11/2013]
(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.
[23/2003]
(4)  In this section, “insurance intermediary” includes the group policy owner of any group policy.
[35P