We are required to inform you if any insurance arranged
by us is to be placed with an insurer with whom Rural
& General Insurance Broking has an association. Association
is defined in the Corporations Act 2001 under Section 50
and subsections thereof and with reference to other sections
of the Act as applicable. An except of Section 50 of the
Corporations Act follows;
50 Related
bodies corporate
(a) |
the insured knows to be a matter relevant
to the decision of the insurer whether to accept the
risk and, if so, on what terms; or |
(b) |
a subsidiary of another body corporate; or |
(c) |
a subsidiary of a holding company of another body
corporate;
the first-mentioned body and the other body are related
to each other |
50AAA Associated
entities
(1) |
One entity (the associate) is an associated
entity of another entity (the principal) if subsection
(2), (3), (4), (5), (6) or (7) is satisfied. |
(2) |
This subsection is satisfied if the associated and
the principal are related bodies corporate. |
(3) |
This subsection is satisfied if the principal controls
the associate. |
(4) |
This subsection is satisfied if:
(a) the associated controls the principal; and
(b) the operations, resource or affairs of the principal
are material to the associate. |
(5) |
This subsection is satisfied if:
(a) the associate has a qualifying investment (see subsection
(8)) in the principal; and
(b) the associate has significant influence over the
principal; and
(c) the interest is material to the associate. |
(6) |
This subsection is satisfied if:
(a) the principal has a qualifying investment (see subsection
(8)) in the associate; and
(b) the principal has significant influence over the
associate; and
(c) the interest is material to the principal. |
(7) |
This subsection is satisfied if:
(a) an entity (the third entity) controls both the principal
and the associate; and
(b) the operations, resource or affairs of the principal
and the associate are both material to the third entity. |
(8) |
For the purposes of this section, one entity (the
first entity) has a qualifying investment in another
entity (the second entity) if the first entity:
(a) has an asset that is an investment in the second
entity; or
(b) t has an asset that is the beneficial interest in
an investment in the second entity and has control over
that asset. |
A full copy of the Corporations Act can be viewed on the
website www.comlaw.gov.au or
by contacting the Australian Securities & Investment
Commission at www.asic.gov.au.
In respect of Small Business insurance
and similar type insurance products for enterprises of
a commercial and/or semi commercial nature, RGIB have,
as of 1 July 2008, entered into an agreement with Australian
Associated Motor Insurers Limited ABN 92 004 791 744 and
GIO General Limited ABN 22 002 861 583 where enquiries
of that nature will be automatically directed to those
firms with any other broking service. As part of this
agreement RGIB will not offer alternative insurance terms
to clients of AAMI and/or GIO and RGIB will receive a
commission higher than industry average in respect of
business referred to AAMI and/or GIO.
Except for the disclosures made in the paragraph above
Rural & General Insurance Broking Pty Ltd does not
have any association itself with any insurer with whom
your insurance is placed.
However, the shareholders and/or employees
of Rural & General Insurance Broking Pty Ltd and other
entities which have a financial interest in Rural &
General Insurance Broking Pty Ltd may have, from time
to time, an association with an insurer in one of the
following ways:
- a director, employee, consultant, officer or agent of
a related corporation may be a director, employee, consultant,
officer or agent of an insurer or of a corporation related
to an insurer; or
- a related corporation or a director, employee, consultant,
officer or agent of a related corporation may have a beneficial
interest in share or stock in the capital of the insurer
or of a corporation related to the insurer; or
- a director, employee, consultant, officer or agent of
a related corporation may be a member of one or more underwriting
syndicates at Lloyds which are part of this insurance
and/or reinsurance; or
- the insurer or a director, employee, consultant, officer
or agent of the insurer or of a corporation related
to the insurer, may be a director, employee, consultant,
officer or agent of a related corporation of Rural &
General Insurance Broking Pty Ltd; or
- the insurer or a corporation related to the insurer,
or a director, employee, consultant, officer or agent
of the insurer or of such a related corporation may
have a beneficial interest in share or stock in the
capital of a related corporation of Rural & General
Insurance Broking Pty Ltd.
It is a matter for your consideration whether you should
obtain further or more specific information from us as to
the nature of such association.
Rural & General Insurance Broking
Pty Ltd has arrangements
with the following insurers and principal agents of insurers,
and brokers, to seek insurance terms from and place insurance
business with or through;
AFA
Underwritten by Hollard Insurance |
| Albion Insurance Company Limited |
AMP
Underwritten by GIO General Limited |
Associated Marine Insurance Agents
Underwritten by Zurich Australian Insurance Limited |
| Commercial Pacific Insurance Ltd |
Crown Insurance Intermediaries
Underwritten by Lloyds of London |
Dominion Underwriting Agents Pty
Ltd
Underwritten by Western Pacific Insurance
Ltd (New Zealand |
Five Star Underwriting
Underwritten by Suncorp Metway Insurance |
HSB Australia
Underwritten by HSB Engineering Insurance Limited |
Insurers Hotline Pty Ltd
Underwritten by Auto & General Insurance Co |
Interruption Underwriting Agencies
Underwritten by QBE Insurance |
Interruption Underwriting Agencies
(Underwritted by QBE Insurance) |
Macquarie Underwriting
Underwritten by Lloyds of London |
Mecon
Underwritten by Hollard Insurance |
Miramar Underwriting
Underwritten by Lumley General Insurance & Lloyds
of London |
MTA Insurance Agency
Underwritten by Suncorp Metway Insurance |
National Transport Insurance
Underwritten by Vero & CGU |
Resource Underwriting
Underwritten by Lloyds of London
|
Resource Underwriting
Underwritten by Lloyds of London |
SLE WorldWide
Underwritten by Lloyds of London |
Southern Cross Underwriting
Underwritten by Lloyds of London & Lumley General
Insurance |
St George Underwriting
Underwritten by Allianz Insurance
|
Trident Underwriting
Underwritten by Lloyds of London and QBE Insurance
|
UAA
Underwritten by Lloyds of London &
QBE Insurance
|
Vero
Underwritten by Vero Insurance Limited
|
World Insurance Network
Underwritten by Hemisphere Insurance Ltd (New Zealand) |
Before transacting insurance business with a client Rural
& General Insurance Broking Pty Ltd will provide the
client a Statement Of Advice ("SOA"), which will
contain the reasons for, and the basis of, the advice provided
and it will give information about the insurer, remuneration,
associations or other interests, which might reasonably
have influenced us in giving the advice.
