The Provision of Insurance Management Services (Insurance Managers)
AU-1.4.20
The provision of insurance management services means the provision of management services to, or the exercising of managerial functions on behalf of, an
insurance firm .AU-1.4.21
Management services and managerial functions include the administration and underwriting of insurance contracts.
AU-1.4.22
A
person does not provide insurance management services to aninsurance firm , if he is an employee or a Board member of that licensee.Amended: October 2007AU-1.4.23
An
insurance manager may provide management services to undertakings other thaninsurance firms , providing that these activities do not compromise the manager's ability to provide a professional service toinsurance firms and the manager can meet the licensing conditions specified in Chapter AU-2. It is possible for a group to include separate licensees, one aninsurance broker and the other aninsurance manager .
