Morning all, Anyone living or having property in Cootamundra &/or Lennox Heads will appreciate this timely warning, which comes courtesy of "The Australian Investor", which produces a daily market summary. Cheers, Carl.
Urgent insurance warning for Cootamundra and Lennox Heads Dateline: August 29th, 2003 The Australian Securities and Investments Commission is urging anyone who arranged insurance policies through 'Cootamundra Insurance Consultants' in Cootamundra, New South Wales, or 'Insurance Made Easy' in the Lennox Heads area of New South Wales, to contact their insurance company to ensure their insurance premiums have been received.
ASIC is concerned that Cootamundra Insurance Consultants and Insurance Made Easy, operated by Mr Christopher Richards, Mrs Annette Richards and C&A Richards Pty Ltd, may have failed to pass on insurance premiums to insurance companies. Mr Christopher Richards and Mrs Annette Richards are directors of C&A Richards.
'We are urging anyone who has taken out an insurance policy with one of these businesses to contact their insurance company to ensure that their premiums have been passed on. People should make sure they aren't left high and dry if something happens', ASIC Director Enforcement, Mr Allen Turton, said.
'Anyone who wants further information or would like to make a complaint should call the ASIC Infoline on 1300 300 630', Mr Turton said.
The Supreme Court of New South Wales has restrained Mr Christopher Richards, Mrs Annette Richards and C&A Richards from operating as insurance brokers and offering or arranging contracts of insurance on anybody's behalf except for, on the basis that a written agency agreement was produced, Rural & General Insurance Broking Pty Limited.
Mr and Mrs Richards and C&A Richards may not offer to arrange or arrange contracts of insurance on Rural & General's behalf except, by reference to and in accordance with their written agency agreement in accordance with section 10 of the Insurance (Agents and Brokers) Act 1984 (IABA).
ASIC allege that Mr and Mrs Richards and C&A Richards are not licensed to act as insurance brokers under the IABA and have failed to gain a licence under the financial services provisions of the Corporations Act 2001. ASIC also allege that Mr and Mrs Richards and C&A Richards arranged contracts of insurance on behalf of a number of insurers without having a written agreement as required under the IABA.
The matter returns before the Court on 15 September 2003.
