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LLD 8A.1 Enabling provision, application and purpose.

Enabling provision and application

LLD 8A.1.1G

1The insurance market direction in this chapter is given under section 316(1) of the Act (Direction by Authority) and applies to members.

Purpose

LLD 8A.1.2G

The insurance market direction in this chapter is intended to protect the interests of policyholders and potential policyholders by:

  1. (1)

    providing for the application of the compensation scheme in respect of contracts of insurance issued by members; and

  2. (2)

    providing for the application of such other provisions of the Act as will enable the application of the compensation scheme to be effective in relation to insurance market activities carried on by members.