The Australian Securities and Investments Commission (ASIC) has warned residents and businesses in the rural NSW centres of Cootamundra and Lennox Heads who have arranged insurance cover through Cootamundra Insurance Consultants or Insurance Made Easy to contact their insurers to ensure their premiums have been paid. The regulator is concerned Christopher and Annett Richards, who operated the businesses, may not have passed on premiums.

The Supreme Court of NSW has restrained Mr and Mrs Richards, and their company, 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 is produced – Rural & General Insurance Brokers.

Mr and Mrs Richards and C&A Richards can’t offer to arrange contracts of insurance on R&G’s behalf except, by reference to and in accordance with, their written agency agreement under the terms of section 10 of the Insurance (Agents & Brokers) Act.

ASIC said Mr and Mrs Richards and C&A Richards aren’t licensed to act as brokers under the Act. It alleges Mr and Mrs Richards and their company arranged contracts of insurance on behalf of a number of insurers without having a written agreement, as required under the Act.