Corporations Regulations 2001

SCHEDULE 10A - MODIFICATIONS OF PART 7.9 OF THE ACT  

(regulations 7.9.02 , 7.9.04 , 7.9.05 , 7.9.06 , 7.9.09C , 7.9.11C , 7.9.11N , 7.9.11V , 7.9.12 , 7.9.24 , 7.9.27 , 7.9.30 , 7.9.43 , 7.9.47 , 7.9.51 , 7.9.56 , 7.9.60 , 7.9.61 , 7.9.63 , 7.9.73 and 8.4.02 )

PART 12 - MODIFICATIONS RELATING TO INFORMATION WHEN MEMBER LEAVES A FUND  

SECTION 12.1  

12.1    

After subsection 1017D(3)

insert

(3A)
For a superannuation product or an RSA, the periodic statement in relation to the reporting period mentioned in paragraph 1017D(2) (d) must be given as soon as the issuer becomes aware that that person or another person (the former product holder ) has ceased to hold the product, and, in particular, the issuer must make reasonable efforts to give the information within 1 month after becoming aware that the former product holder has ceased to hold the product.

(3B)
The issuer of a superannuation product or an RSA must make all reasonable efforts:

(a) to give the information about the amount of insured death or disability benefits to which the former product holder may have been entitled; and

(b) to give the information about a continuation option (if any) applying to those benefits (as mentioned in either paragraph 7.9.54 (b) or 7.9.65 (b) of the Corporations Regulations 2001 ) in a reasonable time before the option lapses.

(3C)
Subject to subsection (3D), if a person ceases to hold a superannuation product or an RSA:

(a) after the end of the completed reporting period (the completed period ); and

(b) before the periodic report is issued for that period;

the information required by this section to be given to or in relation to the person may be given in respect of the period consisting of the completed period and the period mentioned in paragraph 1017D(2)(d) instead of the period in respect of the person ' s periodic statement for the period mentioned in paragraph 1017D(2)(d) .

(3D)
Subsection (3C) does not apply if the period mentioned in paragraph 1017D(2)(d) is greater than:

(a) for a particular superannuation product - 6 months; or

(b) for a particular RSA - 3 months.