Corporations Amendment Regulations 2007 (No. 10) (259 of 2007)

Schedule 1   Amendments

[3]   After subregulation 7.9.15C (3)

insert

(4) For paragraph 1013D (1) (m) of the Act, for a Product Disclosure Statement that is required in relation to a general insurance product, if:

(a) information is required to be stated in dollars; and

(b) the amount can only be determined:

(i) after the responsible person assesses the risk of the insured; or

(ii) after the insured has nominated desired levels of insurance cover;

the responsible person may comply with the requirement to state the information by either of the ways mentioned in subregulation (5).

(5) For subregulation (4), the responsible person may state the information by:

(a) stating an amount in dollars in the Product Disclosure Statement; or

(b) giving to the insured:

(i) a document containing the information, as soon as practicable (but in any case, not later than 5 business days after the responsible person issues the general insurance product); and

(ii) a statement in the Product Disclosure Statement that sets out the information in at least 1 of the following formats:

(A) as a range of amounts in dollars;

(B) as a percentage of a matter that is mentioned in the statement;

(C) as a description.