Corporations Amendment Regulations 2009 (No. 11) (387 of 2009)
Schedule 1 Amendments
[1] After Part 7.6A
insert
Part 7.6B Provision of information to APRA about contracts of insurance
7.6.08A Definitions
In this Part:
general insurer has the same meaning as in subsection 3 (1) of theInsurance Act 1973.
Lloyd's underwriter has the same meaning as in subsection 3 (1) of theInsurance Act 1973.
unauthorised foreign insurer has the same meaning as in regulation 4 of theInsurance Regulations 2002.
7.6.08B Application
This Part applies to a person who is a financial services licensee authorised to deal in general insurance products.
Note General insurance product is defined in section 761A and paragraph 764A (1) (d) of the Act. Dealing is defined in section 766C of the Act.
7.6.08C Modification of section 912CA of the Act
For paragraph 926B (1) (c) of the Act, Part 7.6 of the Act applies as if section 912CA of the Act were modified to read as follows:
' 912CA Regulations may require information to be provided
(1) The regulations may require a financial services licensee, or each financial services licensee in a class of financial services licensees, to provide APRA (acting as ASIC's agent) with specified information about:
(a) the financial services provided by the licensee or its representatives; or
(b) the financial services business carried on by the licensee.
(2) The specified information:
(a) must be lodged in the prescribed form; and
(b) must include:
(i) the information, statements, explanations or other matters required by the form; and
(ii) any further information requested by APRA in relation to any of the matters in subparagraph (i); and
(c) must be accompanied by any other material required by the form.'
7.6.08D Information about general insurance products
(1) This regulation applies in relation to a general insurance product that:
(a) is entered into as a result of a dealing in the product, either wholly or partially, by the person, with a general insurer, Lloyd's underwriter or an unauthorised foreign insurer; and
(b) is not a reinsurance contract or a retrocession contract.
(2) However, if the person is a general insurer, this regulation does not apply in relation to a general insurance product issued by the person.
(3) For section 912CA of the Act, the person must provide information to APRA about the general insurance product entered into in a reporting period specified in subregulation (5):
(a) in accordance with Table 1 in Form 701; and
(b) either:
(i) within the time specified by ASIC or APRA if that is a reasonable time; or
(ii) if ASIC or APRA do not specify a time - within 20 business days after the last day of the applicable reporting period.
Penalty: 10 penalty units.
(4) For section 912CA of the Act, the person must provide further information to APRA relating to the information provided in accordance with Table 1 in Form 701:
(a) if APRA makes a request in writing for the further information; and
(b) either:
(i) within 5 business days of receiving the request; or
(ii) if ASIC or APRA specifies a later date - by that date.
Penalty: 10 penalty units.
(5) The reporting periods are:
(a) 1 May to 30 June 2010; and
(b) 1 July to 31 December 2010; and
(c) 1 January to 30 June in any year after 2010; and
(d) 1 July to 31 December in any year after 2010.
(6) Strict liability applies to subregulations (3) and (4).
7.6.08E Information about general insurance products - unauthorised foreign insurers
(1) This regulation applies in relation to a general insurance product:
(a) that is entered into as a result of a dealing in the product, either wholly or partially, by the person; and
(b) that is not a reinsurance contract or a retrocession contract; and
(c) in relation to which an unauthorised foreign insurer is a party to the contract that is the general insurance product.
Note An unauthorised foreign insurer may be a party to a contract of insurance to which Part 2 of theInsurance Regulations 2002 applies. These are insurance contracts for:
(a) high-value insured; and
(b) atypical risks; and
(c) risks that cannot reasonably be placed in Australia; and
(d) contracts required by foreign law.
(2) However, if the general insurance product has been dealt with by more than 1 person, this regulation only applies, in relation to the general insurance product, to the person who has:
(a) dealt directly with the unauthorised foreign insurer; or
(b) dealt indirectly with the unauthorised foreign insurer through a foreign intermediary.
(3) For section 912CA of the Act, the person must provide information to APRA about the general insurance product entered into within a reporting period specified in subregulation (5):
(a) in accordance with Table 2 in Form 701; and
(b) either:
(i) within the time specified by ASIC or APRA if that is a reasonable time; or
(ii) if ASIC or APRA do not specify a time - within 20 business days after the last day of the applicable reporting period.
Penalty: 10 penalty units.
(4) For section 912CA of the Act, the person must provide further information to APRA relating to the information provided in accordance with Table 2 in Form 701:
(a) if APRA makes a request in writing for the further information; and
(b) either:
(i) within 5 business days of receiving the request; or
(ii) if ASIC or APRA specify a later date - by that date.
Penalty: 10 penalty units.
(5) The reporting periods are:
(a) 1 May to 30 June 2010; and
(b) 1 July to 31 December 2010; and
(c) 1 January to 30 June in any year after 2010; and
(d) 1 July to 31 December in any year after 2010.
(6) Strict liability applies to subregulations (3) and (4).