Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.6B - PROVISION OF INFORMATION TO APRA ABOUT CONTRACTS OF INSURANCE  

REGULATION 7.6.08D   INFORMATION ABOUT GENERAL INSURANCE PRODUCTS  

7.6.08D(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.

7.6.08D(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.

7.6.08D(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:

(a) for an individual - 20 penalty units; and

(b) for a body corporate - 200 penalty units.

7.6.08D(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:

(a) for an individual - 20 penalty units; and

(b) for a body corporate - 200 penalty units.

7.6.08D(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.

7.6.08D(6)    
Strict liability applies to subregulations (3) and (4).