Corporations Amendment Regulations 2010 (No. 1) (55 of 2010)

Schedule 2   Amendments commencing on 12 October 2011

[4]   After regulation 7.9.14C

insert

7.9.14D Further statements required in Product Disclosure Statement - financial claims scheme

(1) For paragraph 1013D (1) (k) of the Act, the following further statements must be included in a Product Disclosure Statement that relates to a protected policy issued by a general insurer or a protected account issued by an authorised deposit-taking institution:

(a) if the Product Disclosure Statement relates to a protected policy - a statement that:

(i) the person entitled to claim under insurance cover under a protected policy may be entitled to payment under the financial claims scheme; and

(ii) access to the scheme is subject to eligibility criteria;

(b) if the Product Disclosure Statement relates to a protected account - a statement that:

(i) the account-holder may be entitled to payment under the financial claims scheme; and

(ii) payments under the scheme are subject to a limit for each depositor;

(c) a statement that information about the scheme can be obtained from the APRA website at http://www.apra.gov.au and the APRA hotline on 1300 13 10 60.

(2) In this regulation:

authorised deposit-taking institution has the meaning given by subsection 5 (1) of theBanking Act 1959.

financial claims scheme means:

(a) the scheme provided for in Division 2AA of Part II of theBanking Act 1959;and

(b) the scheme provided for in Part VC of the Insurance Act1973.

general insurer has the meaning given by section 11 of the Insurance Act 1973.

protected account has the meaning given by subsections 5 (4) to (7) of theBanking Act 1959.

protected policy has the meaning given by subsection 3 (1) of the Insurance Act 1973.